Small businesses will be able to apply for financing directly on Qoo10’s site.
e-commerce platform Qoo10 has partnered with United Overseas Bank Limited (UOB) where Qoo10 will be able to tap UOB’s financial solutions to help consumers and merchants buy and sell products more easily on its platforms, an announcement revealed.
Small businesses will be able to apply for financing directly on Qoo10’s site whilst Singapore-based merchants who have been using Qoo10 for at least six months will have their loan application processed in just one business day. UOB will assess the merchant’s creditworthiness based on their transaction data on Qoo10.
By the second half of the year, merchants will be able to apply for business loans directly on Qoo10’s site instead of having to submit physical documents such as the company’s financial statements to UOB.
The bank is also exploring the use of artificial intelligence to cut down the credit assessment process so that business owners can receive an outcome on their loan application in the same day.
As for Qoo10’s other platform QuuBe, users can transact on the said platform through a private blockchain-based token known as Q*coins. One Q*coin is equivalent to $1.38 (US$1.02).
Existing Qoo10 merchants can pay a set-up fee of 200 Q*coins to move to the QuuBe platform. UOB will reimburse merchants’ set-up fee when they sign up for a UOB account.
Furthermore, UOB cardmembers can also enjoy privileges such as additional 10% in Q*coins when they shop on QuuBe.
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