FinTech company OneConnect has teamed up with Union Bank of the Philippines (UnionBank) and Sinar Mas Multi-finance, a subsidiary of Sinar Mas Multiartha, to launch two new lending platforms in South-East Asia.
The UnionBank collaboration culminated with the launch of SeekCap, a lending platform for Philippian micro and small to medium-sized businesses to get better control of their finances.
SeekCap offers a loans marketplace where multiple lenders can onboard their loan products, enabling borrowers to pick and apply for loans that best suit their needs. This fully digital solution also enables loans to be approved within 24 hours and dispersed within 72.
Tan Bin Ru, CEO of OneConnect Financial Technology (pictured left), said, “The Philippines is a strategic market for OneConnect. Though the World Bank figure shows that only 35% of Filipinos have formal bank accounts in 2018, this figure is a good increment from the preceding years. Filipinos have also been making a lot of digital payments and remittances in recent years. These are clear signs that Filipinos welcome new technologies and I expect digital transformation in the Philippines’ financial sector to scale considerably.”
John Januszczak, president and CEO of UBX (pictured right), added, “I am very pleased with the outcome of SeekCap. When UBX entered into a technology development alliance with OneConnect, we envisage a high performing digital platform that would showcase cutting-edge proprietary technology found nowhere else – OneConnect has impressed us and delivered us the first of its kind lending platform for MSMEs in The Philippines within a short span of four months.”
However, it was not the only Asian lending platform unveiled by OneConnect. Together with Sinar Mas Multi-Finance, OneConnect has launched a multi-finance platform. The partners presented it as a way to empower millions of unbanked and underbanked Indonesians with easy access to loans to finance their purchase of vehicles essential for their daily transportation so as to improve mobility and their lives.
Mr Doddy Susanto, president Director of Sinar Mas Multiartha, said, “There is a vast lending gap in Indonesia and we are harnessing cutting-edge technology to narrow that gap. We are glad that OneConnect is our technology partner as we embark on our transformation roadmap to digitise our channels and banking products and services.”
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