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.
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
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
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
"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,"
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
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.
SAVP, Consumer Loans Group
T: 8464-3000 loc
Assistant Manager, Asia PR Werkz
+65 9226 0061
Public Relations Manager, OCFT
+65 8200 0022
View original content to download