Cebuana Lhuillier has partnered with Element Inc. to provide electronic Know-Your-Customer (eKYC) services to all Filipinos, enabling online registration for digital financial products.
With its initiatives in the electronic money ecosystem, Cebuana Lhuillier has made leaps and bounds towards the improvement of financial inclusion in the Philippines.
“We are steadfast in our commitment to provide the right financial services to the local communities. 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,” Cebuana Lhuillier president and CEO Jean Henri Lhuillier said.
The partnership of Cebuana Lhuillier 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, enabling a fully digital and mobile-first experience that cuts the processing time to minutes from the prior cycle of three to five days of manual validation and verification.
Element president and CEO Adam Perold said the 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.
“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 on this vision together,” Perold said.
Element is a privacy-led, modern artificial intelligence (AI) pioneer in digital identity services, while Cebuana Lhuillier is the largest micro financial services provider in the Philippines with 30 million customers and over 3,000 branches.