Tag: financial services

Technology

CreditVision: TransUnion aims to transform lending in PH

TransUnion has announced on Aug. 4 that it has launched CreditVision in the Philippines.

TransUnion has announced on Aug. 4 that it has launched CreditVision in the Philippines. This solution is set to transform lending in the Philippines, where it is the only trended data product available in the market.

CreditVision has changed the way financial institutions around the world understand, manage, and evaluate their customers. It has empowered lenders to offer loans to millions of new customers and new-to-credit individuals in global markets. This suite of trended data capabilities provides a more detailed and accurate picture of a consumer’s financial behavior over a period of time compared to traditional scoring models.

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Technology

TrueMoney supports sari-sari stores via Dagdag Puhunan

Sari-sari store owner Amy Garcia is thankful that TrueMoney is giving her convenient access to essential food and non-food products.
Sari-sari store owner Amy Garcia is thankful that TrueMoney is giving her convenient access to essential food and non-food products.

Amy Garcia, a sari-sari store owner for more than two decades, is one of the many beneficiaries of the low touch economy innovations of the award-winning Dagdag Puhunan program of TrueMoney Philippines.

“In these extraordinary times, TrueMoney Philippines accepts the challenge of helping the simple Filipino sari-sari store owner to thrive and survive,” TrueMoney Philippines CEO and Country Managing Director Eugene Go told Digital Life Asia.

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Technology

Trust in blockchain: No corruption, says Huobi exec

Ciara Sun, Head of Global Business and Markets of Huobi Group, says trust in blockchain is based on a trustless system.
Ciara Sun, Head of Global Business and Markets of Huobi Group, says trust in blockchain is based on a trustless system.

Why is blockchain so revolutionary and potentially a powerful force for good? Unlike traditional banking, blockchain technology is a trustless system. For example, banks need to ask us to trust them. When we deposit in banks, we trust that the bank will keep our money safe and not use it for unknown transactions. In contrast, trust in blockchain is part of the technology itself.

“Another important pillar that makes blockchain such a trustworthy technology is its transparency. Not only does the technology not ask for our trust, it allows for full disclosure, allowing everyone to know what is happening on the blockchain. There is no hiding on the blockchain, no corruption, and no sneaky tactics. And there is no way that things can slide by and go undetected,” said Ciara Sun, Head of Global Business and Markets of Huobi Group.

Singapore-based Huobi Group is one of the world’s biggest cryptocurrency exchanges and a publicly listed Hong Kong company. Sun was one of the speakers at the Crypto Asia Summit, a free virtual summit that allows attendees to interact with more than 50 of the leading experts in the cryptocurrency and blockchain industry. Tokyo-based blockchain solutions company TEAMZ, Inc. launched this summit after COVID-19 forced them to cancel their annual TEAMZ Blockchain Summit. The world’s first blockchain and cryptocurrency online live event platform and social networkChainTalk TV, is hosting the summit as its first event.

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Technology

Financial access amid pandemic via handheld ATMs

Every Filipino should enjoy financial access, even if they live in far-flung areas, according to ENCASH President Mike Mapa.
Every Filipino should enjoy financial access even if they live in far-flung areas, according to ENCASH President Mike Mapa.

With the government-imposed enhanced community quarantine (ECQ) now on its fifth week, financial access has become even more crucial for households. To address this pressing need, fintech company ENCASH has lent its SuperPOS handheld ATMs to rural banks, cooperatives, and town halls to ensure easy access to cash. This has become particularly helpful for the ongoing distribution of the government’s Pantawid Pamilyang Pilipino Program (4Ps) releases.

Launched in 2006, ENCASH is the first independent ATM deployer in the Philippines. It supplies ATM terminals, transaction switching systems, mobile POS, and the recently rolled out SuperPOS. This is a handheld ATM that has both cash in and cash out functions.

The ECQ has led to an influx of transactions across over 1,200 of ENCASH’s sites. ENCASH is making sure that these sites will remain operational. It has also committed to rush settlements as much as possible and closely monitor the cash balances of their deployed ATMs. “We are lucky to be working with partners who share in the same vision and are employing extra measures in light of the current crisis,” Mike Mapa, president of ENCASH, said in a press statement.

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