UNO Digital Bank, one of the six digital banks licensed by Bangko Sentral ng Pilipinas (BSP), has recently partnered with technology firm Trusting Social in an effort to provide more Filipino consumers greater access to loans with the help of AI and other 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,” said Manish Bhai, Chief Executive Officer (CEO) of UNO Digital Bank, in a press release.
Trusting Social is involved in artificial intelligence (AI)-based financial technology, or fintech.
Meanwhile, UNO Digital Bank, which was 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. It also helps clients manage their finances with speed and ease.
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.
He adds 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.
UNO Digital Bank believes that the use of technology is crucial. According to the latest available data from Statista, the Philippine market already has around 157 million prepaid mobile subscribers in 2021.
Big data scoring technology
Trusting Social’s big data scoring technology has the capacity to use telco data to provide accurate credit risk profile assessment, including unbanked customers.
“Both Trusting Social and UNO Digital Bank 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, as well as deep domain expertise in building sustainable and inclusive products,” said Johnny Escaler, CEO of Trusting Social 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.
According to Trusting Social’s website, the company covers more than one billion consumers across India, Indonesia, Vietnam and the Philippines.
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.