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Stock impact report

Ascend Money wants to finance the 10 million-plus Thais currently being ignored by traditional banks stuck in the past [Fortune]

General Electric Company (GE) 
Last general electric company earnings: 4/30 04:02 pm Check Earnings Report
US:NYSE Investor Relations: ge.com/investor-relations/overview
Company Research Source: Fortune
Tanyapong Thamavaranukupt, co-president of Thai fintech Ascend Money, sees spending patterns—like magazine subscriptions or mobile bills—as a signal of creditworthiness, particularly in markets like Southeast Asia which have both a large underbanked population and underdeveloped financial institutions. “We don't rely on traditional data to make our loan decisions,” he told Fortune. Instead, Ascend Money's lending service, Ascend Nano, relies on data from the company's digital wallet, a service used to store and transact money, and make payments. “We can see what types of transactions users make, where they use their money, the type of phone they're using,” he explains. That can build a risk profile of a customer that doesn't rely on traditional evidence, like financial statements, payslips, or a credit bureau assessment. Take a magazine subscription: Tanyapong suggests that a user who regularly reads a publication might be slightly more educated, and so may have a higher income–a Show less Read more
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