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Skyro Partners with ADVANCE.AI to Boost Financial Inclusion in the Philippines

Skyro, a Philippine-regulated fintech firm, has teamed up with ADVANCE.AI, a Southeast Asian provider of digital identity solutions and risk management.

The partnership will focus on promoting financial inclusion and enhancing security measures not only in the Philippines but throughout the region. It will look to redefine the user onboarding experience and strengthen security measures, in response to significant fraud-related financial losses among Filipinos.

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.

Research from the Philippine National Police Anti-Cybercrime Group, also reveals Filipinos lost P155million to scams in 2023 as authorities try to catch up due to fraud-related scams in the first eight months of 2023.

Sergey Donskikh, head of customer experience at Skyro, commented: “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.”

Since launching in 2022, Skyro has expanded to more than 2,500 partner merchant locations and now serves nearly 200,000 customers in the Philippines with product loans, cash loans and other lending products. 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,” said Mike Calma, Philippine country manager at ADVANCE.AI. “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.”

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