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Banks in Asia are using customers’ smartphone data points, like how often they drain their battery, to determine whether or not they’re eligible for a loan.
While this may sound like an unusual criteria for qualification, Singapore-based startup Lenddo thinks it can help people without traditional credit history borrow money.
Lenddo chairman and founder Jeff Stewart said the company is already helping dozens of banks analyze data from millions of smartphones globally. He declined to name them, citing stipulations of their business agreements.