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- Credit Intelligence (CI1) is pushing ahead with plans to create another buy now pay later product for Hong Kong consumers
- The company signed a letter of intent with five investors to develop a consumer products BNPL platform for the region
- The fintech stock already runs a similar product for small and medium businesses, called One Step @ One Flexi
- CI1 will provide initial funding for the early stages of the operation and will be the major shareholder in the BNPL, with a 74 per cent interest
- Shares in Credit Intelligence are trading at 1.6 cents each
Credit Intelligence (CI1) is pushing ahead with plans to create another buy now pay later product for Hong Kong consumers.
The fintech stock already runs a similar product for small and medium sized businesses, called One Step @ One Flexi.
The company announced on Tuesday it had signed a letter of intent with five investors to develop a consumer products BNPL platform for the region.
Among the investors are IT service provider QBS Retail Technologies, service provider SME Hero Holdings and digital marketing and supply network Crazy Group.
This new platform will cover a wide range of consumer products including home appliances, electronics, food and alcohol, and imports.
CI1 said the product will aim to “capture the change of consumer behaviour in the personal BNPL sector since the outbreak of COVID 19”.
The company will provide initial funding for the early stages of the operation and will be the major shareholder in the BNPL, with a 74 per cent interest.
Speaking on the new product, Executive Chairman Jimmie Wong said it would have a synergy effect on the company’s existing BNPL SME platform.
“This is the right time to capture personal BNPL market in Hong Kong,” Mr Wong said.
“Under the pandemic this model will definitely enhance shareholders’ value in CI1.”
Shares in Credit Intelligence are trading at 1.6 cents each at the open of market on Tuesday, September 21.
