CRIF, Know Your Customer and PAOB Partner to Streamline SME Onboarding

CRIF, Know Your Customer and PAOB Partner to Streamline

The new partnership aims to simplify the process for SMEs to open bank accounts and secure loans.

Global credit and business information systems specialist CRIF is partnering up with RegTech expert Know Your Customer, known for its innovative digital onboarding solutions. The collaborative effort involves working with Ping An OneConnect Bank (Hong Kong) Limited (PAOB), a subsidiary of OneConnect Financial Technology and a member of the Ping An Insurance Group. The trio aims to improve the digital onboarding process for small and medium enterprise (SME) clients.

The partnership is chiefly targeted at fulfilling the rising demand for easily accessible banking services among local SMEs, a sector comprising over 360,000 businesses, and representing more than 98% of all businesses in Hong Kong. This goal is to be accomplished by offering a highly scalable, cloud-based solution, developed by pooling the expertise and technology of CRIF and Know Your Customer. The synergy is strategically intended to enhance PAOB’s customer-centric services, catering specifically to these SMEs. 

CRIF and Know Your Customer’s joint solution leverages real-time registry connections, automating the process of document retrieval and shareholder mapping. By synthesizing data from diverse official sources into a single platform, it streamlines the SME onboarding process, facilitates customer due diligence, and trims costs and manual tasks.

Their joint offering stands as a comprehensive solution for digital banks and financial institutions, addressing the need for efficient client onboarding and ongoing monitoring. It combines the strengths of both entities, providing clients with all the necessary compliance tools. CRIF brings to the table its wide-ranging business data and intelligence, including credit data, open banking and Environmental, Social and Governance (ESG) data. Simultaneously, Know Your Customer delivers unparalleled coverage of real-time registry connections, cross-border mapping of Ultimate Beneficial Owners (UBO) and adaptable workflow capabilities.

Jamie Anderson, Global Head of Sales at Know Your Customer, has praised the modular design of their solution and its compatibility with the needs of virtual and digital banks worldwide. He further highlighted Know Your Customer’s eagerness to support PAOB’s expansion in Hong Kong and the Asia Pacific (APAC) region. 

Echoing Anderson’s optimism, Ivan Chow, the Head of Strategy & Partnerships at PAOB, conveyed his confidence in the alliance. Chow emphasized how PAOB, since its launch in 2020, has significantly streamlined banking processes for SMEs. As Hong Kong recovers from the pandemic, he predicts an increased demand for operational capital financing and believes SMEs will greatly benefit from the impending economic resurgence. 

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Header image courtesy of Freepik

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