AsiaKredit rolls out consumer lending mobile app

The app is a digital lending solution designed to provide unsecured small-ticket, short-term consumer loans for up to 90 days to the Philippines underbanked population. The platform will use big data to optimise credit assessment.

The solution incorporates predictive digital credit assessment into its algorithm so as to improve the availability of credit to those with limited or no banking history. As part of its credit assessment process, it will extract a selection of data points from both traditional and alternative sources of data, such as mobile data from an applicant’s smartphone. If a successful decision is made, within hours, the app will act as a mobile wallet, where funds will be distributed to and linked to supported payment centres.