KPay, a financial and business management platform, has launched a unified pay-in and pay-out platform for SMEs in Hong Kong. This platform aims to streamline financial operations for SMEs, reduce reliance on outdated methods, and improve efficiency.
A recent study by KPay revealed that SMEs in Hong Kong spend over 2,298 hours annually on financial management, costing each SME an average of HK$160,000 annually. The study highlighted significant inefficiencies due to reliance on paper and basic spreadsheets.
KPay’s new platform addresses these issues by offering a comprehensive solution for payment collection, bill management, reconciliation, and financial data analysis within a single app. Powered by Airwallex, it facilitates international transfers with faster settlements and reduces manual errors by up to 90 percent.
KPay has also partnered with DBS SME Banking Hong Kong, marking DBS’s first open banking collaboration in the market. This partnership enhances SME business experiences through seamless digital banking services and tailored banking privileges.
Jolynn Wong
“We are thrilled to support this initiative with our market-leading API solutions, marking DBS SME Banking Hong Kong’s first open banking collaboration with a local partner. This underscores our commitment to enhancing SME business experiences with partners like KPay. Dedicated to providing seamless digital banking services, DBS has supported hundreds of KPay merchants in Hong Kong with tailored banking privileges. We are confident this number will grow as we introduce a low-carbon SME package to support sustainable practices,”
said Jolynn Wong, Managing Director and Head of SME Banking at DBS Bank (Hong Kong) Limited
Davis Chan
“At KPay, we are a driving force behind the business growth of our merchants. As we celebrate our third anniversary, we’re setting our sights on transforming the payment sector and catalysing growth over the next three years. We take great pride in being the leading non-bank payment facilitator in Hong Kong with the largest market share of merchants as of this year, as well as now launching the market’s first unified pay-in and pay-out platform,”
said Davis Chan, Co-Founder and CEO of KPay, at the company’s third anniversary.
KPay, founded three years ago, now serves over 33,000 merchants across Hong Kong, Singapore, and Japan. The company aims to expand its merchant base over the next three years significantly.
Featured image credit: Edited from Freepik