Hong Kong’s Airstar Bank launches pilot trial of SME Easy Pay Loan

After transferring their existing installment loan, customers can enjoy a first 24-month principal payment holiday.

Airstar Bank has launched the pilot trial of its SME Easy Pay Loan feature through the Fintech Supervisory Sandbox administered by the Hong Kong Monetary Authority, according to a press release.

The feature aims to provide small and medium enterprises (SMEs) by making use of technology to offer a more convenient and faster digital loan experience.

After customers transfer their existing instalment loan to Airstar Bank, they can enjoy a first 24-month principal payment holiday, which immediately lowers their monthly expenses. 

SME customers can also borrow up to two times the original loan amount including extra cash, reducing loan repayment pressure whilst helping increase their cash flow.
 
Airstar Bank previously held several focus groups early in the year in order for SME owners and key personnel, where the respondents shared their concerns about the loan application procedure, especially the loan application time, documents required and meetings frequency, amongst others. 
 
From the focus group, it was evident that SMEs rely on bank services most often to solve their cash flow problems. Reducing expenses and increasing cash flow is of the utmost importance for SMEs, especially during phases of business expansion, Airstar Bank said.

Application is done fully online with no face-to-face meetings required. Neither financial statements nor service fees are also required for acquiring loan approval—which can be completed in as fast as three working days.