Trusting Social Philippines, a leader in AI-powered credit risk and identity solutions, and Ecofinance, a rapidly expanding fintech operating under the consumer brand Honey Loan, announced a strategic partnership to enhance the security and accessibility of financial services for millions of Filipinos.
Ecofinance will integrate Trusting Social’s proprietary AI technology, including its full know your customer (KYC) and fraud prevention stack, to safeguard its digital lending platform.
The technology features advanced AI-driven facial recognition, cross-ID verification, and real-time fraud detection. This move aims to protect Ecofinance’s seamless customer experience against sophisticated digital threats such as phishing, SIM-swapping, and deepfakes.
The partnership directly addresses the Philippines’ growing digital security challenges. The nation currently faces a digital fraud rate nearly 150 percent higher than the global average, with identity fraud surging by 121 percent in 2024.
“For us, inclusive lending needs to go hand in hand with secure lending. We view our partnership with Trusting Social not as compliance but as a critical investment in protecting our customers,” said Kirill Kalashnikov, general manager of Ecofinance Philippines.
