Fintech
FinTech Skyro leverages ADVANCE.AI to ensure financial access in the Philippines
By Gloria Mattia
Today
- Advancement.Ai
- Consumer finance
- Digital onboarding
Sciro, a FinTech licensed by the Securities Exchange Commission (SEC) in the Philippines, announced its partnership with ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia.
This partnership represents a step forward towards a simple, secure and customer-centric offering financial services in the Philippines.
A 2021 study by FICO reveals that three in five Filipino consumers will abandon lengthy applications for online bank accounts, and one in five Filipinos will abandon if asked more than five questions during onboarding. At the same time, in the first 8 months of 2023, Filipinos lost P155 million to fraud-related scams.
“At Skyro, we prioritize accessibility and convenience to deliver an exceptional, mobile-first customer experience. The challenge was how to balance a robust identity verification process while avoiding high customer churn rates during registration. With ADVANCE.AI, we have designed a simple, fast and secure customer onboarding journey, which has been critical to our rapid growth and has allowed us to minimize the risk of fraud while strengthening customer trust,” he has declared Sergey Donskikh, Head of Customer Experience at Skyro.
Skyro also 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 to create inclusive and trusted digital financial products and services. Our digital identity verification and risk management technology enables the team to streamline the customer registration process, while addressing the threat of identity fraud and the increasingly sophisticated use of intelligence-generated content artificially by malicious actors,” he said Mike Calma, Philippine Country Manager at ADVANCE.AI.
The collaboration highlights both companies’ commitment to promoting financial inclusion and strengthening security measures in the Philippines and across the region. Launched in August 2022, Skyro offers a range of consumer financial products through its partnerships and mobile app. These products offer Filipino customers a streamlined process, competitive rates, and diverse payment options, offering customers flexibility, security, and convenience.