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.
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