Mambu, the Software-as-a-service (SaaS) banking engine Mambu will power the consumer and business lending products of Fuse, the lending arm of Filipino financial technology firm Mynt, from next month.
Launched in 2015, Mynt is a subsidiary of Philippine telecom company Globe Telecom which has a customer base of over 60m. Mynt is increasing access to financial services through mobile money, microloans and technology by leveraging the mobile and store networks of its partners and parent company in a country with 113% mobile penetration but only 31% banking penetration.
Mynt launched its lending business, Fuse, in 2016 to address the credit vacuum in the Philippines. Mambu adds that micro, small and medium enterprises (MSMEs), which account for 99.6% percent of total registered companies in the country, as well as individuals face “significant difficulty” in accessing credit from incumbents due to stringent credit decisioning, limited authentication documentation and lack of collateral.
“Most Filipinos do not have credit history on which future financial transactions may be based,” said John Rubio, president and CEO of Mynt. “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.”