Bulgarian fintech company Cash Credit has announced a mobile microfinance partnership with Smart Communications, a unit of Filipino incumbent PLDT.
The programme, due within the first half of 2015, will use big data analytics to provide microfinance to…
Bulgarian fintech company Cash Credit has announced a mobile microfinance partnership with Smart Communications, a unit of Filipino incumbent PLDT.
The programme, due within the first half of 2015, will use big data analytics to provide microfinance to Smart’s 75 million subscribers.
The agreement would promote financial access for the underbanked and unbanked population in the Philippines, where market penetration is over 100%, said Orlando Vea, president and CEO of Voyager Innovation, the digital business of Smart Communications.
Cash Credit, which offers consumer lending through partnerships with mobile operators, uses a proprietary credit scoring model based on subscriber call and texting usage, payment and behavioural data. It will offer micro-credit loans, airtime top-up credit, utility bill payments and credit for airtime resellers. Cash Credit will be responsible for underwriting the loans and managing all the risks with their advanced data analytics technology.
“We are very excited to have the opportunity to start cooperation with the leading telecom operator in the Philippines. We look forward to working with Voyager and Smart in helping them attract and retain customers with our innovative financial solutions,” said Georgi Krumov, Cash Credit’s Founder and Executive Chairman.
Cash Credit, which raised US$25m for international expansion from the investment arm of TMT advisory and investment firm Delta Partners, also has partnership programmes with cellcos in Africa, the Middle East and Europe.
