Credit Intelligence launches new BNPL platform in Hong Kong, and will expand to other Asian markets
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The new BNPL platform launched in Hong Kong represents an opportunity to capture the city’s market, and provides Credit Intelligence with a new revenue stream.
Innovative fintech company Credit Intelligence (ASX:CI1) has officially launched its personal buy-now-pay-later (BNPL) platform in Hong Kong.
The new online shopping platform, www.ekbuy.com.hk, focuses on the local market in Hong Kong, covering a wide range of consumer products that include international branded names.
Items sold include home appliances, electronic products, wine, food and beverages, premium imported fresh products.
Customers buying on this platform will be able to receive CI1’s flexible interest-free BNPL services.
For CI1, this was an opportunity to take advantage of changing consumer behavior in the personal BNPL sector since the outbreak of COVID-19.
Other than generating revenue, the new platform will help CI1 to build up a larger customer database, and increase its overall gross merchandise value.
The new platform could also create cost efficiency by synchronising its backend and downstream operations with the existing SME BNPL platform, OneFlexi.
“It’s a big breakthrough for CI1 to capture the big potential consumer market in HK with our BNPL functions by online shopping or in-store sales, which is our next phase in coming months,” commented Credit Intelligence CEO, Jimmie Wong.
“There is no sizeable BNPL player in Hong Kong right now. With good funding support, CI1 can grow our Hong Kong BNPL revenue very big within the next 24 months.”
“We will expand to other Asian markets at good times. This will enhance shareholder’s value in CI1.”
To support the buildout of this platform, CI1 entered into a letter of intent (LOI) with five independent strategic individual and corporate investors.
Under the terms, CI1 provided funding for the initial stages of platform development.
The corporate investors meanwhile, have taken minority stakes in the project, and they include QBS Retail Technologies, SME Hero, and Crazy Group.
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.