Skyro taps ADVANCE.AI to improve financial access for Filipinos

Wednesday 15 May 2024 10:37 CET | News

Philippines-based fintech Skyro has partnered with identity verification provider ADVANCE.AI to augment onboarding processes for Filipinos accessing financial services.


Launched in August 2022, Skyro offers a range of consumer finance products through its partnerships and mobile app. Since its inception, the fintech has expanded to over 2,500 partner merchant locations and now serves nearly 200,000 customers in the Philippines with product loans, cash loans, and other lending products.

Skyro has partnered with ADVANCE.AI to augment onboarding processes for Filipinos accessing financial services.

Filipinos do not like long onboarding processes

A 2021 study by FICO reveals that three in five Filipino consumers will abandon long online banking account applications, and one in five Filipinos will drop out if asked more than five questions during onboarding. At the same time, Filipinos lost USD 2.7 million due to fraud-related scams in the first 8 months of 2023.

Officials from Skyro said they prioritise accessibility and convenience to deliver a mobile-first customer experience. The challenge was how to balance a robust identity verification process while also avoiding high customer drop-off rates during registration. With ADVANCE.AI, they designed a simple, fast, and safe customer onboarding journey, which has been key to their rapid growth and allowed them to minimise fraud risk while building customer trust.

Also commenting on this partnership, ADVANCE.AI’s team explained they are excited to partner with Skyro and their mission of building inclusive and trusted digital financial products and services. Their digital identity verification and risk management technology allows the team to streamline the customer registration process while also addressing the threat of identity fraud and the increasingly sophisticated use of AI-generated content by malicious actors.

This collaboration signifies a step forward in providing simple, secure, and customer-focused financial services in the Philippines. It highlights the strong commitment of both companies to promoting financial inclusion and enhancing security measures not only in the Philippines but throughout the region.

What does Skyro do?

Skyro, a rapidly growing fintech company in the Philippines, offers diverse digital consumer finance products, including loans. Launched in August 2022, it has partnered with over 2,500 merchant stores and serves nearly 200,000 customers. Backed by Breeze Ventures, Skyro is supported by Advanced Financial Solutions and Jungle Lending, and regulated by the Philippines SEC.

More information about ADVANCE.AI

ADVANCE.AI is a Southeast Asian provider of digital identity verification, KYC/KYB, AML, compliance, and risk management solutions. It partners with over 500 enterprise clients across banking, financial services, fintech, payment, retail, and ecommerce sectors.

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Keywords: KYC, KYB, digital onboarding, financial services, identity verification
Categories: Fraud & Financial Crime
Companies: Advance.AI, Skyro
Countries: Philippines
This article is part of category

Fraud & Financial Crime




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