Skyro, a fintech company licensed and supervised by the Philippines’ Securities Exchange Commission (SEC), has announced a partnership with ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia.
Skyro, which launched in August 2022, offers a variety of consumer finance products through its partnerships and mobile app. Since its inception, Skyro has expanded to over 2,500 partner merchant locations and now serves nearly 200,000 customers in the Philippines with product loans, cash loans, and other lending products.
A 2021 study by FICO reveals that three in five Filipino consumers will abandon long online banking account applications, and one in five Filipinos will drop out if asked more than five questions during onboarding. Additionally, Filipinos lost P155 million due to fraud-related scams in the first eight months of 2023.
“The challenge was how to balance a robust identity verification process while also avoiding high customer dropoff rates during registration. With ADVANCE.AI, we designed a simple, fast and safe customer onboarding journey, which has been key to our rapid growth and allowed us to minimise fraud risk while building customer trust,”
said Sergey Donskikh, Head of Customer Experience at Skyro.
Skyro now plans to triple its customer base in 2024 through continued expansion and new product launches.
“We are excited to partner with Skyro and their mission of building inclusive and trusted digital financial products and services. Our digital identity verification and risk management technology allows the team to streamline the customer registration process while also addressing the threat of identity fraud and the increasingly sophisticated use of AI-generated content by malicious actors,”
said Mike Calma, Philippine Country Manager at ADVANCE.AI.
This partnership between Skyro and ADVANCE.AI signifies a step forward in providing simple, secure, and customer-focused financial services in the Philippines.
Featured image credit: Edited from Freepik
