AND Solutions & AEON Thana Sinsap partner on loan processing

AND Solutions has announced an agreement with AEON Thana Sinsap to provide software solutions intended to streamline loan applications. The fintech company, a subsidiary of AND Global, will supply AEON Thana Sinsap with its credit scoring solutions and intelligent document processing platform named mindox.

According to the agreement, AEON Thana Sinsap, which offers financial services including credit cards, loans, and hire purchases, will integrate mindox and advanced credit scoring tools to better assess applicants' income levels and reduce processing times. The partnership aims to optimise workload and enhance the efficiency of loan processing for the Thailand-based company.

The intelligent document processing system and credit scoring solutions will specifically be used for AEON Thana Sinsap's smaller ticket cash loan products. This collaboration forms part of the company's broader loan origination system (LOS) implementation project. With these advanced systems, AEON Thana Sinsap expects to significantly decrease manual work associated with loan origination steps. Additionally, the system will enable the company to launch new loan products swiftly, supported by new loan origination procedures.

Baasandorj Davaasuren, Business Owner of mindox, expressed his enthusiasm for the collaboration. "We are delighted to provide our software to AEON Thana Sinsap," he said. "By streamlining their loan applications, I believe our solutions have the potential to facilitate access to financial services and boost digital transformation in the sector. This agreement puts AND Global one step closer to meeting our ultimate goal of increasing financial inclusion across Southeast Asia."

Toshiya Shimakata, Managing Director of AEON Thana Sinsap (Thailand), highlighted the anticipated benefits of the new credit scoring system. "I expect that by introducing the credit scoring system developed by AND Solutions, we can reduce the credit evaluation time from the current one hour per person to just five minutes," Shimakata stated. "We plan to first introduce this credit scoring system in some stores on a pilot basis, with the goal of full-scale implementation by May next year."

The agreement takes place against the backdrop of a high percentage of unbanked and underbanked adults in Thailand. CredoLab reports that up to 63 percent of adults in the country fall into these categories. Recently, the Bank of Thailand (BOT) has issued guidelines facilitating digital lending, including peer-to-peer lending, by relaxing traditional requirements such as proof of income. The platforms powered by AND Solutions aim to contribute to the rise of fintech in Thailand and bolster financial inclusion by expanding access to financial services.

AND Global, founded in 2016, focuses on promoting financial inclusion and technological capabilities across Southeast Asia. The company operates through 13 subsidiaries and employs 250 individuals across offices in Mongolia, Japan, Singapore, the Philippines, and Thailand. It has received over 111 international and national awards for its contributions to the fintech sector.

AEON Thana Sinsap provides diverse retail finance services both in Thailand and internationally. The company operates through various business segments and boasts 101 branches nationwide. It also has 11 AEON Lounge locations to enhance convenience for customers holding AEON Gold and platinum cards, along with a network of 6,328 active dealers and 389 ATMs located in Bangkok and other provincial areas.