SCB partners with Planto to upgrade SME banking

Planto collaborates with financial institutions to create customer-focused solutions using AI and data, increasing digital engagement and efficiency. Planto's Open Banking/IADS solutions, like Transaction Data Enrichment, have been recognised under the Hong Kong PoC Subsidy Scheme and the HKMA FSS 3.1 Sandbox.

SMEs benefit from simplified digital banking journeys

Through this collaboration, SCB and Planto have crafted an augmented suite of e-banking solutions, which includes an efficient online account opening process and an internet banking platform designed to provide simplified, customer-focused banking experiences. These solutions were developed after conducting thorough customer research to tackle the common challenges and needs that SMEs encounter in their digital banking journeys. 

Moreover, the two organisations have teamed up to introduce the Credit Insights Platform (CIP), which was created under the HKMA and Cyberport’s Fintech Supervisory Sandbox 3.1 (FSS 3.1) Pilot. This platform leverages AI and data from Interbank Account Data Sharing (IADS) to offer credit insights, significantly speeding up the lending decision-making process with improved accuracy, deeper insights, and faster processing times. Moving forward, both parties will keep upgrading features and integrating innovative technologies to meet the unfulfilled needs of SMEs.

Officials from SCB declared that as a customer-focused local bank in Hong Kong, the financial institution is dedicated to improving its digital capabilities to ensure simplified online and offline banking services. This partnership highlights its commitment to promoting technological innovation and bolstering the local startup ecosystem, ultimately creating a more flexible banking experience for customers.

Digital banking environment in Hong Kong

Digital banking in Hong Kong is evolving due to technological advancements and changing customer expectations. Virtual banks are transforming the banking landscape by offering a 24/7 experience without physical branches, providing services like instant account setups and real-time tracking. Regulatory bodies, including the Hong Kong Monetary Authority (HKMA), support this shift by promoting fintech innovations and ensuring strong cybersecurity, fostering trust in digital banking solutions.