Banking News

OneConnect, UnionBank of the Philippines, Sinar Mas to launch smart lending platforms

oneconnect ubx

Today, Ping An’s blockchain and AI arm OneConnect announced its progress on two smart lending platforms in South East Asia. The first, launched today, is SME-focused SeekCap developed with UBX, a subsidiary of the UnionBank of the Philippines. The second is a yet unnamed multi-finance platform which will provide vehicle loans in Indonesia, built with Sinar Mas.

The news comes on the same day China-based OneConnect filed for a $100 million IPO of American Depository Shares. Anticipated for some time, the firm made many overseas partnerships before the IPO, including the Philippines and Indonesia.

OneConnect first partnered with UBX four months ago for a blockchain-based financial services project. Around the same time, the firm struck deals with Bank Sinarmas and credit bureau Indonesia Jaya. Both partnerships aimed at widening access to finance for micro-businesses and SMEs (MSMEs).

Which is precisely what today’s announced platforms do, according to the firms. OneConnect’s solution is threefold; ‘smart lending’ utilizes AI in know your customer (KYC) technology, which in turn powers anti-fraud and risk management capabilities.

‘Smart interview’ enables remote video communications between loan officers and applications, including micro-expression technology to detect facial cues. Finally, ‘smart agent’ lets financers onboard new customers on a smartphone, and borrowers submit applications seamlessly.

The Philippines

CEO of UBX, John Januszczak, said: “With SeekCap now a live, functioning online platform, I am pleased to report that we are already disbursing credit to the Philippines’ MSME segment.”

SeekCap is a digital loans marketplace, where loans can be approved the very same day as application and disbursed within three.

This ease of use hopes to give MSMEs better access to financing. They make up 99% of all businesses in the Philippines, but only 9% of loans from the country’s leading banks go to them. SeekCap, live today, has already had its first satisfied customer.

Faith Calimlim, co-owner of enterprise TECHNOHOLICS, said: “As an entrepreneur who has a busy schedule, SeekCap allows me to browse and compare loans on one single platform, anytime, anywhere. I finally applied for a loan package that best suits my business needs. I was pleased to receive the loan amount the next day.”

Indonesia

Indonesian Sinar Mas Multi-Finance, part of broader conglomerate Sinar Mas Multiartha, today signed an agreement with OneConnect for a financing platform. The multi-use system will first allow borrowers to apply and receive vehicle loans, which in Indonesia is often the first step to running a business.

“There is a vast lending gap in Indonesia, and we are harnessing cutting-edge technology to narrow that gap,” explained Sinar Mas Multiartha director Doddy Susanto. “We are glad that OneConnect is our technology partner as we embark on our transformation roadmap to digitize our channels and banking products and services.”

As to the previous Bank Sinarmas and Jaya partnerships, OneConnect’s CEO Tan Bin Ru confirmed: “OneConnect is also working with multiple subsidiaries within the Sinar Mas Financial Services Group including Bank Sinarmas and Asuransi Sinar Mas, to build a true lending ecosystem with multiple players coming together to offer a web of services and data points from Indonesia’s credit bureau, social media, e-commerce, lifestyle and IoT [Internet of Things] services and so forth.” (emphasis by Ledger Insights)


Image Copyright: OneConnect