3 Hong Kong and Hong Kong FinTech company WeLend have launched a mobile app called 3Money that enables 3 HK customers to apply for and obtain loans via their mobile device.
The 3Money app – full name: “3Money powered by WeLend Limited” – leverages WeLend’s credit assessment automation technologies (which include artificial intelligence, WeLend says) to provide instant approval results. Once approved, money can be transferred to the applicant’s bank account in as little as one hour.
3Money also utilizes facial recognition technologies during the application process to ensure that the identity of the mobile user matches the identity of the person in the submitted identification documents, reducing fraud risk.
3HK says the application process is highly transparent, compared to conventional financial institutions, with easy-to-understand status updates and loan details such as outstanding balance and payment details.
3Money also comes with a customizable call-blocking feature to block unsolicited loan marketing calls, blacklist undesirable numbers and even whitelist important contacts.
The news announcement was accompanied by the following warning:
Warning: You have to repay your loans. Don’t pay any intermediaries.