The loan provides up to USD 5 million in funding, aimed at assisting small and medium-sized enterprises (SMEs) in expanding their ecommerce operations. Through this partnership, PAObank gains access to real-time data from Amazon via Mybooster, which includes metrics such as sales volume, inventory levels, and refund rates. This information offers effective insights into SMEs' business activities, allowing PAObank to improve its credit assessment process with big data analysis.
The efficient loan approval process enables SMEs to obtain funding in as little as one week without the need for financial statements. The loan term can extend up to six months, and customers have the flexibility to draw funds within their approved revolving credit limit, providing a more adaptable financing experience.
Representatives from PAObank highlighted that the swift expansion of ecommerce has led to a rise in funding requirements for sellers. This partnership seeks to tackle these challenges by merging commercial data with fintech solutions, equipping SMEs with the necessary resources to fulfil funding needs and discover new business opportunities. Since the start of its operations, PAObank has been committed to supporting financial inclusion and developing a digital banking ecosystem by utilising its experience in SME banking solutions and its financial technology capabilities. The financial institution works to extend diverse segments, including banking and SME banking, among others.
By leveraging advanced analytics and machine learning, fintech solutions offer personalised financial advice, simplified lending processes, and increased cash flow management. This empowers SMEs to make informed decisions, optimise operational efficiency, and ultimately drive growth. As technology continues to evolve, the collaboration between commercial data and fintech will open up pathways for small businesses to thrive in a competitive marketplace, fostering an ecosystem where financial accessibility and agility are within reach for all.
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