BEA launches "Super-Fast" loan application platform

Customers can now use eKYC technology to obtain funds as quickly as one day.

The Bank of East Asia (BEA) announced the launch of their "Super-Fast" loan application platform and became the first bank in Hong Kong to provide such service.

New or existing customers who are currently employed can use electronic Know Your Customer (eKYC) technology to obtain funds as quickly as one day without stepping in a branch when applying for personal loans via the mobile platform.

Customers can apply for personal loans through the “Super-Fast” loan application platform by filling in their personal data, and uploading documents and a selfie through a simple mobile application form. Using advanced technology, the system will verify the customer’s identity and conduct credit approval. Customers will know the result instantly with the entire loan application process taking only a few minutes and can be completed anytime and anywhere.

Vincent Hui, general manager and head of Personal Banking Division at BEA, said, “Other solutions in the market still require customers to show up at the branch. Through eKYC and other new technologies, the “Super-Fast” loan application platform allows customers to complete applications and take out loans without leaving home. BEA plans to expand the platform and apply the same concept to other banking products and services.”