Brankas and Global Finteq have announced a strategic partnership to launch one of the first Lending-as-a-Service (LaaS) platforms in the Philippines. This new platform enables established banks, rural banks, and non-traditional financial institutions to offer lending at scale, allowing loan products to exist beyond traditional channels such as physical bank branches or websites.

As LaaS platforms, platforms that manage customer funds can now become comprehensive hubs for new loan applications and in-app loan servicing, encouraging users to transact more frequently and increase deposits. This could lead to growth in revenue for both lenders and lending partners.

The platform combines Brankas’ multi-bank APIs with Global Finteq’s expertise in developing loan management solutions over the past three decades. The APIs enable account balance sharing, credit assessments, bulk loan disbursements, and automated loan repayments. Paired with a ready-to-use loan management platform, Brankas and Global Finteq aim to support the growth of digital lending in the Philippines.

Todd Schweitzer, CEO and Co-founder of Brankas, stated,

“Our joint LaaS platform represents a win-win-win for lenders, platforms that want to offer an embedded finance experience, and both corporate and private borrowers.

 

It is especially significant for non-traditional financial institutions who have aspirations to become lenders as we help accelerate the journey to becoming a lender and onboard new borrowers.”

Mike Yeoh, CEO of Global Finteq, commented,

“Our LaaS platform removes traditional barriers to entry, allowing a wider range of institutions to offer lending services. This, along with the secure data exchange and real-time access to financial services facilitated by Brankas and Global Finteq, will be instrumental in empowering underserved communities and fostering financial inclusion across the Philippines.”

Featured image credit: Edited from Freepik