Cebuana Lhuillier, one of the country’s leading financial services providers, has recently partnered with Element, Inc., a privacy-led, modern artificial intelligence (AI) company focused on digital identity, for its electronic Know Your Customer (e-KYC) services. The move allows Cebuana Lhuillier’s customers to access their digital financial products online.
Aside from partnering with Cebuana Lhuillier for its e-KYC project, Element has likewise joined hands with Cebuana Xpress, Cebuana Lhuillier’s digital pawning and remittance service mobile application that offers access for customers to digital financial products at the grassroots level.
The arrangement gives Cebuana access to Element’s other advanced technologies like digital onboarding and fraud risk assessment, as well as a fully digital and mobile-first experience to give customers easier, faster, and more convenient transactions. The processing time at Cebuana Lhuillier outlets will likewise be reduced to minutes compared to the previous cycle of 3 to 5 days of manual validation and verification.
Embracing technological innovations to empower local communities
By partnering with Element, Cebuana hopes to be able to provide a more inclusive and digitalized finance environment for its customers.
“We are steadfast in our commitment to provide the right financial services to the local communities. As we are starting to bring our services into the digital space, this partnership could significantly cater to a larger audience who would benefit from our innovative offerings,” Cebuana Lhuillier President and CEO Jean Henri Lhuillier said.
For its part, Adam Perold, President and CEO of Element Inc., said, “Our partnership with Cebuana Lhuillier is an important opportunity to deliver large-scale adoption of financial services in the Philippines, and to create greater access to commerce and greater control for customers over their financial lifestyles.”
According to Perold, Element was designed as one of the first, modern AI companies whose vision is to connect populations to essential services, as well as to help build more efficient and inclusive societies.
“At this time of fintech innovation and growth in the digital ecosystem of the Philippines, we believe that we can execute this vision better by having a tremendous partner like Cebuana Lhuillier,” he added.