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pera247 app targets Philippines’ underbanked market
December 15, 2017 News analytics big data IoT


Fintech startup AsiaKredit is expanding its footprint with the launch of pera247 solution in the Philippines. Aimed squarely at the country’s underbanked population, the company claims that pera247 ( will offer unsecured small-ticket, short-term consumer loans for up to 90 days through a mobile wallet.

Loans are approved following what the company claims is the shortest real-time credit decision by ‘by any platform on the market’ using big data to optimize the credit assessment process to make fast and reliable credit decisions. As part of its credit assessment process, pera247 will extract a selection of data points from both traditional and alternative sources of data, such as behavioral mobile data from an applicant’s smartphone.

The startup claims that pera247 is able to incorporate highly predictive digital credit assessment into its underwriting algorithm to improve both the availability of credit to those with limited or no banking history as well as increase their approval rate, whilst reducing its cost of risk.

At the end of the credit decision journey, the pera247 app also acts as a mobile wallet for the successful applicant, where funds will be disbursed to and linked to thousands of physical payment centers, within hours of the application.

AsiaKredit’s Co-Founder and Chief Executive Officer, Mike Singh, commented: “We are excited to take consumer lending fully digital in the Philippines as we see a dynamic shift in consumer digital behavior to access financial services through mobile and online channels.”

Not shy about the startup’s ambitions, he says the company will target Southeast Asia’s underbanked, leveraging the high mobile penetration in the region to foster financial inclusion.

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