Haitong Int'l launches online financing platform in HK

January 23, 2015 13:55
Haitong's Bestlend platform will link borrowers with a host of lenders at one go. Photo: Bestlend.com

Haitong International (00665.HK) is launching Hong Kong's first internet financing platform that matches individual borrowers with licensed financing companies while building up a proprietary database on the borrowers' credit information.

Borrowers on the peer-to-peer (P2P) online lending platform Bestlend.com can submit a single loan application online. The application details will then concurrently reach a number of money lenders operating in Hong Kong.

There is no restriction on the amount of capital to be borrowed, and borrowers are not limited to local Hong Kong people.

Meanwhile, financing companies can assess a wider customer base and handle the loan applications instantly.

"We won’t take any fee in between. It is for free. We hope to accumulate some credit data so that we can better serve this market," said Lin Yong, deputy chairman and CEO of Haitong International.

"We are working on data in the first place," he said.

Lin said the data collected could be used for other business purposes like securities. He dismissed concerns about privacy issues of the borrowers, saying that all transfer of information will comply with relevant laws.

Haitong has teamed up with 30 licensed financing companies in Hong Kong so far, and will also work with consumer credit reporting company TransUnion to generate credit rating reports of the borrowers.

The platform, which was developed in the past six months, will have a three-month soft launch phase, during which Haitong will focus on understanding clients' demand and expanding the scope of borrowers.

The company is exploring opportunities to expand the platform into Qianhai and the Shanghai Free Trade Zone, said Neo Wang, head of internet financing at Haitong.

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EJ Insight reporter