Skyro, a fast-growing fintech company licensed by the Securities Exchange Commission (SEC) in the Philippines, partnered with Advance.AI, a key player in digital identity verification and risk management in Southeast Asia.
Launched in August 2022, Skyro offers various consumer finance products through its mobile app and partnerships, including product loans and cash loans. The company has grown to over 2,500 partner merchant locations and serves nearly 200,000 customers in the Philippines, providing competitive rates and flexible payment options.
A 2021 study by FICO found that 3 in 5 Filipino consumers abandon lengthy online banking applications, and 1 in 5 drop out if asked more than five questions during onboarding. Filipinos lost P155 million due to fraud-related scams in the first eight months of 2023.
“At Skyro, we prioritize accessibility and convenience to deliver an exceptional, mobile-first customer experience,” said Sergey Donskikh, head of Customer Experience at Skyro. “The challenge was balancing robust identity verification with low customer dropoff rates. Partnering with Advance.AI, we created a simple, fast, and safe customer onboarding journey, which has been key to our rapid growth, minimizing fraud risk and building customer trust.”
Skyro plans to triple its customer base in 2024 through further expansion and new product launches.
“We are excited to support Skyro in building inclusive and trusted digital financial products,” said Mike Calma, country manager in the Philippines at Advance.AI. “Our technology streamlines the customer registration process and addresses the threat of identity fraud and AI-generated content by malicious actors.”