SaaS banking platform Mambu has inked an agreemenet with Fuse, the lending side of Filipino Fintech firm Mynt.
Mynt is part of a bigger company – leading Philippine telecom company Globe Telecom which happens to have has a customer base of over 60 million users. As we are seeing with other connected tech providers, Mynt will be able to access Globe’s users to provide loans, payments and more. The Philippines is a country with 100% mobile penetration but when it comes to banking services, well, not so much. Today, about 69%of the country is underbanked.
Mynt launched its lending business, Fuse, in 2016 to address this enormous credit vacuum in the Philippines. Micro, small and medium enterprises (MSMEs), which account for 99.6% percent of total registered companies in the country, as well as individuals have few credit options. Mynt, using Mambu, will be able to provide access to credit for both MSMEs and individual users.
“Most Filipinos do not have credit history on which future financial transactions may be based. This, in turn, leads to poor access to legitimate credit facilities and proliferation of informal lenders. Through Fuse, we are changing this scenario in order to provide financial services in a non-traditional manner that will benefit the majority of our population who are unbanked,” explains John Rubio, President and CEO of Mynt.
Anthony Thomas, CEO of Fuse, said that Mambu understood their vision and need to rapidly launch a tailored digital banking product;
“In Mambu we have found the right partner to accelerate and scale our lending business, as well as power innovative and secure consumer and business loan products.”
Mambu Managing Director of APAC, CHiou Hao Chan, says that Mynt represents the tip of the iceberg.
“We anticipate an increasing number of telcos and third-party providers in APAC will move into the financial services market and look forward to supporting this shift.”