BOCHK debuts HK's first online loan service

FinTech Innovation editors
09 Jul 2015
00:00

Bank of China (Hong Kong) (BOCHK) and TransUnion have launched the Online Loan 360 Service, the first of its kind in Hong Kong, to provide customers with convenient, professional and secure loan services.

The new service includes a fully online loan application and approval process. Customers can apply for the BOC Express Cash Loans anytime, anywhere.

Upon answering a few questions relating to their personal finances, customers will be directed to TransUnion’s credit reference system, where they will complete an identity verification process and instantly obtain the loan application result. Customers can use the loan to repay any outstanding balance of customers’ designated credit card or loan.

“In view of the rapid development of internet finance and the evolving needs of customers, BOCHK has been optimizing our electronic channels with a view to consistently enhancing customer experience in loan application,” BOC Credit Card general manager Dickson So said.

“Meanwhile, we put great emphasis on customers’ data protection and internet banking security. We have therefore increased our investment in these areas and collaborated with TransUnion in equipping the Online Loan 360 Service with the most comprehensive Electronic Identification Management (eIDM) technology in the local market.”

According to So, the eDIM technology does not only verify customers’ identity but also their devices used in loan application, for enhanced protection of customers’ data. In addition, the new service features instant approval for balance transfer, aiming to provide customers with convenient online loan services around the clock.

The BOC Express Cash Loans offer a loan amount of up to HK$3,000,000 ($387,000) at a competitive rate as low as 2.37% APR .

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