Xiaomi and AMTDdigital banking platform Airstar presented another phase of its pilot project, which reportedly includes Small and medium business loan a proposal to provide SMEs with a faster and more affordable credit experience.
This new announcement comes after a pilot project to provide corporate banking to small businesses was launched following positive market feedback.
The sandbox program is reported to accept up to 150 Bank Airstar clients with loan drawdowns. Interested companies were invited to apply through the official SME Easy Pay Loan website.
Existing clients who are participating in the corporate banking pilot and new clients can join the SME loan service, which aims to disrupt the traditional loan process.
After clients successfully transfer their current installment loans to Airstar Bank, they can take their first 24-month principal leave to significantly reduce their monthly expenses.
SME clients can borrow up to double their original loan amount, which includes additional cash, which should help reduce the pressure on loan repayment.
Airstar noted that the loan application process is fairly straightforward once the loan requirements have been met and the approval time is completed within 3 business days.
The announcement confirms that no personal or face-to-face meetings, financial statements or service fees are required to complete the application process.
Ronald Yu, General director Airstar bank, stated:
“Airstar Bank understands that having healthy and adequate cash flow is critical for small and medium-sized businesses. With the launch of the Easy Pay Loan program for SMEs, we hope to simplify financial technology loan applications and work with SMEs to reduce loan approval times to support their business expansion plan. ”