CRIF, Know Your Customer ally with PAOB to redefine digital onboarding for SMEs


CRIF has teamed up with Know Your Customer to announce a partnership with Ping An OneConnect Bank (PAOB), a digital banking pioneer in Hong Kong.

This partnership is a response to the mounting demand from local small and medium enterprises (SMEs) for swift, easy access to banking services. The new, innovative system by CRIF and Know Your Customer forms the cornerstone of an optimised digital onboarding process for PAOB.

CRIF specialises in business data and intelligence, supplying services including credit data, open banking, and environmental, social and governance data. Know Your Customer, on the other hand, boasts unmatched coverage of real-time registry connections, cross-border beneficial owner mapping, and modular workflow capabilities.

The newly developed system, created by CRIF and Know Your Customer, harnesses real-time registry connections to automatically fetch documents and map shareholders. This one-stop solution integrates data from multiple official sources into a centralised platform. The outcome is a more streamlined onboarding process for PAOB’s SME clients, aiding customer due diligence while cutting costs and reducing manual labour.

The joint offering by CRIF and Know Your Customer equips digital banks and financial institutions with comprehensive solutions for client onboarding and ongoing monitoring. By bringing together the unique strengths of both companies, this solution offers digital banks and financial institutions all the compliance tools they require.

SMEs, numbering over 360,000 and accounting for more than 98% of all businesses in Hong Kong, are vitally important to the city’s economic growth.

Know Your Customer Global Head of Sales Jamie Anderson said, “We have seen time and time again how the modular design and unique set-up of our solutions are especially compatible with the needs of virtual and digital banks in Hong Kong and globally. We are delighted to be working with our partner CRIF to support PAOB’s vision of outstanding SME onboarding and next-generation digital compliance and we look forward to supporting their growth in Hong Kong and across the APAC region.”

Head of Strategy & Partnerships of PAOB Ivan Chow expressed his satisfaction, “Since our successful launch in 2020, we have been thriving our virtual banking services for local SMEs and we significantly expedited the bank account opening and loan approval processes.

“And this is well-received from our SME customers, especially when the SME sector was generally impacted most amidst the pandemic. Given Hong Kong is now opening up, we believe the SMEs would be benefited from the economic rebound and recovery, and the demand for operating capital financing is likely increased. The partnership with CRIF and Know Your Customer will further enhance our customer-centric experience to the SME customers.”

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