HONG KONG, June 29, 2021 /PRNewswire/ — Ping An OneConnect Bank (Hong Kong) Limited ("Ping An OneConnect Bank" or "PAOB") and eft Payments (Asia) Limited ("eftPay") today announced that, both parties have entered into a strategic partnership. PAOB is the first virtual bank in Hong Kong to provide inclusive financial services for small and medium-sized enterprises ("SMEs"), while eftPay provides one-stop electronic payment services for SMEs, covering not less than 22,000 stores in Hong Kong. The collaboration leverages the leading edges of both parties to provide better financial services to the local SMEs across various industries.
Since the outbreak of COVID-19, many local retailers have looked for ways to transform their business model and survive, some merchants did successfully find their opportunities amid the crisis while some failed due to the financing constraints. Timely financing has become a critical factor contributing to their success. eftPay provides a wide-range of electronic payment services for local retailers, including mobile payment, new retail and customised products. Meanwhile, PAOB is dedicated to utilise financial technology and big data analysis to solve the financing problems and provide efficient and flexible banking services to local SMEs. Both parties believe that the partnership creates significant synergies, enabling more retailers to benefit from this.
Mr. Ryan Fung, Chief Executive of PAOB, said, "SME has been one of the major pillar segments contributing to Hong Kong’s economy. However, they suffer most severely over the pandemic period, their business operations have been under constraints from timely and seamless financing support. Some have missed out potential opportunities. We are very pleased to announce the strategic partnership with eftPay, this marks the important milestone to PAOB as we successfully expanded our customer reach from trade SMEs to retailers. We firmly believe that the collaboration with eftPay will enable us to better understand the needs of retailers, and provide timely banking services to them."
Mr. Andrew Lo, Chairman and Chief Executive Officer of eft Payments (Asia) Limited said, "eftPay is committed to providing a comprehensive electronic payment services for various merchants. During the COVID-19 pandemic, we found that many high-quality merchants saw opportunities in crisis, and they seek for switching to larger stores, relocating to more crowded areas, as well as expanding business and developing new brands, etc. The partnership with PAOB helps to satisfy the financial needs of SMEs and allows them to seize business opportunities."
About Ping An OneConnect Bank (Hong Kong) Limited
Ping An OneConnectBank (Hong Kong) Limited ("PAOB"), a wholly-owned subsidiary of OneConnect Financial Technology Co., Ltd. ("OneConnect") (NYSE:OCFT) and a member of Ping An Insurance (Group) Company of China Ltd. ("Ping An") (HKEx:2318; SSE:601318), is committed to establishing a virtual banking ecosystem by optimising customer-centric services through its innovation and sophisticated technology. PAOB was granted a virtual banking licence by the Hong Kong Monetary Authority in May 2019. PAOB is developing diverse business segments including retail banking and SME banking.
About eft Payments (Asia) Limited
Established in 2013, eftPay is one of the leading e-Payment services providers in Hong Kong, providing merchants with comprehensive e-Payment services, including account opening, point of sale system and integration of payment system, transaction processing and payment settlement services. Currently, eftPay serves not less than 22,000 stores in Hong Kong, including well-known local jewelry chains, electrical appliances stores, makeup and beauty stores, clothing stores, food and beverage, theme parks, convenience stores and supermarkets. Website: http://www.eftpay.com.hk/