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Wednesday, February 1, 2023

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UNO Digital Bank, Trusting Social Partnership to provide one-stop financial solution to unbanked Filipinos

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UNO Digital Bank and Trusting Social announced a strategic partnership to unlock access to consumer lending for Filipino consumers across wide sections of society. By offering a frictionless and friendly lending experience, it aims to empower traditionally underserved Filipinos to achieve their goals and bring them into the formal and secure financial ecosystem.

The strategic partnership will leverage Trusting Social’s expertise in 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. 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. 

Trusting Social Philippines CEO Johnny Escaler 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.”

UNO Digital Bank CEO Manish Bhai said: “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.”

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