SB Finance, OneConnect to develop digital finance platform in the Philippines | Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis

SB Finance, OneConnect to develop digital finance platform in the Philippines

It seeks to service the 65% of Filipinos who remain unbanked.

SB Finance has partnered with OneConnect Financial Technology, a technology-as-a-service platform and an associate of Ping An Insurance, to develop a digital finance platform in the Philippines.

The partnership will see SB Fiannce and OneConnect develop an end-to-end omnichannel digital finance platform using OneConnect’s artificial intelligence (AI) and electronic Know-Your-Customer (eKYC) technologies to digitalise loan application, credit-decisioning, fund disbursement and payment acceptance.

It aims to provide Filipinos with greater accessibility to credit and promote financial inclusion in the country, where approximately 65% of the population remains unbanked.

The automated and cloud-based platform will be accessible through various platforms such as mobile, web and Agent App. API connectivity accessible to staff, merchants, dealers and customers will also be enhanced, the press release said.

“A major strategy of SB Finance is to create products and services to support the average Filipino and the small businessmen in their financial needs while creating a customer-centered journey in the new digital normal,” said SB Finance President and CEO Abbie Casanova. “To do this, we needed strong end-to-end cloud-based solution that can provide mobile, web, agent application and accessibility to our clients and partners.”

The app to be built is also in line with the Philippine central bank’s call for digitalization, adds Casanova.

“To support the BSP’s call for digitalization, we needed an app-based onboarding solution that can support multiple products and have an automated KYC and know-your-partners in order to adapt to the new normal of mobile friendly and easy access to our clients while experiencing fast, simple and secured financial process,” she said.

Photo courtesy of Tim Douglas (Pexels)

Get Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Shares were priced at the top end, at KRW39,000 ($34).
In January, 1.2 million transactions were carried out via the SGQR.
Its launch will require legal changes to the nation’s foreign exchange and IT rules.
But less than half of consumers are impressed with the digital financial services currently offered.
Treasury teams can mobilize liquidity and fund intraday payments in real-time.
Customers have the option to pay their tax balances in full or partially.
About 750 new accounts have been opened in four APAC markets through the new portal.
UnionDigital will be a wholly-owned subsidiary of the Philippine lender.
SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.
This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.
Thirteen lenders noted that demand was moderately weaker than the preceding 3-month period.
Investors will likely seek signs that private lenders will be able to step up lending once COVID subsides.
It opens up new revenue models and lowers the cost-to-serve.
Bypassing credit cards, the payment instalment options prove to be attractive.
More banks and institutions are exploring its use for payments and cross-border transfers.