FinTech

Press Release | LenddoEFL Launches eKYC Solution to Speed Up Verification in the Philippines

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Aligned with Philippine banking regulation, technology-aided verification from LenddoEFL can help more people get faster, more convenient access to financial services.

MANILA, PHILIPPINES (PRWEB) AUGUST 28, 2018

LenddoEFL, whose verification, credit scoring, and consumer insights helps leading banks make data-driven decisions, launched an electronic Know Your Customer (eKYC) product for customers applying for credit card and bank accounts at Philippine financial institutions consistent with Bangko Sentral ng Pilipinas (BSP) regulation.

To date, Know Your Customer (KYC) regulations in the Philippines have always required a face-to-face or real-time online interview to onboard new-to-card or new-to-bank current account/savings account (CASA) customers.

Now, customers will be able to get verified as part of a CASA or credit card account application faster and more conveniently by opting-in to avail of the eKYC solution from their mobile phone. LenddoEFL’s eKYC solution offers a simpler way for banks to onboard new customers. See BSP Circular 950, Subsection X806.2 item D for details on using information and communication technology (ICT) in the conduct of face to face contact.

“This is a game-changer as we continue to adopt alternative digital verification and scoring to help push for a more secure, faster and reliable verification process to onboard more unbanked and underserved segments into the financial system, supporting BSP's mission of financial inclusion,” said Judith Dumapay, APAC Sales Director Philippines, LenddoEFL.

Each bank considering to use technology-aided verification must do so within their risk-based customer acceptance policies and anchored on the results of their risk assessment process. They also remain responsible for watchlist screening.

Read in PRWeb.com

How banks can benefit from collaborating with FinTechs

By Satoko Omata | 10 July, 2018

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TODAY, customers expect more from their banks – who are slow to deliver new products, services, and experiences as a result of their legacy systems and archaic processes.

However, those that truly want to meet and exceed expectations (and snatch up a bigger share of the market), there are a few lessons they can learn from fintechs.

By partnering with fintechs, banks would have access to new services that help deliver better offerings to customers, at cheaper rates.

At the Wild Digital conference on Wednesday, panelists at a discussion observed that of all the industries, those dealing with money-based investments have been the least changed by technology.

The panel featured Richard Eldridge, Co-founder and CEO of Lenddo EFL; Ashley Koh, Senior Vice President and General Manager of Send, Matchmove; Michele Ferrario, Co-Founder and CEO of StashAway; and Gan Pooi Chan (PC), Country Director GoBear. 

Read full article on Tech Wire Asia.

PRWeb | LenddoEFL Announces Hiring of Indonesia Country Director

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LenddoEFL, a fintech offering alternative credit scoring and verification solutions in emerging markets, welcomed Jefri Sormin as its new Indonesia Country Director.

“I’m joining LenddoEFL to help give more people access to credit and banking services, and to drive growth in Indonesia,” said Jefri Sormin, Indonesia Country Director, LenddoEFL. “Indonesia is home to 260 million people and the Financial Services Authority (OJK) has aggressive financial inclusion targets. Our solutions can help Indonesia achieve those goals, while helping banks serve more underbanked people with less risk.”

Jefri has over 15 years of experience in banking, including Citibank, General Electric, Sewatama and Orica. As Country Director for Indonesia at LenddoEFL, Jefri will be responsible for bringing the company’s credit scoring, verification and insights products to financial institutions in the country actively helping them to successfully achieve digital transformation.

“Indonesia is poised for continued growth in financial access and services,” said Mark Mackenzie, APAC Managing Director, LenddoEFL. “We are already seeing strong demand from Indonesian financial institutions for innovative ways to responsibly serve more people. I’m confident that Jefri’s leadership and brand-building skills will help us meet the demand in Indonesia.”

About LenddoEFL
LenddoEFL’s mission is to provide 1 billion people access to powerful financial products at a lower cost, faster and more conveniently. We use AI and advanced analytics to bring together the best sources of digital and behavioral data to help lenders in emerging markets confidently serve underbanked people and small businesses. To date, LenddoEFL has provided credit scoring, verification and insights products to 50+ financial institutions, serving over 7 million people. Find more information at https://include1billion.com/.