UNO DIGITAL BANK has partnered with technology firm Trusting Social to offer more Filipino consumers greater access to loans with the help of data science tools.
“Our partnership with Trusting Social will allow us to offer our services to unbanked Filipinos who otherwise won’t have access to formal lending services,” UNO Digital Bank Chief Executive Officer (CEO) Manish Bhai said in a press release on Monday.
Trusting Social is involved in artificial intelligence (AI)-based financial technology, or fintech.
Through the partnership, UNO plans to use Trusting Social’s expertise in AI-led customer onboarding solutions to achieve the digital bank’s aim of building a more financially inclusive banking landscape in the Philippines.
“With Trusting Social’s data science tools and technology, we will be able to access highly reliable risk profile information, making it easy for any credit-worthy Filipino consumer to formally borrow money in a faster and easier manner,” Mr. Bhai said.
UNO said that Trusting Social’s big data scoring technology has the capacity to use telco data to provide accurate credit risk profile assessment, including unbanked customers.
Trusting Social’s big data scoring technology has the capacity to use telco data to provide accurate credit risk profile assessment, including unbanked customers. UNO said the technology is crucial for the Philippine market, which has around 157 million prepaid mobile subscribers, according to data from Statista in 2021.
“Trusting Social and UNO recognize that solving the problem of financial inclusion in the Philippines will require bringing the best of both institutions to the fore — deep analytical expertise, best-in-class risk management, and deep domain expertise in building sustainable and inclusive products,” Trusting Social Philippines CEO Johnny Escaler said.
According to Trusting Social’s website, the company covers more than one billion consumers across India, Indonesia, Vietnam and the Philippines.
Trusting Social is an AI fintech company aspiring to democratize financial services through AI-based consumer insights and embedded finance, the media release said.
It added that the company provides credit insights covering over a billion consumers to over 170 financial institutions across Vietnam, Indonesia, India, and the Philippines.
Meanwhile, UNO Digital Bank, incorporated under Singapore-based UNOAsia Pte Ltd, is a fully digital bank with an app that helps its users save, borrow, transact, invest, and protect their money; as well as to manage their finances with speed and ease. — Aaron Michael C. Sy