Access to credit is more than a financial service—it’s an engine for growth. With access to credit, businesses are able to expand and create jobs, which in turn leads to increased economic activity. It allows people to spread out the cost of large purchases such as property over time, making them more accessible.
But in Southeast Asia, where millions remain underbanked or underserved, “access” without transparency can quickly become exploitation.
From ex-head of bank doing fake reviews to “fake as featured as” we have seen them all.
Financial inclusion must mean dignity
Financial inclusion means everyone—regardless of income, social status, or location—has access to useful and affordable financial products such as payments, savings, credit, and insurance, and can use them safely and with dignity.
That dignity is impossible without transparency. If a borrower can’t see the true costs, compare real options, or trust the process, inclusion turns into another trap.
The broken system
Unlike the US, UK, or Australia—where laws require brokers to be licensed, disclose conflicts of interest, and act in a client’s best interest—most of SEA has no such safeguards. In Singapore, anyone can claim to be a broker overnight, with no training or oversight.
Even regulated markets aren’t immune. In 2024, United Wholesale Mortgage—the largest US mortgage lender—was sued for allegedly working with brokers to steer borrowers into more expensive loans, costing consumers $39 billion in excess fees.
If this happens where there are rules, imagine the risks where there are none.
What impact-first lending should look like
Impact-first design means removing middlemen incentives that conflict with borrower interests. Instead of steering to one lender, an honest marketplace connects borrowers directly to multiple licensed lenders, each submitting real, binding offers—not just generic ‘as low as’ ads.
It also means designing safeguards from the ground up: auditable recommendations, strict data privacy, and banning pay structures that reward pushing higher-cost loans.
The way forward
SEA’s fintech sector prides itself on leapfrogging legacy models. But if we don’t address this gap, we risk replicating the same systemic harm we claim to disrupt.
For financial inclusion to be real, we need:
- Licensing and ethical training for all loan brokers
- Full disclosure of conflicts of interest
- Enforcement against false claims and fake reviews
- Regulatory frameworks that protect borrowers before—not after—abuse occurs
Inclusion without trust is a false promise. The next phase of fintech’s growth in SEA must be impact-first—because when trust is designed in from the start, everyone wins.
Daniel Tan is the Founder of FindTheLoan.com.
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