Singapore’s UOB has become the latest bank in Asia to try to harness the runaway success of Chinese fintech players. In April, it announced a new business called Avatec, a joint venture between UOB and China’s Pintec Technology Holdings. It aims to combine the bank’s skills in southeast Asia with the Chinese partner’s proven ability in big data.
The region has 600 million people, of whom only 27% hold a bank account, according to KPMG. In particular, access to credit is problematic, and this is where the joint venture expects to fill a gap: by developing more efficient and accurate ways of assessing the credit quality of potential customers.
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