Using Transaction Data to Facilitate Bank Loans for 2000Fun
Company
2000Fun
Industry
Retail
Challenge
Need for funds to purchase new goods to meet consumer voucher and peak season demand
Solution
Payment APIs, Mobile POS, Loan Referral
Benefits
Using transaction data to help banks expedite loan approvals, ensuring timely funding for merchants’ cash flow.
About the company
It is a retailer specialising in computer accessories and gaming products, with over 18 years of operation. Currently, it operates 11 physical stores in Hong Kong and has an online store. Its main offerings include computer products, gaming equipment, and computer assembly services.
In this technology-driven era, there is a growing demand for computer products among individuals and businesses. 2000Fun, which started as an online forum, has expanded into a marketplace selling various gaming-related products and currently operates over ten physical stores.
Need for Funds to Expand Business
Since 2019, 2000Fun has chosen QFPay as its online and offline payment partner. With diverse payment tools which include popular electronic payment methods in the market, it offers convenience to customers during the shopping process. The founder mentioned that the business revenue has been increasing by over 10% annually. With rapid business growth and the government’s introduction of consumer vouchers to stimulate the economy, 2000Fun expected further sales growth and therefore urgently needs funds to purchase additional goods to meet market demand.
Applying for a bank loan typically requires the submission of numerous documents, and the approval process often takes around three months. Fortunately, QFPay HK became one of the first data providers under the Commercial Data Interchange (CDI) developed by the Hong Kong Monetary Authority. With 2000Fun’s consent, QFPay HK authorised the bank to use 2000Fun’s electronic transaction data as a reference for loan approval. This enabled the bank to grant unsecured loans and shorten the approval time.
“Banks tend to have a conservative attitude toward non-traditional retail industries when it comes to loan approvals. With QFPay HK, reliable real-time transaction data was provided. The approval process was completed in a short time, enabling us to secure a seven-figure loan and expand our business.“
– Mr. Li, Founder of 2000Fun
Commercial Data Interchange
Aims to enable more efficient financial intermediation in the banking system and enhance financial inclusion in Hong Kong. By leveraging accurate transaction data, it reduces the need for direct point-to-point connections between banks and merchants, as well as the time required for merchants to submit substantial business proof. This accelerates the bank’s approval process, enabling merchants to obtain loans promptly.
The CDI also strengthens the collaboration between 2000Fun and QFPay HK. Mr. Li, the founder of 2000Fun, believes that QFPay HK’s one-stop service can benefit merchants, and the merchant backend provides real-time access to transaction data from different branches. He also looks forward to further cooperation and exploring more opportunities.
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