Hong Leong Finance looks to team up with fintech firm; it says it has to change to appeal to the youngSINGAPORE'S Hong Leong Finance views the country's plan to issue virtual-banking licences as an opportunity to find new customers and re-invent itself as a tech-savvy lender to the nation's new businesses.
The Monetary Authority of Singapore announced plans this year to grant up to five virtual bank licences to fintechs and other non-bank firms to introduce more competition into the financial industry. Applications for the retail and wholesale licences are due by year's end.About 70 per cent of Hong Leong's loan book comprises advances to small and medium-sized businesses in areas such as property development and food and beverages; lending to retail customers accounts for the rest.
Mr Ang said:"The fintechs have one advantage: they lend against data. That is now slowly becoming more important to financial institutions", which have traditionally used criteria such as company balance sheets. Hong Leong, which still uses faxes in parts of its application process, is also looking to introduce payment cards for expatriate workers and instant credit-risk assessments for car loans.
Source: News Formal (newsformal.com)
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