Element Inc., the privacy-led, modern AI (artificial intelligence) pioneer in digital identity services, announced its partnership with Cebuana Lhuillier, a micro-financial services provider in the Philippines, to provide electronic Know-Your-Customer (eKYC) services. This will enable customers to easily register online for digital financial products.
“We are steadfast in our commitment to provide the right financial services to the local communities,” said Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier. “As we are starting to bring our services into the digital space, this partnership can significantly cater to a larger audience that could benefit from our innovative offerings.”
The partnership of Cebuana Lhuillier (which has 30 million customers and over 3,000 branches) and Element will include Cebuana Lhuillier’s Cebuana Xpress, a digital pawning and remittance service mobile application, providing access to digital financial products to grassroots communities. Element’s advanced technologies including eKYC, digital onboarding, and fraud risk assessment, enable a fully digital and mobile-first experience that reduces the processing time to minutes from the prior cycle of three to five days of manual validation and verification.
“Our partnership with Cebuana Lhuillier is an important opportunity to deliver large-scale adoption of financial services in the Philippines, to create greater access to commerce, and greater control for customers over their financial lifestyles,” said Adam Perold, president and CEO of Element Inc. “We founded Element as one of the first modern AI companies, to connect populations to essential services, to help build more efficient and inclusive societies. At this time of fintech innovation and growth in the digital ecosystem of the Philippines, Cebuana Lhuillier is a tremendous partner for executing this vision together.