Mambu’s core banking tech to support lending business of Globe Telecom
Banking software developer Mambu has inked a large deal with Fuse, the lending arm of Filipino financial technology firm Mynt. Mynt itself is a subsidiary of Globe Telecom, a Philippines-based telco.
Mambu’s Software-as-a-Service (SaaS) based core processing engine will underpin Fuse’s consumer and business lending products. It will go into production in September this year.
Mambu says it will “help to transform existing operations and launch new products to potentially reach Globe’s 60 million customers”.
The Philippines has 113% mobile penetration but only 31% banking penetration, Mambu says. Mynt is driving financial inclusion in the country through mobile money and micro-loans. It leverages the mobile and store networks of its partners and parent company.
Mynt launched its lending business – Fuse – last year “to address the credit vacuum in the Philippines”.
Micro, small and medium enterprises (MSMEs), which account for 99.6% of total registered companies in the country, as well as individuals face significant difficulty in accessing credit from the existing lenders due to stringent credit decisioning, limited authentication documentation and lack of collateral, Mambu explains.
Anthony Thomas, president and CEO of Fuse, says Mambu understood Fuse’s vision.
“In Mambu we have found the right partner to accelerate and scale our lending business,” he states.
“Mambu’s SaaS model provides Fuse with a best-in-class solution which benefits from continued enhancements and requires little resource to maintain. We will be able to scale, integrate with the latest technologies and be ready to manage the significant transaction volumes we anticipate.”
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