OneConnect powers P2P lending app Ringan’s loan application process

By Leandra Monteiro

Indonesian peer-to-peer lending app, Ringan, deploys a suite of digital lending solutions built by OneConnect, a leading technology-as-a-service platform provider and an associate of Ping An Group, to provide Indonesians a seamless and secure loan application experience.

The digital solutions automate and simplify Ringan’s loan process from loan origination, loan management and application, to debt collection, risk assessment, analytics, and reporting. The simple application process will greatly benefit Indonesians where – eKYC technology verify identity remotely and auto-populate forms to enable hassle-free loan applications. Indonesians can apply for unsecured loans of up to IDR 20,000,000 with just a few clicks on their mobile phones and enjoy quicker disbursement with the paperless and electronically-driven workflow.

Ringan app utilises OneConnect’s artificial-intelligence fraud-prevention technology to conduct electronic know-your-customer exercise. The technology is deployed in local data centers to ensure seamless experience and highest security standard.

Using these technologies has enabled Ringan to optimise productivity, scale quickly and mitigate potential fraud and risks. Ringan has served more than 200,000 registered users and disbursed more than IDR 10 billion worth of loans. In the past, a process which would have cost Ringan 8,000 man hours, is now optimised. Over 100,000 applicants had successfully scanned their KTP ID cards and completed the seamless loan application on Ringan app. The electronic application process also reduces human error, minimises identity fraud and increases staff productivity.

Mr Yudhono Rawis, CEO and President Director, Ringan said, “OneConnect is the perfect partner for financial institutions looking for cutting-edge technology to make loan applications easier, while protecting our company against fraud and potential losses. At the same time, we are able to provide a great experience and seamless process for our customers.”

Mr Yao Jing, CEO and President Director, PT OneConnect Financial Technology Indonesia said, “We are delighted to witness the possibilities of technologies democratising lending in Indonesia and across Asia. With a seamless customer journey, Ringan can now scale and serve more Indonesians in a truly efficient manner. We believe that our collaboration will drive deeper digitalisation of the traditional banking processes and bring about a greater financial inclusion for Indonesians.”

In Indonesia, OneConnect also partnered with conglomerate Sinarmas to build a retail lending system in Indonesia. Across Asia, OneConnect is empowering major banks to digitalise banking and lending.