Dah Sing Bank, JETCO and YOOV Announce SME Digital Business and Fintech Partnership

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Dah Sing Bank, JETCO and YOOV Announce SME Digital Business and Fintech Partnership

Enhanced SME Loan Assessment Workflow Powered by Use of Alternative Data on Open API Platform

Hong Kong, July 27, 2022 –

Dah Sing Bank Limited (“DSB” or the “Bank”), Joint Electronic Teller Services Limited (“JETCO”) and YOOV today announced their new SME digital business and fintech partnership (the “Partnership”). The Partnership marks a pioneering step with the remarkable Open API use case for Hong Kong SME customers, backed by a bank and no-code management solutions provider. By combining YOOV’s cutting-edge enterprise and workflow solutions with the Bank’s SME digital banking solutions on APIX, the Open API platform operated by JETCO, the Partnership aims to provide a one-stop fintech solution that allows SMEs and start-up businesses to manage their operations, workflow and financial status in a more efficient and transparent way.

The Partnership is at the forefront of the banking sector’s adoption of Open API, supporting the advancement of smart banking development in Hong Kong. Under the framework of the Hong Kong Monetary Authority’s Open API infrastructure for the city’s banking sector, Phase III allows banks to open their banking systems and data for secure access by third-party service providers to offer new products or to create new customer experiences.

Opening a bank account can be difficult and time consuming for SMEs and start-ups. Under the new Partnership, the workflow in processing applications for opening new bank accounts will be significantly streamlined; subject to customer consent, the Bank’s digital platform utilizes pre-filled company information, saving the customer’s time and energy when it comes to collating and submitting documentation, and facilitating a smoother and faster account opening process. Once the account is opened, customers will also be able to seamlessly check their DSB account balances and transactions on the YOOV platform. The use of alternative data on the YOOV platform will also enhance and speed up the Bank’s SME loan assessment process, giving customers faster access to funding to support their business growth. Loan applications and assessments will be made simple through this one-stop solution, allowing customers to manage their business finance with ease and confidence.

Phil Wong, CEO of YOOV Internet Technology (HK) Limited, said, “YOOV provides SME customers a one-stop enterprise management system through our no-code platform. This collaboration is in line with our corporate values, providing tailor-made smart solutions to meet the needs of customers. It signifies another milestone for YOOV in the fintech area. We hope to bring more banking solutions to our customers through this collaboration, and in the long run we aim to offer customized financing plans that suit the needs of SMEs and start-ups.”

Mickey Tang, General Manager and Deputy Head of Retail Banking at Dah Sing Bank, said, “Dah Sing Bank has always been focused on delivering innovative digital solutions to customers that will make banking experiences simple, effective and empowering for customers. Our Bank is also committed to supporting the growth and development of SMEs and start-up businesses in Hong Kong. This Partnership will give SMEs and start-ups one-stop access to workflow and banking services support, enabling them to respond quickly to business needs and new market opportunities. Looking ahead to early 2023, we expect further enhancements to the loan application and assessment functionality through the use of the Commercial Data Interchange for SME loan approval.”

In 2018, Joint Electronic Teller Services Limited (“JETCO”) established the first open API exchange platform in Hong Kong, APIX, to embrace the open banking era. Yvonne Che, CEO of JETCO, said, “At JETCO, we believe in creating value for banks and strategic partners by adopting open technologies and industrial best practices. This Partnership further demonstrates how APIX, as a secure and mature Open API platform, can provide seamless and reliable integration services to support business innovation and create a smart future for the banking industry.”

In its early stages, the Partnership will touch upon the interconnectivity of customer data, services and technical support between all parties. SME customers from the Bank and YOOV will have greater access to banking and fintech support. With the pilot stage set to be open to customers in the coming months, the Partnership is expected to form a smart banking and business network that can help SMEs to move faster in an ever-changing business environment. JETCO is also exploring the possibility of more innovative services for both SME merchants and partners with tailor-made offers and incentives.