SB Finance partners with OneConnect Financial Technology to roll-out cloud based financial technology
On May 18, 2021, SB Finance Company formed a strategic partnership with OneConnect Financial Technology (NYSE: OCFT) to enhance access to credit in the Philippines. The collaboration aims to create an omnichannel digital finance platform employing artificial intelligence (AI) and electronic Know-Your-Customer (eKYC) technologies. This initiative addresses the needs of the approximately 65% of Filipinos who are unbanked, streamlining loan applications and risk mitigation. The platform will provide 24/7 access to services and support regulatory compliance, promoting financial inclusion.
- Partnership with OneConnect enhances SB Finance's technological capabilities.
- Focus on improving financial inclusion in the Philippines for the unbanked population.
- Development of an omnichannel platform that improves customer experience and operational efficiency.
- None.
SINGAPORE, May 18, 2021 /PRNewswire/ -- Consumer lending company, SB Finance Company Inc. has signed a strategic partnership with OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), a leading technology-as-a-service platform for financial institutions and an associate of Ping An Insurance (Group) Company of China, Ltd., to provide Filipinos with greater accessibility to credit and better customer experience in an effort to promote financial inclusion among the masses in the Philippines, where approximately 65 per cent of the population remain unbanked[1].
Through the partnership, OneConnect will help SB Finance develop an end-to-end omnichannel digital finance platform using OneConnect's artificial intelligence (AI) and electronic Know-Your-Customer (eKYC) technologies to digitalise loan application, credit-decisioning, fund disbursement and payment acceptance, as well as to mitigate risk exposure while enabling SB Finance to scale their operations, enhance their service capability and widen their reach to serve more Filipinos. The automated and cloud-based platform will be accessible through various platforms such as mobile, web and Agent App. API connectivity accessible to staff, merchants, dealers and customers will also be enhanced.
Through automation, SB Finance will be able to streamline data collection for various regulatory requirements such as Know Your Customer (KYC), Know-Your-Merchants (KYM) and Know-Your-Agents (KYA). This allows SB Finance to strengthen its business intelligence tools to enhance analytics and conception of new products and services.
"A major strategy of SB Finance is to create products and services to support the average Filipino and the small businessmen in their financial needs while creating a customer-centered journey in the new digital normal. To do this, we needed strong end-to-end cloud-based solution that can provide mobile, web, agent application and accessibility to our clients and partners," says SB Finance President and CEO, Abbie Casanova.
Having served financial institutions across nearly 20 countries and territories, OneConnect has extensive experience in the financial industry and the breadth and depth of solutions for the industry. Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, says, "We are glad to be chosen as SB Finance's strategic tech partner to deploy a complete suite of omnichannel digital financing solutions using our cutting-edge AI and eKYC technologies to scale its business and serve its customers better. I believe that with our like-mindedness in using technologies to make finance easier, we will be able to empower one and all, including small business owners, in the Philippines with greater accessibility and wider choices of financing options that best meet everyone's needs."
SB Finance and OneConnect aim to build a future-proof platform that provides fast and simple application processing with 24/7 access, thereby enabling round-the-clock business accessibility and better business intelligence for continued enhancement of services.
"To support the BSP's call for digitalization, we needed an app-based onboarding solution that can support multiple products and have an automated KYC and know-your-partners in order to adapt to the new normal of mobile friendly and easy access to our clients while experiencing fast, simple and secured financial process," adds Casanova.
SB Finance hopes to use OneConnect's technology in its products and services within the year to help boost economic progress and lead Filipinos towards a better new normal.
To know more about SB Finance and its products and services, you may visit www.sbfinance.com.ph.
About SB Finance Company
SB Finance Corporation is a partnership between the Philippines' Security Bank Corporation and Thailand's Bank of Ayudhya (Krungsri). This partnership is a result of Security Bank and MUFG's goal to expand global partnerships while growing local talent and expertise.
SB Finance believes and supports everyone's desire to make their lives better. Backed by two financial giants in the Asian region with more than 100 years of financial excellence, SB Finance strives to empower the ordinary Filipino and small business owners to reach their life's milestones by providing top-notch financial products and services that are tailor-made for the needs of the Philippine market.
About OneConnect Financial Technology
OneConnect (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions. The Company's platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company's solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company's customers' digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses – from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.
MADELEINE SOPHIE CRUZ
SAVP, Consumer Loans Group
T: 8464-3000 loc 3511
E: Mcruz@securitybank.com.ph
Kimberley Pereira
Assistant Manager, Asia PR Werkz
+65 9226 0061
kimberley@asiaprwerkz.com
Alicia Neo
Public Relations Manager, OCFT
+65 8200 0022
alicianeo@ocft.com
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SOURCE OneConnect
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