UNO and Trusting Social bring financial access to unbanked

With six providers approved by the Bangko Sentral ng Pilipinas, it is safe to say that digital banking is no longer in its infancy in the Philippines.

Digital banking allows the public to access financial facilities, receive aid and payments, and transact businesses without opening a bank account. Digital finance allows the unbanked, underserved, and vulnerable sectors to improve financial inclusion.

On Monday, UNO Digital Bank and Trusting Social announced a strategic partnership to unlock access to consumer lending for Filipino consumers across broad sections of society.

UNO Digital Bank CEO Manish Bhai commented: "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 borrow money faster and easier formally."

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 can use telco data — crucial for the Philippine market with 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.