Philipine-based fintech firms UNO Digital Bank and Singapore-based fintech firm Trusting Social have on Monday announced a strategic partnership to unlock access to consumer lending for Filipino consumers across wide sections of society.

UNO Digital Bank said in a statement that by offering a frictionless and friendly lending experience, the firm aims to empower traditionally underserved Filipinos to achieve their goals and bring them into the formal and secure financial ecosystem,

According to the statement, the strategic partnership will leverage Trusting Social’s expertise in artificial intelligence (AI)-led customer onboarding solutions, including credit scoring with UNO’s new digital banking platform, designed to provide a one-stop financial solution for all Filipinos.

It said Trusting Social’s big data scoring technology has the capacity to use telco data—which is crucial for the Philippine market that has around 157 million prepaid mobile subscribers—to provide accurate credit risk profile assessment, including unbanked customers.

This will enable UNO Digital Bank to achieve its aim of building a more financially-inclusive banking landscape in the Philippines, where access to formal credit remains limited, it said.

“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,” said Trusting Social Philippines Chief Executive Officer Johnny Escaler.

Trusting Social is an AI fintech company aspiring to democratize financial services through AI-based consumer insights and embedded finance.

It drives financial inclusion by providing credit insights covering over a billion consumers to over 170 financial institutions across Vietnam, Indonesia, India, and the Philippines.

“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,

“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,” said UNO Digital Bank Chief Executive Officer Manish Bhai.

UNO Digital Bank is a full-spectrum credit-led digital bank licensed under the Digital Banking License framework promulgated by the Bangko Sentral ng Pilipinas (BSP) in the Philippines.

With UNO Digital Bank, Filipinos can use one trusted app to save, borrow, transact, invest, and protect their money; to manage their finances with speed and ease.

Singapore headquartered financial technology company UNOAsia Pte. Ltd., is one of the primary incorporators of UNO Digital Bank.

UNOAsia’s strategic two to five year plans include setting up digital banking in a few of the key markets across South & South East Asia.

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