Powering up leading Indonesia P2P lending app Ringan’s seamless loan application journey

Singapore, 24 August 2021 – Leading Indonesian peer-to-peer lending app, Ringan, deploys a suite of digital lending solutions built by OneConnect Financial Technology Co., Ltd (OneConnect), the 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 state-of-the-art technologies has enabled Ringan 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 today. 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 partners with conglomerate Sinarmas to build a retail lending system in Indonesia. Across Asia, OneConnect is empowering major banks to digitalise banking and lending.

In Malaysia, it partners with RHB Bank to develop an omnichannel platform that fully digitalises the SME loan experience. The omnichannel utilises its Smart Lending and Smart Interview solutions to automate onboarding, loan origination, post-loan monitoring, loan disbursement and collections and anti-fraud checks. Using artificial intelligence (AI) and eKYC technologies, SMEs only need to submit two scanned documents – MyKad and a bank statement – via their mobile phones to apply for loans, and multiple company directors are able to give consent using the app. OneConnect also partners with another top-five local bank in Malaysia to develop a retail mobile banking app to deliver a truly digital onboarding experience where customers can open an account and bank safely anytime and anywhere.

In The Philippines, OneConnect partners with UBX, the fintech arm of Union Bank of the Philippines, to build SeekCap, the country’s first smart lending platform with multiple lenders and ecosystem partners such as credit bureaus and e-Commerce players that enables micro, small and medium enterprises (MSMEs) to choose what best suits their business needs and apply for loans seamlessly on a single platform. The collaboration further deepens with the joint development of the Lazada Seller Loan product which uses a customised scorecard to utilise data points such as Lazada sellers’ sales volume for Lazada sellers who are on SeekCap to apply for higher loan amount.

OneConnect is also helping leading consumer lending company in The Philippines, SB Finance, develop an end-to-end omnichannel finance platform to digitalise loan application, credit-decisioning, fund disbursement and payment acceptance, as well as to mitigate risk exposure.

Sri Lanka’s fourth largest listed commercial bank, National Development Bank, has recently chosen OneConnect’s Video Know-Your-Customer (vKYC) to roll out the country’s first AI-based vKYC. OneConnect’s vKYC platform standardises interview workflow to facilitate customers to open bank accounts, apply for loans and credit cards remotely, securely and seamlessly.

OneConnect is also building an end-to-end digital lending solution for a top local commercial bank in Vietnam.

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About Ringan
Ringan is a revolutionary financial services platform in Indonesia. As a member of Lufax Holdings, an associate company of Ping An Group, its mission is to enable financial inclusion in Indonesia by making it easier to secure loans. Customers can apply for loans of up to IDR 20,000,000 without collateral by using Ringan’s simple online application process.

Ringan offers competitive pricing and professional customer service and is officially registered with the Financial Services Authority of Indonesia (OJK).

About OneConnect Financial Technology
OneConnect (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses – from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.

For press inquiries, please contact:

Ringan
Andy William
ANDYWILLIAM937@ringan.co.id.

OneConnect Financial Technology

Gloria Tham
Senior Associate, Asia PR Werkz
+65 9239 1268
gloria@aprw.asia