JUNE, India-headquartered Lentra AI Pvt. Ltd. launched its eponymous lending platform in the Philippines as it eyes to penetrate Southeast Asia.
While the Philippines is currently peopled by 110 million, a significant portion of the populace remains unbanked and underserved, he explained. This could be mainly attributed to a very complex and tedious application and approval processes to open an account in a bank or financial institution, not to mention the gargantuan documentary requirements to avail of their financial services and assistance like loans, Handa added.
He said the firm seeks to address the problems in the lending space, which include time-consuming policy change for loan approvals and varying credit management systems. The firm said it uses artificial intelligence, machine learning and blockchain technologies as it customizes a product for its clients that offer loans on more than 90-percent “straight-through processing” rate. This, in turn, results in increased access to the new customer base, reduced nonperforming assets, enhanced operational efficiencies and accelerated business growth, the firm’s document read.
“So our desire or goal is not just to make the life of a bank easier, but also make the life of their end-customers easier,” Kai added.“We are delighted to spearhead the change in the digital lending landscape with our unique, tested lending model. Demand for Retail and SME loans presents a huge opportunity for most banks in the Philippines. With a rising youth population and favorable policies to encourage financial inclusion, Lentra’s entry into the Philippines is timely.
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Source: MlaStandard - 🏆 20. / 55 Read more »