Minterest Group Launches Consumer Financing Tool
Singapore headquartered fintech group, Minterest Group announced the official launch of its online consumer financing platform that targets individuals who work in the gig economy.
Selected and regulated by the Ministry of Law to pilot new consumer lending practices in Singapore, QianNow (now known as Minterest Money) utilises proprietary credit scoring and algorithm to instantly assess the creditworthiness of each individual based on a combination of traditional data as well as non-traditional data such as bank transactions, psychometrics and even one’s social networks.
“With the rise of the gig economy, many may find it difficult to take up loans at banks as a result of failing to have a steady stream of income. Our digitalised credit scoring algorithm utilises a comprehensive set of data to assess the creditworthiness of an individual. This, as a result, can lower the overall financing cost to him or her by as much as 50 percent of the current bank credit card financing rates” Charis Liau, Co-founder, Minterest Group, said.
Growing Gig Economy
Officially launched on 1 June 2019, the platform targets individuals who work in the gig economy. In Singapore, the gig economy is larger than what one might anticipate.
According to the Ministry of Manpower’s 2016 survey, Singapore has about 200,000 freelance workers and they make up 10 percent of the workforce population. Research shows that 49 percent of workers in full time employment are interested in participating in the gig economy. The benefits of increased flexibility and having greater autonomy over one’s lifestyle is expected to attract more Singaporeans into such jobs in the future.
The article was contributed by finews.asia.