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Digital Services
Overview
At Hang Seng Bank, we’re committed to helping your business thrive in a rapidly evolving digital landscape. By leveraging trusted data partnerships and innovative technology, we gain a deeper understanding of your unique business needs. This enables us to offer more tailored banking solutions that go beyond traditional financial assessments.
Through the secure sharing of selected “alternative data”—such as e-commerce transactions, payment records, and logistics information—you empower us to provide faster credit assessments and deliver financial services that are truly relevant to your business journey.
What Is Alternative Data?
Alternative data refers to non-traditional information sources that complement conventional financial statements and bank statements by providing a broader view of your business performance. Examples include transaction data from payment gateway, sales record from e-commerce platform, logistics records.
Why It Matters
Alternative data offers a more comprehensive understanding of your business, especially for SMEs, without extensive credit histories.
How Alternative Data Benefits You
Faster Loan Assessment
More Tailored Product Offerings
Reduced Paperwork and Manual Submissions
Our Foundational Data
Hang Seng Merchant Business automatically collects and processes data as part of the programme
Our Data Partners
We collaborate with a trusted network of data partners to ensure your information is handled securely and responsibly. Current partners include:
DimOrder
KPay
Octopus
QFPay
How Consent & Data Sharing Works
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Your Consent First We only access data you authorize |
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Secure Transfer Data is transmitted via secured channels including but not limited to HKMA-approved Commercial Data Interchange (CDI) |
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Purpose-Specific Use Data is analyzed solely for credit assessment or service personalization |
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No Third-Party No Third-Party Sharing Without Consent |
Example Use Case
Apply for a business loan using Point-of-Sale (POS) transaction data
If you are a merchant accepting card payments via a POS terminal operated by one of our Data Partners, you can apply for financing using your POS sales data—subject to your consent. Instead of gathering documents such as bank statements, you can provide consent for Hang Seng to access your POS transaction data as part of the application.
How it works
- Provide consent to share data with Hang Seng
During the loan application, you authorise the sharing of relevant POS transaction data. - Hang Seng assesses affordability
POS data helps us understand your business performance more accurately, enabling a faster and better-informed credit assessment. - Receive an offer and access funds
If your application is approved, you’ll receive a loan offer. Once accepted, funds will be credited to your Hang Seng business account.
Fees and Charges
Hang Seng Bank will not charge you any fees for consenting to the Bank using alternative data, or for sharing and transferring such data to the Bank.
Your data is shared only with your permission and is used solely for credit assessment in accordance with applicable requirements.
