Friday, November 27, 2020

AsiaKredit To Pioneer Global Standards Of Responsible Finance And Client Protection For The Underbanked

AsiaKredit To Pioneer Global Standards Of Responsible Finance And Client Protection For The Underbanked

Spotlight

Manila International Auto Show Shifts Its Gears Virtually With Mias Wired This December

Catch your favorite brands and cars at this year’s Manila International Auto Show as they go virtual for the first time!

Need A Fast Connection? No Worries, Grab And Globe At Home Have Got You Covered!

Starting November 24, 2020, customers can conveniently purchase Globe At Home Prepaid WiFi and Xtreme Home Prepaid WiFi devices on GrabMart.

Save The Children PH Lauds Approval Of 2nd Reading Of Bill Raising Statutory Rape Age

Once House Bill 7836 gets the final nod, adults will get penalized if he or she has sexual intercourse with a minor below 16 years of age, even if the child gave consent.

Globe Named As One Of Top 30 ‘Global Rising Star’ Telcos In The World

Globe was recently named as one of the Global Rising Stars at the Opensignal Global Mobile Network Experience Awards 2020!

AsiaKredit, a leading digital consumer finance fintech in the Philippines, is spearheading financial consumer protection and empowerment in the Philippines via the world’s first financial consumer protection standard, the Smart Campaign. The Smart Campaign is a globally recognized initiative by the Centre for Financial Inclusion at Accion (CFI), a U.S-based think-tank for financial inclusion.

AsiaKredit is developing an internal Code of Ethics framework in line with the Smart Campaign’s Client Protection Principles. Since launching in 2017, AsiaKredit has identified over 60 initiatives across eight major Client Protection Principles that are relevant to the business. These include prevention of over-indebtedness, need for transparency, fair and respectful treatment of customers, data privacy management, and complaint resolution mechanisms.

Michael Singh, co-founder and CEO of AsiaKredit, said, “The recent surge in fraudulent and unethical lending behaviour among digital lenders in the Philippines has prompted much-needed measures from fintechs serving over 80% of the nation’s adult population who are in need of credit. It is encouraging to see our policymakers and regulators mandating financial inclusion as a national interest and introducing policies with that vision, and it is just as much our responsibility, as entrepreneurs and fintechs, to build financial solutions that are delivered safely and responsibly to the people who need it most.”

“We are proud to be among the first digital lenders to pursue these Principles in the Philippines. But we can’t and we don’t want to succeed in isolation. We call on our industry peers to join us in working together to put consumer protection at the core of our business and to continue to advocate for transparent and responsible finance practices.”

Each Client Protection Principle is assigned to a specific member of the AsiaKredit executive team, where he/she “owns” the principle and its execution. The team meets monthly to review the principles and report on the initiatives that have been launched, are in development, or are to be developed. The goal is to reach 100% execution of the principles. AsiaKredit is currently working towards full certification of its internal Code of Ethics.

AsiaKredit has also recently joined the Centre for Financial Inclusion at Accion’s FinTech Protects Community of Practice (CoP) that convenes practitioners worldwide to build industry will and know-how to address emerging consumer risks in digital financial services. The community helps advance the Smart Campaign vision of ensuring that digital financial services offer the greatest value to consumers while maintaining adequate client protection.

To date, over 100 financial institutions, collectively serving more than 42 million people, have been certified for adhering to the Smart Campaign’s industry-accepted Client Protection Principles. Credit Suisse is a founding partner of the Center for Financial Inclusion at Accion.

Latest News

Manila International Auto Show Shifts Its Gears Virtually With Mias Wired This December

Catch your favorite brands and cars at this year’s Manila International Auto Show as they go virtual for the first time!

Need A Fast Connection? No Worries, Grab And Globe At Home Have Got You Covered!

Starting November 24, 2020, customers can conveniently purchase Globe At Home Prepaid WiFi and Xtreme Home Prepaid WiFi devices on GrabMart.

Save The Children PH Lauds Approval Of 2nd Reading Of Bill Raising Statutory Rape Age

Once House Bill 7836 gets the final nod, adults will get penalized if he or she has sexual intercourse with a minor below 16 years of age, even if the child gave consent.

Globe Named As One Of Top 30 ‘Global Rising Star’ Telcos In The World

Globe was recently named as one of the Global Rising Stars at the Opensignal Global Mobile Network Experience Awards 2020!

Pagudpud Housewives Cook Native Delicacies To Raise Income

Don’t forget to try Pagudpud’s native delicacies on your next trip to Ilocos!

Guimaras Gradually Opens Doors To Travelers

Tourists may now visit the province of Guimaras! But take note of these requirements:

Twitter Launches Its New Story-Like Feature Called ‘Fleets’

Have you tried Twitter’s newest feature?

Heart Evangelista Becomes One Of The Top 10 Luxury Influencers In The World

Heart Evangelista placed 10th on Forbes France’s “Top 10 Luxury Influencers” in the world!

PRRD Signs Laws Increasing Bed Capacity Of 5 Hospitals

President Rodrigo Duterte has signed five laws increasing bed capacity of hospitals in several cities and provinces.