OneConnect, UnionBank, Sinar Mas launch smart lending platforms aimed at inclusive growth

OneConnect Financial Technology Co. Ltd. (OneConnect), announced it is leading Southeast Asia’s sustainable financing with two smart lending platforms – SeekCap, the Philippines’ first lending platform that helps the underserved micro, small and medium enterprises (MSMEs) manage cashflow and grow their business, as well as a multi-finance platform that will empower millions of unbanked and underbanked Indonesians with easy access to loans to finance their purchase of vehicles essential for their daily transportation.

SeekCap – The Philippine’s first lending platform to meet the banking needs of MSMEs

OneConnect and UBX Philippines Corporation (UBX), the wholly-owned fintech subsidiary of UnionBank of the Philippines (UnionBank), launched SeekCap, the first MSME lending platform in The Philippines.

Through SeekCap loans marketplace, multiple lenders can on board their loan products allowing borrowers to choose what best suits their business needs, and apply for loans digitally and seamlessly on a single end-to-end platform. Loans can be approved on the same day, and disbursed within three working days. This drastically shortens turnaround time as compared with traditional loan applications in The Philippines.

OneConnect, UnionBank, Sinar Mas launch smart lending platforms aimed at inclusive growth - TDB
SeekCap screenshot

Multi-finance lending platform in Indonesia

In addition, OneConnect and Sinar Mas Multi-finance, a subsidiary of Sinar Mas Multiartha (Sinar Mas Financial Services Group) and part of the Sinar Mas conglomerate in Indonesia, today signed an agreement to build one of Indonesia’s first multi-finance platforms to give millions of Indonesians easy access to loans to finance their purchase of motorcycles and cars as transport necessities that greatly enhance mobility and improve livelihoods.

Championing inclusive growth for sustainable business and better living standards in Southeast Asia

The two smart lending platforms use advanced technologies to democratize access to credit facilities and champion inclusive growth for everyone to achieve sustainability in business management and better income.

MSMEs form the backbone of any economy. In the Philippines, more than 99% of all businesses are MSMEs and they contribute to almost 63% of total employment. Yet, at present, only 9% of loans and financing from the country’s major banks go to MSMEs. With a digital lending platform like SeekCap, MSMEs can easily obtain loans to better manage cashflow and grow their business.

In Indonesia, many people aspire to have a better income and improve their lives. Owning a vehicle as a basic mode of transport can empower an Indonesian to start his own business, and use it as his or her everyday transportation mode, for instance. This creates a sustainable standard of living, as well as millions of Indonesians being able to obtain loans to enjoy better access to education and formal job markets.

The two smart lending platforms use advanced technologies to democratize access to credit facilities and champion inclusive growth for everyone to achieve sustainability in business management and better income.

When people’s livelihoods improve and businesses flourish, poverty will be reduced and the country’s economic output will increase – thus achieving inclusive and sustainable growth.

According to Ms Tan Bin Ru, CEO of OneConnect Financial Technology: “The Philippines is a strategic market for OneConnect. Though the World Bank figure shows that only 35% of Filipinos have formal bank accounts in 2018, this figure is a good increment from the preceding years. Filipinos have also been making a lot of digital payments and remittances in recent years. These are clear signs that Filipinos welcome new technologies, and I expect digital transformation in The Philippines’ financial sector to scale considerably.”

Stated Mr John Januszczak, president and CEO of UBX, “I am very pleased with the outcome of SeekCap. When UBX entered into a technology development alliance with OneConnect, we envisage a high performing digital platform that would showcase cutting-edge proprietary technology found nowhere else – OneConnect has impressed us and delivered us the first of its kind lending platform for MSMEs in The Philippines within a short span of four months.”

Mr Doddy Susanto, President Director of Sinar Mas Multiartha said, “There is a vast lending gap in Indonesia and we are harnessing cutting-edge technology to narrow that gap. We are glad that OneConnect is our technology partner as we embark on our transformation roadmap to digitize our channels and banking products and services.”

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