LenddoEFL launches in Vietnam [Finovate.com]
OCB will be the first bank to offer LenddoEFL’s psychometric scoring solution in Vietnam, a region where many citizens lack traditional financial and credit information. Using the scoring tools, OCB aims to serve more self-employed and salaried banking members. “This partnership with one of Vietnam’s leading banks marks our launch in Vietnam and part of our expansion plans as we provide fast, affordable and convenient financial products for more than 1 billion people worldwide,” said Richard Eldridge, CEO of LenddoEFL.
LenddoEFL and Orient Commercial Bank join together to serve the unbanked of Vietnam
How email and smartphone data help you get a loan
What your phone habits reveal about you
SoFi is preparing to launch in Sydney, its first market outside of the US, and earlier this year the country's first loans and deposits marketplace, Lodex, formed a partnership with Singaporean start-up Lenddo to bring its social scoring technology to the country...
Three ways alternative data will become more mainstream in 2018
Overseas lenders can develop credit scores based on mobile and web data
FICO uses LenddoEFL’s credit scoring model overseas, which includes email, mobile and web data to assess of thin-credit file consumers in overseas markets. This is the technology behind FICO’s recently launched X Data Score in India, which generates a score based on a consumer’s mobile and digital footprint, including email data. FICO also has a traditional score in India as well.
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The Problem: Financial Exclusion
Financial inclusion is a defining challenge for this generation. Many governments and supranational agencies are investing to solve this problem. Even fintech companies are trying to help, but what is the real problem and how could it be solved?
The World Bank states “Around two billion people don’t use formal financial services and more than 50 percent of adults in the poorest households are unbanked. Financial inclusion is a key enabler to reducing poverty and boosting prosperity.”
You might ask, why isn’t this population going to financial institutions to improve their living conditions, and why haven’t financial institutions served them? From a business perspective the opportunity at a global scale is massive.