Search results for Habit Factory
Finance
Big tech financial platforms tighten internal controls; banks compete for young customers
Internal controls for fintech financial platforms are being tightened as concerns grow that system failures in payments, transfers and top-ups could quickly harm consumers and erode trust. Financial authorities have urged big tech e-finance operators to build IT stability and internal control systems comparable to traditional financial firms, while also revising support tools such as the financial regulatory sandbox. Banks are also stepping up competition for young customers as a youth savings product draws strong early demand.
Finance
Habit Factory selected for SMEs ministry \'Unicorn Bridge\' programme
AI-based fintech company Habit Factory has been selected for the Ministry of SMEs and Startups\' Unicorn Bridge programme. The company was assessed as having growth potential for applying AI-based automated loan screening technology in the U.S. mortgage market, improving operational efficiency and customer experience. Its localisation of an AI standardisation and automation model proven in South Korea\'s insurance market was also cited as a key evaluation factor. Habit Factory said it cut average loan processing times from more than 45 days to 7 days.
Finance
Habit Factory reaches 256.1 billion won in cumulative loans four years after setting up U.S. unit
AI-based fintech Habit Factory said on Feb. 12 that cumulative lending through its U.S. home mortgage service Loaning.ai reached 256.1 billion won four years after establishing its U.S. unit. It said new loans in December totalled 22.2 billion won, up 234.9 percent from a year earlier. Using an exchange rate of 1,452 won per dollar, it said it executed about 116.5 billion won in loans last year and cut borrowers’ total interest costs versus average U.S. bank rates.