Shanghai Commercial Bank (SCB) and Planto, a digital banking solution provider headquartered in Hong Kong, have joined forces in order to leverage fintech to enhance banking experiences for SMEs operating in Hong Kong.
Through this collab, SCB and Planto have developed a suite of e-banking solutions, including a better online account opening process and an internet banking platform for “customer-centric” banking experiences.
These solutions were reportedly created via customer research to address the common challenges and needs that SMEs face regarding their digital banking experiences.
In addition to this, the parties have teamed up in order to launch the Credit Insights Platform (CIP), developed via HKMA and Cyberport’s Fintech Supervisory Sandbox 3.1 (FSS 3.1) Pilot.
This platform harnesses the power of AI and data from Interbank Account Data Sharing (IADS) to provide credit insights, accelerating the lending decision-making process via improved accuracy, meaningful insights, and quicker processing.
Going forward, the two parties will aim to further develop various features and incorporate technologies to address the needs of SMEs.
Ryan Fung, Deputy Chief Executive and Chief of Retail & Digital Strategy at Shanghai Commercial Bank said:
“As a customer-centric local bank in Hong Kong, Shanghai Commercial Bank is committed to enhancing digital capabilities to provide seamless online and offline banking services. This partnership reaffirms our dedication to fostering technology innovation and supporting the local startup ecosystem, paving the way for a more dynamic and adaptable banking experience for our customers.”
Jessica Liu, Co-Founder and Chief Strategy Officer at Planto said:
“Our collaboration highlights the powerful impact that partnerships between banks and fintechs can have on driving innovation and customer-centricity for SMEs. Planto is excited to continue our work with Shanghai Commercial Bank to enhance digital banking capabilities that meet the needs of SMEs, simplifying the financial management process and empowering them to focus on their business and growth.”
As noted in the update, Shanghai Commercial Bank is a local Chinese bank building on its core strengths and holding “a niche market position in corporate and SMEs, and high-net-worth individuals.”
As explained in the announcement, the bank seeks to meeting customers’ needs with a “range of banking products and services, including loans, deposits, trade finance, remittances, securities trading, investment and wealth management,’ among other products / services.
For more than 2 decades, the Bank has entered into a strategic alliance with Bank of Shanghai in Mainland China and The Shanghai Commercial and Savings Bank in Taiwan.
Established back in 2018, Planto Limited is a Hong Kong-based fintech that offers AI powered data-driven and engaging fintech solutions for banks and end consumers.
The company partners with FIs in order to develop customer-centric solutions via AI, data and technologies helping banking institutions boost digital engagement, digital sales and overall operational efficiency.
Planto’s Open Banking / IADS solutions such as Transaction Data Enrichment have reportedly been recognized under the Hong Kong PoC Subsidy Scheme and the Credit Insights Platform within the HKMA FSS 3.1 Sandbox.
