GoBear sees a ‘multibillion’ opportunity in bridging Southeast Asia’s credit needs

Southeast Asia’s 438 million unbanked may be a huge emerging opportunity for financial service providers in the region. Many continue to be excluded from formal financial systems because existing products – as well as the current assessment criteria in place – fall short of capturing their needs.

“This is because customization has been slow to come to the financial services sector, which still largely adopts a cookie-cutter approach in the financial products that are being offered”

Adrian Chng, CEO GoBear

This is because customization has been slow to come to the financial services sector, which still largely adopts a cookie-cutter approach in the financial products that are being offered, GoBear CEO Adrian Chng tells Tech in Asia.

Earlier this year, GoBear invested US$1 million into digital scorecard firm CredoLab to create Easy Apply, a smartphone app that credit-scores underbanked consumers based on alternative data points from their smartphones, such as the amount of time spent surfing the internet or the number of calls done during work hours.

CredoLab claims to look at up to 120,000 behavioral traits in its credit assessment.

Easy Apply is now available in Vietnam and will be brought to other markets progressively through 2019 and 2020. The partnership has been tracking “as planned,” Chng says. “We have seen an encouraging shift in user behavior upon launching Easy Apply in Vietnam.”

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