Honest Bank is a financial services provider headquartered in Singapore, that is on a purpose-driven mission to help everyone in Southeast Asia have access to fair banking.
The problem
Due to its large population of over 400 million people, Southeast Asia is home to one of the world’s largest unbanked and under-banked regions. With less than 5% of the region’s population having access to credit, consumption of goods and services is constrained, while there is plenty of scope of expansion.
How Honest is approaching the problem
Honest is aiming to issue credit payment facilities to segments of the population that have traditionally never had access to financial services. With the use of alternative credit scoring, Honest will collect data points on unbanked individuals that would help produce a more fair assessment of their ability to borrow and repay, for consumption.
