OneConnect leads Southeast Asia's sustainable financing with two smart lending platforms

JAKARTA and MANILA, Philippines, Nov. 20, 2019 /PRNewswire/ -- OneConnect Financial Technology Co. Ltd. (OneConnect), today announced it is leading Southeast Asia's sustainable financing with the launch of two smart lending platforms – SeekCap, the Philippines' first lending platform that helps the underserved micro, small and medium enterprises (MSMEs) manage cashflow and grow their business, as well as a multi-finance platform that will empower millions of unbanked and underbanked Indonesians with easy access to loans to finance their purchase of vehicles essential for their daily transportation so as to improve mobility and their lives.  

SeekCap – The Philippine's first lending platform to meet the banking needs of MSMEs

Today, OneConnect and UBX Philippines Corporation (UBX), the wholly-owned fintech subsidiary of Union Bank of the Philippines (UnionBank), launched SeekCap, the first MSME lending platform in The Philippines.

L-R: Kurniawan Udjaja, Director of Sinar Mas Multiartha, and Tan Bin Ru, CEO of OneConnect Financial Technology, signed the agreement to build one of Indonesia’s first multi-finance platforms to give Indonesians easy access to loans to finance their purchase of motorcycles and cars as transport necessities.
L-R: Kurniawan Udjaja, Director of Sinar Mas Multiartha, and Tan Bin Ru, CEO of OneConnect Financial Technology, signed the agreement to build one of Indonesia’s first multi-finance platforms to give Indonesians easy access to loans to finance their purchase of motorcycles and cars as transport necessities.

Through SeekCap loans marketplace, multiple lenders can on board their loan products allowing borrowers to choose what best suits their business needs, and apply for loans digitally and seamlessly on a single end-to-end platform. Loans can be approved on the same day, and disbursed within three working days. This drastically shortens turnaround time as compared with traditional loan applications in The Philippines.

Multi-finance lending platform in Indonesia

In addition, OneConnect and Sinar Mas Multi-finance, a subsidiary of Sinar Mas Multiartha (Sinar Mas Financial Services Group) and part of the Sinar Mas conglomerate in Indonesia, today signed an agreement to build one of Indonesia's first multi-finance platforms to give millions of Indonesians easy access to loans to finance their purchase of motorcycles and cars as transport necessities that greatly enhance mobility and improve livelihoods.

Championing inclusive growth for sustainable business and better living standards in Southeast Asia

The two smart lending platforms use advanced technologies to democratize access to credit facilities and champion inclusive growth for everyone to achieve sustainability in business management and better income.

MSMEs form the backbone of any economy. In the Philippines, more than 99% of all businesses are MSMEs and they contribute to almost 63% of total employment. Yet, at present, only 9% of loans and financing from the country's major banks go to MSMEs. With a digital lending platform like SeekCap, MSMEs can easily obtain loans to better manage cashflow and grow their business.

In Indonesia, many people aspire to have a better income and improve their lives. Owning a vehicle as a basic mode of transport can empower an Indonesian to start his own business, and use it as his or her everyday transportation mode, for instance. This creates a sustainable standard of living, as well as millions of Indonesians being able to obtain loans to enjoy better access to education and formal job markets.

When people's livelihoods improve and businesses flourish, poverty will reduce and the country's economic output will increase – thus achieving inclusive and sustainable growth.

According to Ms Tan Bin Ru, CEO of OneConnect Financial Technology: "The Philippines is a strategic market for OneConnect. Though the World Bank figure shows that only 35% of Filipinos have formal bank accounts in 2018[1], this figure is a good increment from the preceding years. Filipinos have also been making a lot of digital payments and remittances in recent years. These are clear signs that Filipinos welcome new technologies, and I expect digital transformation in The Philippines' financial sector to scale considerably."

Stated Mr John Januszczak, president and CEO of UBX, "I am very pleased with the outcome of SeekCap. When UBX entered into a technology development alliance with OneConnect, we envisage a high performing digital platform that would showcase cutting-edge proprietary technology found nowhere else – OneConnect has impressed us and delivered us the first of its kind lending platform for MSMEs in The Philippines within a short span of four months."

Mr Januszczak continued, "With SeekCap now a live, functioning online platform, I am pleased to report that we are already disbursing credit to the Philippines' MSME segment. As the fintech arm of the Philippines' leading innovative bank, we continue to seek trailblazing avenues to better cater to our customers. Ultimately, UBX's underpinning strategic intent is to transform the lives of Filipinos, and accelerate their growth by connecting them to a whole new world of opportunities."

SeekCap's first customer, Ms Faith Calimlim, Co-owner of TECHNOHOLICS, a premier provider of quality technology products and services for businesses, described her seamless experience from browsing to applying and receiving loans on SeekCap, "As an entrepreneur who has a busy schedule, SeekCap allows me to browse and compare loans on one single platform, anytime, anywhere. I finally applied for a loan package that best suits my business needs. I was pleased to receive the loan amount the next day. I plan to use the funds to expand my business." 

Mr Doddy Susanto, President Director of Sinar Mas Multiartha said, "There is a vast lending gap in Indonesia and we are harnessing cutting-edge technology to narrow that gap. We are glad that OneConnect is our technology partner as we embark on our transformation roadmap to digitize our channels and banking products and services."

He added, "The first multi-finance lending platform of Indonesia that we are building will greatly enhance user experience and the livelihoods of both consumers, and our financing agents. Millions in the untapped demographic cluster will be able to gain easy access to credit lines to help them own a vehicle essential for daily transportation and in turn, improve their mobility and enjoy new income streams. Financing agents on the move can conduct business using their mobile phones.  I envisage we will be able to serve our customers and agents with better banking experience, scale our digital presence and disrupt the traditional lending space."

Said Ms Tan, "I am pleased to have Sinar Mas Financial Services Group as our valued strategic partner. OneConnect is also working with multiple subsidiaries within the Sinar Mas Financial Services Group including Bank Sinarmas and Asuransi Sinar Mas, to build a true lending ecosystem with multiple players coming together to offer a web of services and data points from Indonesia's credit bureau, social media, e-commerce, lifestyle and IoT services and so forth. We are delighted to be the trusted tech partner of Sinar Mas Financial Services Group in their transformation roadmap to digitalize their suite of banking and insurance products."

OneConnect's Smart Lending Platforms

OneConnect's smart lending platform comprises three key proprietary solutions:

  • Smart Lending solution has anti-fraud and credit risk management engines using artificial intelligence-enabled eKYC solutions for instant account opening and onboarding, and robust risk scorecard modeling to enable instant loan approvals.
  • Smart Interview solution allows loan officers to remotely interview an applicant and detect fraud or possible loan default by analyzing 56 facial muscle movements in real time using OneConnect's micro-expression technology. This will make instant loan approval and disbursement possible.
  • Smart Agent solution lets financing agents utilize their mobile phones and acquire and onboard new customers using mobile phones while on the move. The app also enables FAs to communicate with prospective leads, and submit loan applications seamlessly.

The smart lending platform is designed using OneConnect's advanced technologies for end users to enjoy a smooth, hassle-free banking journey.

[1] Asia: Philippines Unbanked, 4 Jul 2018, RFi Group, https://www.rfigroup.com/rfi-group/news/asia-philippines-unbanked 

About OneConnect Financial Technology

OneConnect, a leading technology-as-a-service platform for financial institutions, is an associate company of Ping An Insurance (Group) Company of China, Ltd.

The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable its customers' digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

OneConnect provides technology applications and technology-enabled business services to multiple verticals in the financial services industry, including banking, insurance and asset management. The Company now has 12 technology solutions across the full scope of their businesses--from sales and marketing and risk management to customer services and operations, as well as technology infrastructures such as data management, program development, and cloud services.

For more information, please visit www.oneconnectft.com.sg  

About Ping An

Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered personal financial services group. With 182 million customers and 513 million Internet users, Ping An is one of the largest financial services companies in the world.

Ping An has two over-arching strategies "pan financial assets" and "pan healthcare," which focus on the provision of financial and healthcare services through our integrated financial services platform and our five ecosystems in financial services, healthcare, auto services, real estate services and Smart City services. Its aim is to provide customers and internet users with innovative and simple products and services. As China's first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. Ping An is listed on the stock exchanges in Hong Kong and Shanghai.

Ping An ranked 7th in Forbes' 2019 Global 2000, and it ranked 29th in Fortune Magazine's 2018 Global 500 Leading Companies. Ping An also ranked 40th in 2019 WPP Milward Brown's BrandZTM Top 100 Most Valuable Global Brands. For more information, please visit www.pingan.cn

About UBX Philippines Corporation 

UBX, a financial technology and investment company, is a wholly owned subsidiary of Union Bank of the Philippines. UBX is leveraging the immense power of technology, ecosystems and data to make financial services more natural, open and accessible. UBX positively impacts financial inclusion: unlocking the potential of businesses and people by embedding financial services into the activities and experiences that matter.

UBX supports ecosystems through platforms such as i2i and UnionBank GlobalLinker. i2i connects rural banks and non-banking financial institutions to each other and the nation's financial networks while providing a digital transformation package for these institutions including core banking technology and digital banking channels. GlobalLinker is a B2B community for SMEs, providing access to services and marketplaces to help SMEs "tech up" and digitally transform.

Exponential opportunity and exponential access through exponential thinking - UBX is UnionBank to the power of X. For more information, please visit www.ubx.ph.

About Union Bank of The Philippines

Union Bank of the Philippines (UnionBank) has consistently been recognized as one of Asia's leading companies in banking and finance, ranking among the Philippines' top 10 universal banks in terms of key performance ratios in profitability, liquidity, solvency and efficiency.

UnionBank garnered a record-breaking number of awards and recognitions in 2018 including "Asia's Best Bank Transformation" from Euromoney; "Best Innovation in Retail Banking Philippines" and "Banking CEO of the Year Asia" from International Banker; "Achievement in HR Technology" and "Chief Human Resources Officer of the Year" from Stevie Awards for Great Employers; "Best Digital Bank Philippines" and "Most Innovative Cash Management Services Bank Philippines" from Global Banking and Finance Review; back-to-back "Best Digital Bank Philippines" from Asiamoney; "Digital Transformer of the Year Philippines" from IDC's DX Awards Philippines; "Digital Banking Initiative of the Year - Philippines" and "Online Banking Initiative of the Year - Philippines" at the Asian Banking and Finance - 2018 Retail Banking Awards; "Best Digital Bank", "Best Cybersecurity and IT Risk Management Initiative, Application or Programme in the Philippines", and "Automobile Lending Product of the Year" from The Asian Banker; "Best Customer Experience - Branch (Winner)", "Best Omni-Channel Customer Experience (Highly Commended)", "Best Technology Implementation - Back Office (Highly Commended)", and "Best Technology Implementation - Front End (Highly Commended)" from Retail Banker International - 4th Customer Experience in Financial Services Awards; "Asia's Leader in Omnichannel Engagement" by IDC's Financial Insights Innovation Awards; "Best App for Mobile Banking" and "Excellence in Mobile Banking - Overall" from Retail Banker International - Asia Trailblazer Awards; "Best Investor Relations Company" and "Asia's Best CFO" from Corporate Governance Asia; "Most Innovative Bank of the Year" and "Best Banking CEO" from The European - Global Banking and Finance Awards.

About Sinar Mas Financial Services Group

PT Sinar Mas Multiartha Tbk (SMMA) was established in 1982 under the name of PT Internas Arta Leasing Company and its business activities in the areas of finance leasing, factoring and consumer financing. In 1995, the Company changed its name to PT Sinar Mas Multiartha and become a public company and listed at Stock Exchanges with code SMMA. In 1996, the Company expanded its line of business to trade, industry, transportation, real estate, and services.

Until present, the Company's decision to expand its business sector has produced a very significant development. The Company, through its business groups, continues to progress and develop very rapidly through providing integrated financial services, including life insurance, non-life insurance, multi-finance, banking, securities, asset management, financial technology, and other financial services. The Company is committed to be a leading financial institution in the present and future time by providing world class excellence in all areas of services offered. For further information, please visit www.smma.co.id.

About Sinar Mas Multi-Finance

Sinar Mas Multi-finance ('SMMF") established at 1985 and been operate for around 24 years. As part of one of largest financial group at Indonesia, SMMF has total assets of around IDR 8.000 billion. SMMF awarded as the 2nd largest multi-finance company of asset IDR 5.000IDR 10.000 billion for 2018 from Infobank Magazine. Sinar Mas Multi-finance focus on 2 type of product which is multipurpose financing and working capital financing. In the multipurpose financing, SMMF focused the market of used 4-wheeler and 2-wheeler financing.

SMMF operate at 110 branches around Indonesia from Sumatera to Papua Islands and run by around 6000 employees, SMMF is one of most advanced multi-finance company on the marketing network scale. SMMF has around 290 thousand customers that prove of the market trust to SMMF.

For future, SMMF will provide innovative financing through significant development of technology driven financing system. For further information, please visit www.simasfinance.co.id.

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