UNO Digital Bank intends to build a more financially-inclusive banking landscape in the country. Credit: ❄️♡💛♡❄️ Julita ❄️♡💛♡❄️ from Pixabay.

Philippines-based UNO Digital Bank has partnered with AI fintech company Trusting Social to provide credit and lending services to unbanked Filipinos.

Through this deal, UNO aims to assist traditionally underserved Filipinos into the formal financial ecosystem by providing a seamless financing experience.

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The strategic alliance will leverage Trusting Social’s expertise in AI-led customer onboarding solutions, including credit scoring, as well as UNO’s new digital banking platform, according to Theasianbanker.

UNO’s new digital banking platform is designed to offer a one-stop financial solution for all Filipinos.

Trusting Social Philippines CEO Johnny Escaler said: “Trusting Social and UNO recognise that solving the problem of financial inclusion in the Philippines will require bringing the best of both institutions to the fore—deep analytical expertise, best-in-class risk management and deep domain expertise in building sustainable and inclusive products.”

UNO said that Trusting Social’s big data scoring technology could enable the use of telco data to provide accurate credit risk profile assessment, including unbanked customers.

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Telco data is said to be crucial for the Philippine market, which has about 157 million prepaid mobile subscribers.

UNO Digital Bank CEO Manish Bhai said: “Our partnership with Trusting Social will allow us to offer our services to unbanked Filipinos who otherwise won’t have access to formal lending services. “With Trusting Social’s data science tools and technology, we will be able to access highly reliable risk profile information, making it easy for any credit-worthy Filipino consumer to formally borrow money in a faster and easier manner.”