Southeast Asia is rapidly digitizing and has the potential to be at the forefront of innovation. In emerging markets such as Southeast Asia, where more than 70% of the region is underserved or unbanked, Open Finance offers the opportunity for financial institutions and fintech to collaborate and further advance financial inclusion.
In the spirit of providing equal access to financial services, PowerCred, one-stop API suite announced its collaboration with Southeast Asia’s largest Open Finance API platform, Ayoconnect. Ayoconnect and PowerCred’s collaboration is driven by their shared mission of effectively extending the benefits of open finance to financial service providers and small businesses.
Kunal Goel the CEO of PowerCred stated, “PowerCred is committed to empowering small businesses by unlocking the power of their alternate data insights through our unified APIs.”
By integrating into Ayoconnect’s API network, PowerCred’s able to establish its business credibility and payment patterns. With access to recurring payments insights, PowerCred would be able to establish payment patterns for small businesses such as late payments, missed payments, and advance clearance of bills. This collaboration also allows PowerCred to create a fair assessment of payment behavior by small businesses through various insights.
“We provide predictive analysis and intelligence to our customers allowing them to know their small business customers better. For financial service providers, this means the ability to build better products and services to be able to expand their reach and increase their revenue. We are excited to collaborate with Ayoconnect as it accelerates our mission to offer a fast and comprehensive insight to our customers,” Kunal added.
Chiragh Kirpalani as COO of Ayoconnect sincerely welcomed this collaboration, “Ayoconnect is proud to empower PowerCred in optimizing the API they have developed. Moving forward, we will continue to innovate in empowering business with API-based solutions in Indonesia.”
