Thailand-based digital lending app, which has partnered with FINNIX ADVANCE.AI To improve customer uptake and financial inclusion across the country.
The FINNIX mobile app, regulated by the Bank of Thailand, is developed by Monix It offers microfinance loans through a fully digital process from loan application to approval and disbursement. The app targets Thai consumers who previously did not have a bank account, and gives them a chance to apply for credit directly from their smartphone.
In order to improve its electronic KYC (know your customer) capabilities, FINNIX leveraged Singapore-based ADVANCED.AI and leveraged its own eKYC solution. eKYC uses Artificial Intelligence (AI) technology to help FINNIX comply with regulatory biometrics requirements while making it easier for underbanked individuals in Thailand to verify their identities and obtain loans.
The verification process involves taking a selfie and scanning the Thai national identity card using a smartphone.
MONIX officials said in an official press release that trust is a key factor in the fintech industry, particularly in the context of money lending. This trust goes both ways, as companies need to know who they are distributing money and how they will get it back, while users need to know that their personal information is stored securely.
Official representatives from ADVANCE.AI touched on recent improvements in AI and emphasized how to implement traditional customer onboarding, compliance, and credit decision making in a convenient yet secure way for both the consumer and the financial institution.
Financial Inclusion Southeast Asia
according to macquarie.com45% of adults in Thailand are underbanked and 18% are unbanked, including low-income consumers or small or small and medium-sized businesses that operate outside the banking system.
The same report asserts that while it was previously impossible to lend to consumers and non-bank businesses because they had no or limited credit history, the use of digital alternatives to mainstream financial products is allowing service providers to build data about users’ financial management and spending patterns. . by the time. This information can then be used to make decisions about future products and lending.
By giving people access to savings, microcredit and insurance products, fintech companies can improve the financial well-being of residents while supporting access to financing for education and training. As far as business is concerned, digital payments can help manage cash flow, provide creditworthiness, and attract new customers.