Brankas and Global Finteq to Launch Lending as a Service Platforms in the Philippines

Brankas and Global Finteq announced a partnership to launch one of the first Lending-as-a-Service (LaaS) platforms in the Philippines.

Established banks, rural banks, and even non-traditional financial institutions are “now able to lend at scale as existing loan products can now exist outside of the traditional channels such as physical bank branches or websites.”

Any platform managing customer funds “can transform into a one-stop shop for new loan applications and in-app loan servicing, fostering ‘platform stickiness’ as users are encouraged to repeatedly transact and increase deposits on these platforms.”

This translates to revenue growth “for both lenders and lending partners.”

The new platform leverages Brankas’ multi-bank APIs and Global Finteq’s 30-year “expertise in developing loan management solutions.”

With APIs that facilitate account balance sharing, credit assessments, bulk loan disbursements, and automated loan repayments, “together with a market-ready loan management platform, Brankas and Global Finteq are expected to accelerate digital lending in the Philippines.”

Todd Schweitzer, CEO and Co-founder of Brankas, said:

“Our joint LaaS platform represents a win-win-win for lenders, platforms that want to offer an embedded finance experience, and both corporate and private borrowers. It is especially significant for non-traditional financial institutions who have aspirations to become lenders as we help accelerate the journey to becoming a lender and onboard new borrowers.”

Mike Yeoh, CEO of Global Finteq said:

“This partnership signifies a significant leap forward for financial services in the Philippines. Our LaaS platform removes traditional barriers to entry, allowing a wider range of institutions to offer lending services. This, along with the secure data exchange and real-time access to financial services facilitated by Brankas and Global Finteq, will be instrumental in empowering underserved communities and fostering financial inclusion across the Philippines.”

As noted in the update, Brankas is a global open finance technology provider.

They provide API-based solutions, data and payments solutions “for financial service providers (like banks, lenders and e-wallets) and online businesses.”

Brankas partners with banks to build and “manage their open finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more.”

With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can “use Brankas APIs to create new digital experiences for their users.”

As mentioned in the announcement, Global Finteq is “a LaaS model developed to meet the specific demands of a wide range of clients, from small and medium-sized businesses to large organizations looking for refined lending solutions.”

When handling each loan profile, innovative technology powered “by artificial intelligence changes the efficiency structure immediately.”

AI-powered technology goes beyond processing “to enhance credit risk assessment and decision-making.”

This enhancement results in a good user experience “in terms of productivity and efficiency.”

The ripple effect extends into the financial domain, “resulting in beneficial outcomes for enterprises that choose Global Finteq as their trusted financial technology partner.”

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