Fast-growing fintech Skyro taps ADVANCE.AI for simpler, safer financial access in the Philippines
MANILA, 24 May 2024 – Skyro, a fast-growing fintech company that is licensed and supervised by the Securities Exchange Commission (SEC) in the Philippines, today announces its partnership with ADVANCE.AI, a leading provider of digital identity verification and risk management solutions in Southeast Asia.
Launched in August 2022, Skyro offers a range of consumer finance products through its partnerships and mobile app. Since its inception, Skyro has expanded to over 2,500 partner merchant locations and now serves nearly 200,000 customers in the Philippines with product loans, cash loans, and other lending products. These products offer Filipino customers a streamlined process, competitive rates, and diverse payment options, providing customers with flexibility, security and convenience.
A 2021 study by FICO reveals that three in five Filipino consumers will abandon long online banking account applications, and one in five Filipinos will drop out if asked more than five questions during onboarding. At the same time, Filipinos lost P155 million due to fraud-related scams in the first 8 months of 2023.
“At Skyro, we prioritise accessibility and convenience to deliver an exceptional, mobile-first customer experience. The challenge was how to balance a robust identity verification process while also avoiding high customer dropoff rates during registration. With ADVANCE.AI, we designed a simple, fast and safe customer onboarding journey, which has been key to our rapid growth and allowed us to minimise fraud risk while building customer trust,” said Sergey Donskikh, Head of Customer Experience at Skyro.
Skyro now 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 of building inclusive and trusted digital financial products and services. Our digital identity verification and risk management technology allows the team to streamline the customer registration process while also addressing the threat of identity fraud and the increasingly sophisticated use of AI-generated content by malicious actors”, said Mike Calma, Philippine Country Manager at ADVANCE.AI.
This partnership signifies a significant step forward in providing simple, secure, and customer-focused financial services in the Philippines. It highlights the strong commitment of both companies to promoting financial inclusion and enhancing security measures not only in the Philippines but throughout the region.
Skyro is a fast-growing fintech company based in the Philippines, offering a range of digital consumer finance products such as product loans, cash loans, and other lending products designed to meet the diverse financial needs of Filipino consumers. Launched in August 2022, Skyro has since grown to include over 2,500 partner merchant stores and serves nearly 200,000 customers in just under two years of operations.
About SKYRO
Focused primarily on digital consumer lending products, Skyro has rapidly emerged as a trusted name in the Philippines, catering to the evolving needs of the market. It is backed by Breeze Ventures, a Singapore-based global fintech venture that is expanding into the fast-growing and emerging markets in Southeast Asia.
Skyro’s local operations are powered by Advanced Financial Solutions, Inc. and Jungle Lending, Inc., which are regulated by the Securities and Exchange Commission of the Philippines. Learn more about Skyro at www.skyro.ph.
About ADVANCE.AI
ADVANCE.AI is Southeast Asia’s leading provider of digital identity verification, KYC/KYB, AML, compliance and risk management solutions. Headquartered in Singapore, it currently partners 500+ enterprise clients across banking, financial services, fintech, payment, retail and e-commerce sectors. ADVANCE.AI was recognized as the ASEAN Fintech winner at the 2023 Singapore Fintech Festival Global Fintech Awards for its innovative risk management technology.
ADVANCE.AI is part of Advance Intelligence Group, one of the largest independent technology startups based in Singapore. Founded in 2016, the Group has presence across South and Southeast Asia, Latin America and Greater China. The Group is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures and Singapore-based global investor EDBI.