SINGAPORE, 5 March 2021 —
Singapore’s moneylending industry has continued to evolve alongside the nation’s digitalisation efforts, and Lending Bee has played an active role in supporting this transformation through data-driven and technology-enabled solutions.
In 2021, Lending Bee was awarded the SFA FinTech Certificate by the Singapore FinTech Association (SFA) as a Credit Assessment and Lending provider. Learn more about our SFA FinTech certification. This certification recognises Lending Bee’s role in pioneering the digitalisation of traditional moneylending processes within a regulated framework.
Leveraging more than 15 years of lending data from its parent company, Credit 21 Pte. Ltd., and supported by data analytics and artificial intelligence (AI), Lending Bee developed its proprietary Credit Worthiness System. This system analyses historical repayment behaviour, lending patterns and behavioural insights to support more structured and informed credit assessment.
The Credit Worthiness System assists licensed moneylenders in managing risk while evaluating unsecured personal loan applications. Applicants who demonstrate responsible repayment behaviour and a commitment to improving their financial standing may be assessed more favourably within a controlled and compliant lending framework.
For licensed moneylenders in Singapore, the adoption of this digital solution has contributed to improved risk management and greater operational efficiency, helping to reduce reliance on manual processes and legacy workflows.
“Licensed moneylenders have been faced with increased business costs. We recognised this as a key pain point for lenders, and by using technology together with our accumulated data, our solution helps lenders evaluate applications more effectively, make better loan decisions, reduce the cost of borrowing, and control operational costs,” said Kris Liu, Managing Director of Lending Bee.
Beyond its internal use, Lending Bee’s digital solution has also supported traditional moneylenders in beginning their digitalisation journeys, enabling them to establish more efficient and future-ready operations.
As personal loan application processes continue to shift towards paperless and digital transactions, benefits include shorter processing times, reduced administrative workload, and lower risk of human error, contributing to a more streamlined borrowing experience.
In 2019, Lending Bee was one of six firms selected by Singapore’s Ministry of Law to participate in a pilot programme exploring new digital business models for moneylending. The initiative aimed to protect borrowers by encouraging digitalised loan processes that improve efficiency and promote responsible lending practices.
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Through ongoing innovation and participation in industry initiatives, Lending Bee remains committed to raising standards within Singapore’s licensed moneylending sector and supporting the responsible use of technology in financial services.
About Lending Bee
In a volatile, uncertain, complex and ambiguous world, you can count on one thing – your partner in credit, Lending Bee. Just like an industrious bee, we are committed to helping each and every customer access credit – quickly, easily and seamlessly.
