SaaS banking technology provider Mambu today announced it will provide the technology behind Fuse, the consumer and business lending arm of Filipino fintech company Mynt. Mynt is a subsidiary of Globe Telecom, a Philippines-based telecom with more than 60 million customers.
Mynt uses partner and parent company mobile and retail networks to tap into a country with 113 per cent mobile penetration but only 31 per cent banking penetration.
Fuse debuted in 2016 to provide credit to Filipino microbusinesses and SME’s who make up 99.6 per cent of registered companies. The issues they face include stringent criteria, limited criteria and lack of collateral.
“Most Filipinos do not have credit history on which future financial transactions may be based,” Mynt president and CEO John Rubio said. “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.”
“Mambu understood our vision and is enabling us to rapidly create, launch, and service tailored products that address the local market needs,” Fuse president and CEO Anthony Thomas said. “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’s SaaS model provides Fuse with a best-in-class solution which benefits from continued enhancements and requires little resource to maintain. We will be able to scale, integrate with the latest technologies and be ready to manage the significant transaction volumes we anticipate.”
“Mynt is in an ideal position to disrupt the market and meet consumer demand for convenient and safe digital lending,” Mambu managing director, APAC Chiou Hao Chan said. “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.”