The expected launch of OneFlexi in September will launch Credit Intelligence into the lucrative BNPL market for SMEs.

Credit Intelligence (ASX:CI1) is making further progress into its buy now, pay later (BNPL) ambitions, announcing that the acquisition of OneFlexi is now almost complete, with testing date set for mid-August.

CI1 had originally acquired a 60% stake in the artificial intelligence (AI)-powered and fintech platform in May from OneStep I.T.

The platform currently provides BNPL services, along with small and medium enterprises (SMEs) loan services to over 20,000 clients in Hong Kong registered on its platform.

CI1 says that under its plans, OneFlexi will initially provide services to these Hong Kong SMEs, which will be further developed for the Australian market and other jurisdictions in the future.


OneFlexi’s BNPL unique offering

The OneFlexi platform was built with a unique credit rating system based on the clients’ background information, spending payment patterns, and their historical records of bills and settlements.

The platform targets SME customers, with high credit SMEs being given privilege to extra borrowing limits and better repayment terms.

Currently, customers are able to choose from proposed repayment schedules, set to 3 months, 6 months or 12 months for settlement.

The platform is now targeting a mid-September launch on Hong Kong IOS and Android platforms with English, Traditional Chinese, and Simplified Chinese versions at the same time.

At the initial stage, the BNPL offering will  just be an extended payment gateway to allow SME clients to settle their on-demand corporate and utility bills through a deferred payment, one-stop BNPL service.

In the future, the platform will use  application programming interface (API)  to link with third-party platforms to assist their users to settle other transactions, such as payments and purchases.

Plans to expand the service outside of Hong Kong, including jurisdictions such as Australia, the United Kingdom, Singapore, and Malaysia, are also in progress.

CI1 believes that apart from the traditional risk control process, default risk can be minimised by analyzing big data of over 20,000 existing clients on their background information, spending and payment pattern, and bills and settlement historical record through its AI technology.


Credit Intelligence’s rapid growth

CI1 focuses on the financing and debt restructuring solutions to SMEs and individuals, covering the markets of Hong Kong, Singapore and Australia.

While its core businesses in Hong Kong and Singapore have continued to produce, the company has also recently expanded its footprint in Australia, acquiring debt restructuring firm, Chapter Two.

Strengthened by its soon-to-be-released app, Chapter Two helps Australians avoid bankruptcy by providing negotiation services with creditors and alternative credit arrangements.

This article was developed in collaboration with Credit Intelligence, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.