By THE NATION
This will enable the sellers to access financing at their fingertips, with instant approval, minimal documentation required and zero fees.
Customers can get loans within a minute.
KBank aims to lend Bt1 billion under this type of loan by the end of 2020.
Lazada Thailand deputy CEO Jack Zhang said technology can be leveraged to unlock more growth opportunities for financial institutions and small businesses.
“With this new lending model that removes the tedious manual process of assessing and validating information, a seller can apply and get cash instantly for a loan on his phone. With the partnership, we look forward to enabling more inclusive financial services for the many small businesses and sellers on our platform, as part of our mission to make it easy to conduct business anywhere.”
KBank senior executive vice president Wirawat Panthawangkun said that amid the present e-commerce craze in Thailand, online trading has seen brisk sales. As this channel continues to surge in popularity among traders, newcomers have recently jumped onto the bandwagon.
However, access to funding sources is among their top pain points due to hindrances such as insufficient documents and collateral to support loan applications and having no bank account.
Under the “Better Together” collaboration between KBank and Lazada, sellers on the platform are able to gain access to low-interest loans without the need to provide collateral or documentation and no fees.
The loan limit of Bt600,000 ensures that Lazada’s merchants have enough working capital for their business needs.