Reply
Page 5 of 5 FirstFirst ... 2 3 4 5
Like Tree21Likes

@$#&$! FinTech .... stop!!!

  1. #41

    Join Date
    Mar 2017
    Location
    north point
    Posts
    220
    Quote Originally Posted by ray98
    Song and dance about nothing. UA has been doing "no show" loans for a long time, the mainstream banks are now allowed to join the show. It doesn't get them off the hook for other regulatory requirements on their customers.
    I thought this was because UA (as well as ACSA) are not technically banks and not subject to HKMA rules.

  2. #42

    Join Date
    Jul 2009
    Posts
    1,366
    Quote Originally Posted by tf19
    I thought this was because UA (as well as ACSA) are not technically banks and not subject to HKMA rules.
    I suspect that's partially the reason, to give the banks a slice of the micro loan pie. Good for consumers as larger number of market players will have the downward pressures on consumer costs.

    If you read the circular, the banks need to submit to the HKMA plans on how their schemes will manage the credit risks and they will revisit the effectiveness of the schemes. Nothing in the circular says anything about waivers of legal and regulatory requirements on client due diligence.

  3. #43

    Join Date
    Jul 2004
    Posts
    2,619
    Quote Originally Posted by ray98
    I suspect that's partially the reason, to give the banks a slice of the micro loan pie. Good for consumers as larger number of market players will have the downward pressures on consumer costs.
    How is this so-called micro loans different from personal loans currently offered by most banks to the point that one has to keep separate rubbish bin to throw in their promotional materials?
    - Micro lending from money lenders have been going on since stone age, so is this new pie in the sky discovered by FinTech?
    - Timing is also perfect, on the one hand HKMA is warning public to stay away from debt binge and on the other hand ...........
    - This is clearly a mainland style steroid implemented out of FOMO.. Fundamental questions are 'Do HK market/demographics really need mainland style micro loans? How many small entrepreneurs survive these days?'

  4. #44

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    24,553
    Have a GeoExpat related problem - please create a support ticket.

  5. #45

    Join Date
    Jul 2009
    Posts
    1,366
    Quote Originally Posted by nivantj
    How is this so-called micro loans different from personal loans currently offered by most banks to the point that one has to keep separate rubbish bin to throw in their promotional materials?
    - Micro lending from money lenders have been going on since stone age, so is this new pie in the sky discovered by FinTech?
    - Timing is also perfect, on the one hand HKMA is warning public to stay away from debt binge and on the other hand ...........
    - This is clearly a mainland style steroid implemented out of FOMO.. Fundamental questions are 'Do HK market/demographics really need mainland style micro loans? How many small entrepreneurs survive these days?'
    I suspect it's summat to do with the amounts involved, less amount per customer = less default exposure/customer = less default risk as a whole kinda thing - principles of portfolio theory, i.e. not putting all your apples in one basket; and of course being able to justify higher interest rates to customers.

    You're right - micro lending is nothing new and the presentation of this scheme with a Fintec label doesn't make it so, it's just good PR.

    I can't say for sure, but the reason for allowing banks to operate these schemes is because they have been watching and learning from existing micro-finance operations and no-show application operations. Still, a lot is unknown if this level of new investment capital enters this market (including whether Hong Kong "needs" micro loans), hence the wait and see approach set out in the circular.
    nivantj likes this.

  6. #46

    Join Date
    Jan 2010
    Posts
    2,079
    NOW I know how @bdw is getting all those personal loans thrown after him
    bdw and nivantj like this.

  7. #47

    Join Date
    Jul 2004
    Posts
    2,619

    Big Data/Data Analytics or lame stereotyping!!

    “Someone who uses a very outdated or cheap phone probably doesn’t belong in a high-income group.”
    Customers who apply at midnight are in urgent need of money,
    And best of all,

    An applicant who fills in the form in capital letters may not pay much attention to details.
    What the!!! I always fill form in capital letters because my handwriting are worse than doctors not because lack of attention to details..

    https://www.scmp.com/business/bankin...old-phone-dont
    shri likes this.

  8. #48

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    24,553
    An applicant who fills in the form in capital letters may not pay much attention to details.
    Just filled up an Immigration form the other day that specifically says "Write in BLOCK LETTERS".
    Have a GeoExpat related problem - please create a support ticket.

  9. #49

    Join Date
    Aug 2006
    Posts
    9,278

    REMINDS ME OF PHRENOLOGY.


Reply
Page 5 of 5 FirstFirst ... 2 3 4 5