Smart Credit Expansion to Philippines with Atome Trademark

Startups Smart Credit enters Philippines market with trademark (brands) Atome to replicate solutions to the same issues as conditions in Indonesia.

To DailySocial, the CEO of Kredit Pintar Wisely Wijaya was not ready to comment on this. However, quoting from Cash, Wisely had boasted about this expansion.

According to him, the Philippines has the same characteristics as Indonesia, both in terms of financial inclusion and the risks it faces. As a result, judging from the website, the products offered are not much different, giving payday loan and paylater.

Loan amount for payday loan The amount given is between PHP1.000-PHP10.000 (equivalent to Rp. 270 thousand to Rp. 2,7 million). The tenor options provided are 90-120 days with interest ranging from 0,14%-0,8% per day.

The whole procedure is done online, through the application. The requirements for prospective customers are permanent workers with an age range of 18-55 years, have an official identity, use smartphone Android, and have a bank account or GCash (player e-wallet largest in the Philippines).

Quote from official site, Atom is brand of Neuroncredit Financing Company Inc., founded in late 2018 in the Philippines. It is a subsidiary of Neuroncredit Pte. Ltd. operating in Singapore since 2015.

All companies under Neuroncredit, including Smart Credit, use the technology built by the company fintech from China Advance.ai to speed up loan processing faster and better.

Initially, Neuroncredit used brand PH Smart Credit when entering the Philippines. But in early 2019 it was changed to Atome, brand The same is used by Neuroncredit for its operations in Singapore.

Atome Philippines is integrated with the Philippine government's credit bureau, Credit Information Corporation (CIC) and is incorporated into the association fintech there.

Quoting from global platform marketplace loans Mintos, not only the Philippines, Kredit Pintar is also eyeing the Vietnamese and Indian markets for a much greater product and geographic diversification.

Several ranks of investors from Kredit Pintar include GSR Ventures, Vision Plus Capital, Provident Capital, and Northstar Group.

Smart Credit Business in Indonesia

Currently the company is starting to work on productive loan, in addition to consumer loans, with an extension of the tenor from the initial release of 2 months to 12 months. "We want our users upgrade better financial services, in terms of interest, ceilings, and in terms of loan tenors," explained Wisely, last week (7/11).

He admits that products with long tenors tend to be higher risk, but he believes the company can continue to reduce the risk. The reason is, with a total of 1,8 million borrowers at Kredit Pintar, it becomes a data bank to sort out risk profiles from low to highest.

From there the company can apply risk-based pricing so the risk can be minimized. "We only lend to the lowest risk."

Productive loans currently account for 20% of the total portfolio in Smart Credit. The company will continue to encourage contributions from this business, but with a strict record of selection.

"Those who apply to us are more, but after going through the process underwriting and risk analysis, we only accept part of it. Most of what we reject are experiments fraud."

It is claimed that the total loans that have been distributed by Smart Credit from January to November 2019 have reached Rp 7 trillion. The company believes it can reach the target of Rp10 trillion by the end of 2019.