Ripple-Friendly American Express to Kick Off SME Loans in Australia

According to IBS Intelligence, American Express behemoth, a partner of the Ripple decacorn, plans to expand overseas and provide credits to small and medium companies in Australia after partnering with the ODX platform that works all over the globe.

American Express Business Loans kicks off in Australia

ODX global platform that provides software and analytics for digital lending and American Express have launched a new service for providing loans to small and medium enterprise in Australia.

Holders of American Express business cards will be the first to get a chance to receive those loans and more clients will be invited in the first half of 2021.

Loans of between $5,000 and $250,000 in unsecured capital will be applied for and provided online.

American Express SME Recovery Survey 

This launch of the new service has occurred after the remittance giant had conducted the American Express SME Recovery Survey to get a better idea of the environment businesses are functioning in now in Australia and see how they (American Express) can adapt to the new conditions enforced by 2021.

According to this research, the majority of the poll participators show optimism about the 2021 rolling out ahead, even despite the lockdown remaining and the close of JobKeeper payments expected in March.

Those payments were crucial for helping small and medium businesses to survive. Now companies will be needing extra capital to keep them going.

The new loans service launched by American Express intends to eliminate the complex issues that businesses are facing from other loan providers in Australia.

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Ripple and American Express partnership

Back in 2017, American Express and Santander banking giant partnered with Ripple to launch blockchain-based payments in the UK and USA.

Remittances made by American Express between the US and the UK on their FX International Payments platform began to be performed using blockchain-based RippleNet.