OneConnect Powers Ringan P2P Lending App Loan Application Process
By Leandra Monteiro
Indonesian peer-to-peer lending app, Ringan, is rolling out a suite of digital lending solutions powered by leading technology-as-a-service OneConnect Platform supplier and partner of Ping An Group, to provide Indonesians with a seamless and secure loan application experience.
The digital solutions automate and simplify Ringan’s loan process, from loan origination, loan management and loan application, to debt collection, risk assessment, analysis and reporting. The simple application process will greatly benefit Indonesians where – eKYC technology verifies identity remotely and auto-fills forms to enable hassle-free loan applications. Indonesians can apply for unsecured loans up to IDR 20,000,000 with just a few clicks on their mobile phone and enjoy faster disbursement with the paperless and electronic workflow.
The Ringan app uses OneConnect’s artificial intelligence fraud prevention technology to perform an electronic know-your-customer exercise. The technology is deployed in local data centers to ensure a seamless experience and the highest security standards.
Using these technologies has allowed Ringan to maximize productivity, scale quickly, and mitigate potential fraud and risk. Ringan has served over 200,000 registered users and disbursed over IDR 10 billion in loans. In the past, a process that would have cost Ringan 8,000 hours of work is now optimized. Over 100,000 applicants have successfully scanned their KTP ID cards and completed the seamless loan application on the Ringan app. The electronic application process also reduces human error, minimizes identity fraud and increases staff productivity.
Mr. Yudhono Rawis, CEO and President and CEO of Ringan, said, “OneConnect is the ideal partner for financial institutions looking for cutting-edge technology to facilitate loan applications, while protecting our business against fraud and potential losses. At the same time, we are able to provide an excellent experience and a transparent process for our customers. »
Mr. Yao Jing, CEO and CEO of PT OneConnect Financial Technology Indonesia, said, “We are excited to see the opportunities offered by technology to democratize lending in Indonesia and across Asia. With a seamless customer journey, Ringan can now scale and serve more Indonesians in a truly efficient way. We believe that our collaboration will lead to further digitization of traditional banking processes and lead to greater financial inclusion for Indonesians.
In Indonesia, OneConnect has also partnered with conglomerate Sinarmas to set up a retail lending system in Indonesia. Across Asia, OneConnect is enabling major banks to digitize banking and lending.
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