Globally, almost 50% of adults have no access to banking-type services of any description. The lack of access to basic financial services has created major barriers for people to overcome poverty by making it almost impossible for individuals and businesses to borrow or save money.

In the new issue of “Money Of The Future” annual fintech report, we can see that partnership between Baidu and ZestFinance is just one of several provincial-level or private pilot programs in China’s push to develop a nationwide social credit system. The current implementations are currently unconnected, but may ultimately be combined under government leadership.

In a country like the Philippines where geography plays a huge role in the adoption of solutions, JuanCredit will make use of a network of partners like bills payment companies, pawnshops, convenience stores, and even drug stores that are scattered over the archipelago.

Bayad Center, the largest payment company in the country, has already partnered with Ayannah to provide JuanCredit access to its 7 million transactions per month and a historical payment database of close to a billion transactions by more than 10 million unique customers accumulated over the past ten years. Ayannah will combine Bayad Center’s bills payment data with data from prepaid mobile top ups, remittance transactions, insurance premiums, and social media profile to create an accurate pattern of an unbanked person’s financial behavior.

Financial technology entrepreneur Mikko Perez of Ayannah and cacao producer Simon Bakker of Kennemer became the 9th and 10th Philippine-based high-impact entrepreneurs during Endeavor’s 69th International Selection Panel held in Kuala Lumpur, Malaysia from February 20 to 22, 2017.