Mobile financial service provider Trust Axiata Pay (Tap) and Dana Fintech, an embedded finance and credit scoring platform, have announced a partnership to offer loyalty programmes, buy now, pay later (BNPL) and digital lending to underserved consumers and small and medium-sized enterprises (SMEs).
The partnership is set to facilitate end-to-end embedded financial services for micro and small enterprises and underserved consumers through lending partners.
Both companies will also enable partner banks and MFIs to extend salary advances, SME digital lending, and BNPL facility to Tap users.
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Dewan Nazmul Hasan, acting chief executive officer of Tap, said this partnership will be "a breakthrough in improving the creditworthiness of individuals and SMEs since the combination of Dana's embedded scoring and lending platform and Tap's high-productivity MFS infrastructure will enable partner lenders to extend digital lending to Tap users and agents."
Gazi Yar Mohammed, co-founder and CEO of Dana, said, "By partnering with Tap, we are expanding our lending operating system to offer a seamless financial wellness platform to Tap users and API driven business acquisition and lending platform to our partner banks and MFIs."