FinTech Skyro taps ADVANCE.AI to secure financial access in the Philippines

By Gloria Mathias

Skyro, a FinTech licensed by the Securities Exchange Commission (SEC) in the Philippines, has announced its partnership with ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia.

This partnership is a step forward in providing simple, secure, and customer-focused financial services in the Philippines.

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. At the same time, Filipinos lost P155 million due to fraud-related scams in the first 8 months of 2023.

“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 drop-off 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,” said Sergey Donskikh, Head of Customer Experience at Skyro.

Skyro also 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. 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,”  said Mike Calma, Philippine Country Manager at ADVANCE.AI.

The collaboration highlights the commitment of both companies to promoting financial inclusion and enhancing security measures in the Philippines and throughout the region. Launched in August 2022, Skyro offers a range of consumer finance products through its partnerships and mobile app. These products offer Filipino customers a streamlined process, competitive rates, and diverse payment options, providing customers with flexibility, security, and convenience.