Nasim Aliev shares how Skyro acknowledges challenges and builds a foundation to foster market growth
The Philippine fintech sector confronts significant hurdles that hinder its advancement, grappling with challenges such as the absence of a centralized database, reliance on outdated technology, and various industry-specific barriers. These issues were brought to light by Nasim Aliev, co-founder and co-CEO of Skyro, a rapidly growing fintech provider in the Philippines, during the FiNext Conference in Dubai on February 28, 2024.
Nasim highlighted the complexity caused by the existence of over 20 different types of Philippine IDs, each serving distinct purposes, which obstructs Filipinos’ access to urgently needed financial services. “This presents a major challenge for fintech businesses as it hampers cross-referencing of information and customer data verification, leading to increased reliance on biometric measures,” Nasim added.
To surmount this challenge and rapidly expand its services to over 500,000 customers by year-end, Skyro leverages advanced global technologies such as big data, generative AI, machine learning, and external data sources to generate scores facilitating access to financing. Coupled with sophisticated risk management models, this approach enables the brand to minimize risks and achieve a positive net present value (NPV).
Furthermore, Skyro is laying the foundation for a robust and precise credit scoring model by facilitating data exchange with external sources to address industry data challenges. Collaborating with partner companies, Skyro aims to foster a more sustainable fintech landscape in the country.
Despite these challenges, Nasim noted the numerous growth and innovation opportunities present in the Philippines’ fintech landscape. With half of the population aged 24 and below, Skyro anticipates increased demand for financial services among this demographic over the next decade, driven by career and wealth advancements.
Nasim also identified an untapped market for lending firms to serve the upper middle and affluent classes responsibly, bridging the gap between banks and loan sharks. He emphasized the importance of building consumer trust, citing Skyro’s regional penetration of 94% in the Philippines as evidence of its success.
Fostering a culture of empowerment within the company, Skyro prioritizes gathering authentic insights from Filipino colleagues to tailor solutions to the local culture. Nasim stressed the significance of data science, technology, testing, and evolution in understanding the market, driving change, and maximizing entrepreneurship.
Nasim concluded by referencing the Butterfly Effect, illustrating how Skyro’s modest beginnings and continuous efforts have positioned it for growth and profitability. He emphasized the company’s commitment to enhancing transparency, efficiency, and socio-economic development in the Philippines.
The FiNext Conference & Expo serves as a digital hub for the global financial sector, facilitating interactions and connections among tech start-ups, SMEs, investors, institutions, and other stakeholders. Skyro is a licensed fintech company supervised by the Securities and Exchange Commission (SEC). To learn more about Skyro’s digital financial products, visit its official website www.skyro.ph, and follow its official Facebook and Instagram accounts for updates on promos and offerings.
