“Raise a glass for (financial) freedom”
On Philippine Independence Day, we formally launch KayaCredit (http://kayacredit.com), the first AI-powered credit scoring service for the vast majority of Filipinos who remain unbanked but are economically active.
Together with Bayad Center and our other partners, we have access to the alternative data of 32 million Filipinos who perform regular transactions like paying their bills, loading their phones, sending and accepting remittance, and performing other financial transactions that can tell us about their credit worthiness. Using machine learning, we generate a credit score that is indicative of the borrower’s repayment behavior.
With this, hard working Filipinos who do not have credit history can access cheaper credit and can choose the best offer from our trusted partner lenders through our loans marketplace.Our team is working with some of the biggest lenders locally and abroad to spur financial inclusion. We will reach 1 million users and lend out 15 billion pesos by the end of the year.
And we are just getting started. We have other projects in the pipeline which we’ll launch in “VIP” — Vietnam, Indonesia and the Philippines – home to 500 million people with median age below 30 and fast rising incomes. Through finance and technology, we aim to meet the needs and aspirations of the world’s emerging middle class.