Stockholm (NordSIP) – On August 30, Swiss-based impact boutique manager responsAbility announced the expansion of its fintech portfolio in Asia. One of the firm’s private equity vehicle which focuses on financial inclusion acquired a minority stake in C88 Financial Technologies Pte. Ltd, a fintech company providing financial market places for lending and insurance products in Indonesia and the Philippines. The firm plans to increase financial inclusion in the markets by improving the matching of millions of underserved customers with appropriate financial products.
According to a press release, banks in the retail segment in Indonesia and the Philippines lend almost exclusively to high income and upper middle class customers with an established credit track record, leaving a large proportion of bankable customers underserved or excluded.
C88’s makes a range of alternative financial products available to customers, with comparison between alternative products and providers contributing to pricing transparency, through online portals. Matching the customer’s profile with appropriate products, the Company also facilitates the purchase process and conducts know-your-customer research on behalf of its partnering banks and insurance companies. Advanced marketing techniques focused on online search allows C88 to serve large numbers of customers. For instance, C88’s insurance offerings provide small ticket size insurance to hundreds of thousands of customers.
The company plans to work with banks and insurance companies to develop and distribute new financial products suitable for broad segments of the population. There is substantial room to make better decisions about credit and pricing of credit to improve matching of customers with the right products, as well as for banks and other players to introduce new products to serve those who are currently excluded or underserved.
To scale business further and to deepen the relationship with new and existing customers, C88 has entered a partnership with Experian, a global leader in consumer and business credit reporting and marketing services. The collaboration will help C88 further increase its product offering. This will allow millions of customers to get their first loans and start building a credit history, which will in turn help them obtain further financing on better terms.
Speaking on behalf of responsAbility, Henning Haugerudbraten, Principal/Private Equity, said: “C88 already helps match customers with appropriate products and facilitates pricing transparency in the Indonesian and Philippine markets. The next objective is to use the platform to provide access to finance to millions of unbanked customers, creating an extensive positive impact for financial inclusion. This makes C88 an ideal addition to our growing portfolio of impact-oriented financial institutions in emerging markets.”
Picture available on Pexels