Yoma Bank, a Myanmar-based lender, has enhanced its Smart Credit solution to offer unsecured loans to mass-market customers.

The bank has tied up with consumer credit reporting firm Experian on the initiative.

Users can apply for unsecured personal loans with the bank’s mobile app. The applications are said to be completed in minutes.

Yoma Bank chief digital officer Mark Flaming said: “The Smart Credit solution will enable Yoma Bank to acquire new retail banking customers.

“The platform is also agile, allowing the bank to quickly respond to changes in credit targeting or criteria. Moving ahead, we hope that this will also motivate customers to use our mobile banking app regularly.”

The applications will be processed through Experian’s Digital Onboarding platform, while the Experian Decisioning engine will enable the approval decisions.

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For approving the applications, Smart Credit will take into account individual banking, savings as well as transaction behaviour.

Experian managing director for Southeast Asia & Emerging Markets Dev Dhiman said: “The Smart Credit solution represents an innovation in a market like Myanmar with limited public data on clients or businesses available, and is the first product of its kind to pioneer access to unsecured loans for consumers in a convenient and automated manner at scale.”

According to Experian, the new offering from Yoma Bank promotes financial inclusion while supporting responsible lending.

Notably, Experian recently invested in German personal finance start-up bonify.