• The payment platform will allow businesses in Hong Kong to make payments with credit cards in instances where the
  recipients do not accept card payments.
• CardUp's solution will help Hong Kong-based businesses maximise and digitise their
  cash flow, access flexible and
  competitively-priced capital during the current economic climate, whilst equipping businesses with the tools
  to automate their payables processes
• CardUp is a registered Visa Business Payment Solution Provider
  (BPSP); this partnership enables customised pricing for Visa Commercial card
  holders at competitive rates

HONG KONG
SAR - Media OutReach - 2 December
2020 - CardUp, the digital credit card
enablement platform, has launched a new solution that enables
businesses to instantly access credit on international payments at competitive
rates. While the global remittance market is dominated by bank to bank
transfers -- CardUp enables these payment to be made via credit cards to
overseas suppliers who do not accept card payments. This means businesses can
make use of their available credit limit to delay the outflow of that expense
for up to two months, on payments to over 100 countries. CardUp's solution
leverages the company's status as a registered Visa Business Payment Solution
Provider (BPSP) to help more businesses in Hong Kong tap onto their
underutilised credit limits. To do so, CardUp charges a processing fee per
transaction, but the company's status as a registered Visa BPSP means
customised rates can be offered to businesses, helping companies maximise their
cash flow at a competitive price.

"We are delighted to expand our services to
businesses in Hong Kong, many of whom grappled both with cash flow problems and
challenges digitising payables and receivables whilst finance teams work
digitally in the new post-pandemic world. We saw an opportunity to help them
with a more flexible digital business payment facility to enable their business
continuity," said Nicki Ramsay, CEO of
CardUp. "By launching our platform in Hong Kong, we enable businesses here
to tap onto existing credit card lines more easily to help them tide their cash
flow during this uncertain time. Our collaboration with Visa allows us to
double-down on this flexibility as our BPSP facility is competitively-priced,
more convenient than using conventional credit lines and quicker as there is no
need for applications or waiting times."

A survey by the Hong Kong General Chamber
of Commerce (HKGCC) found that 42 percent of small- and medium-sized
enterprises (SMEs) and 24 percent of large corporations were concerned about
their survivability amid the ongoing COVID-19 pandemic^[1]. During this time, these
businesses were particularly exposed to reduced short-term cash flow due to
revenue losses. CardUp believes that its new B2B facility and its status as a
registered Visa BPSP will help the businesses benefit from more flexible
payment options to keep their businesses afloat during uncertain economic
periods.

"Many businesses often think of a credit
card as nothing more than a payment method. However, a business credit card can
also double up as a planning and budgeting tool. Based on our research, Visa
recognised that cash flow optimisation is one of the top pain points of Hong
Kong SMEs," said Maaike Steinebach, Visa
General Manager, Hong Kong and Macau. "Our partnership with CardUp helps
businesses extend their days of payable outstanding and optimise their working
capital with their commercial cards, crucial under current business climate."

As a registered Visa BPSP, CardUp provides
the following payment facilities for both businesses and banking partners.

�

For businesses

1. Enable B2B payments on credit
   cards . CardUp allows businesses to use their credit cards
   to pay business expenses to non-card accepting recipients, which includes
   payroll, supplier invoices, rent and more.
2. Improve cash flow . Businesses can improve their cash flow by
   using CardUp's platform to obtain up to almost two months of interest-free
   credit and early settlement discounts. This solution, coupled with competitive
   rates presented by their status as a Visa BPSP, presents an extremely
   cost-effective way for companies to access working capital. It is also
   much easier for them to obtain these funds, without any lengthy and
   cumbersome applications or heavy documentation required for loans.
3. Digitise processes . CardUp provides businesses a digital interface where they can
   schedule recurring payments and monitor payment statuses all from one
   dashboard -- allowing them to easily leverage data to track and reconcile
   payments. CardUp's platform also equips businesses with invoice automation
   tools to digitise payables and receivables processes, helping finance
   teams work digitally and thrive in the new normal.
4. Cost and time savings. Businesses enjoy additional cost savings
   through card rewards earned on these business expenses, as well as time
   and cost savings through the automation and consolidation of domestic and
   international payments on one platform.

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For banking partners

1. Obtain more customers and business growth
   prospects . Banks and payment networks can
   benefit from increased coverage, capturing incremental spend in non-card
   accepting sectors, as well as advance digitisation efforts. With over US$1
   trillion still being spent by cheque in Hong Kong, this opens up
   opportunities in the cards sector as businesses are able to use their
   heavily underutilised credit limits for large business expenses previously
   not possible by card.

�

CardUp's technology connects to accounting
and ERP platforms, to provide businesses with seamless data flow and reporting.
This provides a solution that enables any payment made by bank transfer or
cheque to be shifted to cards -- regardless of whether the end-recipient accepts
card payments.

CardUp already collaborates with all major
banks in the region such as Citi, DBS and UOB. Outside of Hong Kong, the
company has already made its digital platform available in Singapore (where it
first launched) and Malaysia and has managed hundreds of millions of dollars in
payments today to vendors globally. The company is currently seeking opportunities
to expand its digital platform across the region to give more businesses in the
region and alternative, digital payment facility to better manage their cash
flow.

About CardUp

CardUp�is
a credit card enablement platform that brings�value�to both
individuals and businesses�by improving the way they pay and get paid,
access credit and manage payments.?�

�

The company
started by allowing any big expense previously made by bank transfer, cheque or
cash to be shifted to card, even where cards are not accepted. Examples include
rent to a landlord, insurance premiums, payroll, supplier invoices and
more.�CardUp�has since gone on to launch merchant card solutions,
card enablement APIs and payment automation tools that help SMEs save time
and�automate their�finance processes.�

�

CardUp manages hundreds of millions of
dollars in payment volume in the region today. The company continues to
innovate in technology across business financing, payment automation, data
insights and card rewards, to deliver their�vision to unlock the benefits
of card payments for everyone.�As of 2020, CardUp operates in Singapore, Hong Kong and Malaysia.�

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For more information, please visit: www.cardup.hk