Philippines’ UNO Digital Bank announced that it has formed a partnership with AI-powered credit scoring platform Trusting Social.
Through this partnership, UNO will leverage Trusting Social’s expertise for customer onboarding solutions including credit scoring.
Trusting Social’s big data scoring technology has the capacity to use telco data—which is crucial for the Philippine market that has around 157 million prepaid mobile subscribers—to provide accurate credit risk profile assessment, including unbanked customers.
The Bangko Sentral ng Pilipinas (BSP) had already issued a Certificate of Authority to UNO in August this year, allowing the digital bank to pursue full operations.
In line with this, UNO has raised US$11 million in a pre-Series A funding round led by Malaysia’ Creador Private Equity.
Johnny Escaler, CEO of Trusting Social Philippines said, “Trusting Social and UNO recognize that solving the problem of financial inclusion in the Philippines will require bringing the best of both institutions to the fore—deep analytical expertise, best-in-class risk management and deep domain expertise in building sustainable and inclusive products.”
Manish Bhai, CEO of UNO Digital Bank CEO said, “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 formally borrow money in a faster and easier manner.”