LONDON and HONG KONG, March 9, 2015 /PRNewswire/ -- Advanced Merchant Payments Ltd., a leading provider of advanced technology for small business lending, today announces its market expansion into the United Kingdom as AMP Credit Technologies (AMP). AMP's solution provides banks and business service providers an efficient outsourced platform by which to issue equitable and transparent loans to their small business customers.
Small businesses are critical to the UK economy, yet they currently have challenges accessing formal bank financing without collateral. According to the UK government statistics*, 5.2 million SMEs in the UK accounted for over 99% of all businesses in 2014, representing 60% of employment and 47% of turnover in the UK economy. As part of the forthcoming Small Business, Enterprise and Employment (SBEE) Bill, the government has committed to introducing legislation which will require the largest UK SME lenders to share details of SMEs they reject for finance (where SMEs give their consent) with alternative lending companies.**
"At AMP, we believe that the best way to address the small business credit gap is actually to empower banks and business service providers, which have the advantages of lower cost of capital, regulatory protections, extensive distribution and trusted customer relationships, to employ our alternative lending technologies for the benefit of their small business customers in a manner that is simple, clear and fully transparent to the borrowers. We differentiate from other providers by promoting equitable, transparent and trusted small business lending through banks and business service providers using a systemic approach, rather than seeking to disintermediate them," said Mr. Thomas J. DeLuca, CEO of AMP Credit Technologies.
AMP's proprietary loan technology platform, refined and proven across three other markets since 2010, enables automated loan origination, daily loan servicing and real-time portfolio risk management based on electronic cashflow of businesses and other data points. This enables the outsourced processing of large portfolios of small business loans on a profitable and efficient basis.
The company operates in Hong Kong, Singapore and the Philippines and is now officially open for business in the UK. Banks and business service providers seeking more information about how they can benefit from AMP small business lending solutions can contact AMP by email at email@example.com.
*Source : "Small businesses and the UK Economy" report published by the House of Commons on 9 December 2014; Data source : The Department for Business, Innovation & Skills (BIS), Business Population Estimates 2014
About AMP Credit Technologies
AMP Credit Technologies Ltd. (AMP), a wholly owned subsidiary of Advanced Merchant Payments Ltd., is a financial technology company that enables banks and business service providers to deploy "alternative lending" technologies for the financial inclusion of their small business customers. By using innovative credit models combined with daily cash flow data, AMP's patented loan origination and automated portfolio management processes help the company evaluate business performance and allow for the fast, efficient, and profitable provision of short-term, unsecured loans to small businesses. AMP started its operations in 2010 and currently operates in Hong Kong, Singapore, the Philippines, and the United Kingdom -- with expansion plans across Asia and Europe. The company was recognised by SWIFT as a 'growth-stage innovator' during the 2014 Innotribe Challenge, and selected by Accenture to participate in the 2014 FinTech Innovation Lab Asia-Pacific.
For more information about the company, please visit www.amp-creditech.com
SOURCE AMP Credit Technologies Ltd.