This post is part of our live coverage of FinovateAsia 2013.
Next, Advanced Merchant Payments (AMP) launched its online lending solution that helps banks provide a short-term lending product to their small business customers:
“AMP’s small business lending solution offers an efficient and scalable managed solution by which banks can readily originate and manage a broad portfolio of small business loans. AMP solves the problem wherein banks find short-term, unsecured, lending to their small business account-holders costly and inefficient.AMP’s platform utilizes existing communication methods (including commonly accepted file formats) to bridge the divide between the Retail Banking and Business Banking activities of a bank – without the costs and difficulties inherent in formal bank system integration. AMP can manage all or some stages of the loan process: from Qualification to Verification, Credit Scoring, Approval, Disbursement, Daily Repayment & Risk Monitoring, through to Completion.”
Presenting Thomas DeLuca (MD) and James Lloyd (Director of Product Management)
Product Launch: November 2013
Metrics: More than $25M USD in loans to small businesses in Hong Kong, Singapore, and the Philippines – representing approximately 90,000 loan days and 60,000 repayment events.
Product distribution strategy: Through financial institutions
HQ: Hong Kong
Founded: April 2009
Website: advanced-pay.com