BUSINESS TECH | Rural bank launches digital loan verification system
The companies announced the partnership in Manila, saying the platform combines electronic know-your-customer (eKYC) identity verification with e-signature technology to enable fully digital loan applications.
Financial technology firm Trusting Social Philippines and Welcome Bank (Rural Bank), Inc. launched an integrated electronic identity verification and digital signing system designed to speed up loan processing in the Philippine rural banking sector.
The companies announced the partnership on Feb. 23, 2026, in Manila, saying the platform combines electronic know-your-customer (eKYC) identity verification with e-signature technology to enable fully digital loan applications.
The integration allows borrowers to apply for personal, auto, or business loans through a smartphone without visiting a bank branch or completing physical paperwork. Applicants verify their identity by submitting a photo of a government ID and a selfie for liveness detection, after which documents can be signed electronically.
The system replaces the hybrid loan application process common in many banks, where applications begin online but still require manual verification, video calls with agents, or physical signatures before funds are released.
Suk Sub Shim, president of Welcome Bank (Rural Bank), Inc., said the new system is intended to make credit access faster and more accessible for borrowers outside major urban centers.
“No matter where you live, you deserve a bank that works fast for you,” Shim said. “We’re cutting out the paperwork because a dream is too important to keep waiting.”
The platform uses artificial intelligence tools developed by Trusting Social to automate identity verification and risk checks. The process runs continuously, allowing borrowers to complete applications at any time without scheduling a live video verification session.
Johnny Escaler, chief executive officer of Trusting Social Philippines, said reducing delays in loan approvals can help individuals and small businesses gain faster access to capital.
“Every delay in a loan application is a lost chance for a business to grow or a family to achieve a milestone,” Escaler said. “By streamlining the journey from identity to signature, we are helping Welcome Bank put power back into the hands of the borrower.”
The system also supports fraud prevention measures required by Philippine regulators. It incorporates automated verification tools and behavioral biometrics designed to detect risks such as identity spoofing or phishing.
The rollout aligns with requirements under the Anti-Financial Account Scamming Act (AFASA), which mandates stronger safeguards against fraudulent financial transactions.
The Bangko Sentral ng Pilipinas has set a June 30, 2026, deadline for financial institutions to deploy automated fraud management systems. Welcome Bank said the new integration allows it to meet those requirements several months ahead of the deadline.
Trusting Social is an Asia-based artificial intelligence and big data company that provides credit scoring, identity verification, and customer acquisition tools to financial institutions. The company says its systems have analyzed more than 1 billion customer profiles across Asia.
Welcome Bank (Rural Bank), Inc. is the Philippine arm of South Korea’s Welcome Financial Group, which operates multiple financial subsidiaries and manages approximately $3.6 billion in assets.
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