"BBMSL has established strategic alliances with BOXS, an innovative POS system pioneer, HKBN ES, a Hong Kong leading telecom and IT system integration service provider, and various innovative fintech"

Finance

BBMSL: Empowering SMEs in Hong Kong

BBMSL empower traditionally underserved SMEs in Hong Kong

September 25, 2023

BBMSL

BBMSL

BBMSL: Empowering SMEs in Hong Kong

BBMSL empower traditionally underserved SMEs in Hong Kong

September 25, 2023

BBMSL

Small businesses are the backbone of the economy, and this holds particularly true in Hong Kong, where approximately 340,000 small and medium-sized enterprises (SMEs) make up 98% of all businesses and employ around 46% of the private workforce, according to the Hong Kong Commerce and Economic Development Bureau.

The Covid-19 pandemic accelerated the growth of Hong Kong's e-commerce sector, driven by factors like the need for online shopping during lockdowns, technological advancements, government-issued consumption vouchers, and a surge in cashless payments. The Financial Services Development Council of Hong Kong predicts that paper money and coins will represent no more than 1.6% of point-of-sale (POS) transactions by 2024, down over 7% from 2019. As a result, credit cards are expected to maintain their dominance as the preferred payment method, a significant shift from the challenges SMEs faced in the 2000s regarding digital payments, integration, processing costs, and banking services.

The need to solve SMEs painpoints helped create BBMSL in 2017. The company tapped into a segment of the payment terminal service market that traditional providers did not cater to. The company helped SMEs enjoy easier options of getting a credit card machine instead of passively waiting for bank approvals. 

The development of BBMSL has allowed them to compete against the challenge presented by the banks now embracing the SME market following the impact of covid. The company was the first and only AMEX aggregator. It changed the payment industry and made expansion and operation more convenient for SMEs, ensuring all payments can be taken through the same terminal. 

For Andy Chung - the owner of Chung Wah Kee Noodle factory, BBMSL has helped modernise the payment process for SMEs. “In the past, our company’s payment methods were mainly cheques and cash. After money collection, you had to do bookkeeping - the process had become redundant."

“After using BBMSL it can support many different payment solutions such as WeChat, Alipay and wallets like Apple Pay and Google Pay, and many people have switched to electronic payment methods. It is more convenient for customers and they can choose different payment methods.” 

BBMSL now has over 13,000 successful merchants, as well as a proven track record of solving payment challenges and providing comprehensive merchant services. The dynamic team of payment experts at BBMSL have made the success possible, by combining technical understanding with a customer-focused approach. BBMSL has established strategic alliances with BOXS, an innovative POS system pioneer, HKBN ES, a Hong Kong leading  telecom and IT system integration service provider, and various innovative fintech solutions.  In the future, BBMSL will continue to widen the services they provide by integrating with BOXS  and enhancing POS experience, financing merchant cash flow, and developing a comprehensive merchant service ecosystem. 

It is the mission of BBMSL to ‘be your go-to team in merchant success, with innovation, care and affordability.’ It perfectly fits into the company’s goal of establishing long-lasting relationships with merchants, through a one-stop platform service for all their operation and expansion needs.