Thai technology-driven auto leasing company Next Capital Public Company (Next Capital) has partnered with innovative global fintech Mambu, to launch a new suite of innovative lending products on Mambu’s SaaS cloud-native core banking and lending platform in just four months, enabling Next Capital to transform into a next-generation full-service digital lender.
What does the partnership mean for Next Capital?
Punnamas Vichitkulwongsa, CEO of Next Capital, commented: “At Next Capital, our mission is to become the trusted financial services partner for the underbanked. Innovations and technology are the key part to enabling our core strategy to create products and services that best meet our client needs and create sustainable meaningful competitive advantages.”
“As we look to expand our services beyond vehicle hire purchase loans for individuals and SMEs to become a digitally enabled, full-service lender, it is imperative that our technology foundation is flexible and scalable so we can respond accordingly as our business evolves.”
Chaiwit Laohawaleesan, Head of Technology at Next Capital said: “We selected Mambu’s cloud-native platform to launch our innovative lending products, starting from automobile title loans, as we needed a solution that could scale efficiently as our business grows.”
“We were impressed at the speed that Mambu could execute the implementation and we are excited at the possibilities that having Mambu at our core will mean in terms of delivering customer-centric lending solutions to our clients. We are also grateful for Mambu’s dedicated and professional team who ensured the project ran smoothly and without any issues.”
What does the partnership mean for Mambu?
David Brady, Sales Director SEA at Mambu, said: “It has been incredibly rewarding for Mambu to work with Next Capital on this project, with our two companies sharing a passion for leveraging next-gen tech to create more accessible financial solutions for Thai consumers.”
“Launching the new service within four months of kick-off is a clear indicator of our successful and synergistic relationship, and we are very proud of the outcome of this partnership.”
Next Capital went live on Mambu’s cloud banking and lending platform in just four months, without the need to bring in a third-party System Integrator. Mambu’s platform provides the Loan Management System while the Loan Origination Application and entire system design and integration efforts are handled by Next Capital’s capable in-house technology team.
Leveraging Mambu’s API-first platform will also enable Next Capital to connect with other tech vendors to offer new products and services as consumer demands dictate. Mambu has a growing in-country presence in Thailand and has recently appointed Country Manager, Thailand, Woratep Yunyongku and Regional Partner Manager for Thailand, Wiwat Masuchun.
What is the wider industry context of this partnership?
The State of the Digital Lending Industry
The digital lending industry is growing rapidly. In 2022, the global digital lending market was valued at $12.6 billion and is projected to reach $71.8 billion by 2032. This growth is being driven by a number of factors, including the increasing adoption of online financial services, the growing demand for quick and convenient access to funds, and the rise of FinTech companies that are using technology to disrupt the traditional lending market.
There are a number of different types of digital lending platforms. Some platforms offer short-term loans, such as payday loans and installment loans. Others offer longer-term loans, such as personal loans and mortgages. Still others offer business loans.
Digital lending platforms offer a number of advantages over traditional lending methods. They are typically faster and more convenient for borrowers. They also offer more transparency and flexibility. For example, borrowers can often see their interest rates and fees upfront, and they can often repay their loans early without penalty.
However, there are also some risks associated with digital lending. Borrowers should carefully compare the terms of different loans before they apply. They should also make sure that they can afford to repay the loan before they sign the dotted line.
The digital lending industry is still in its early stages, but it is growing rapidly. This growth is likely to continue in the years to come. As the industry matures, it is likely to become more competitive. This will benefit borrowers, who will have more choices and better terms available to them.
The Future of Digital Lending
The future of digital lending is bright. The industry is poised for continued growth in the years to come. This growth will be driven by a number of factors, including:
- The increasing adoption of online financial services.
- The growing demand for quick and convenient access to funds.
- The rise of FinTech companies that are using technology to disrupt the traditional lending market.
As the digital lending industry grows, it is likely to become more competitive. This will benefit borrowers, who will have more choices and better terms available to them.
Here are some of the trends that are likely to shape the future of digital lending:
- The rise of open banking. Open banking is a new financial technology that allows banks and other financial institutions to share customer data with third-party companies. This data can be used to assess borrowers’ creditworthiness and make lending decisions more quickly and accurately.
- The use of artificial intelligence (AI). AI is being used in a variety of ways to improve the digital lending process. For example, AI can be used to automate tasks, such as underwriting loans, and to identify potential fraud.
- The growth of peer-to-peer lending (P2P lending). P2P lending is a type of digital lending where borrowers and lenders connect directly with each other, without the need for a financial institution. P2P lending is growing rapidly, and it is expected to continue to grow in the years to come.
The digital lending industry is a rapidly growing and evolving industry. The trends that I have mentioned are just a few of the things that are likely to shape the future of this industry.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3. Since joining Upwork in 2012 (back when it was still eLance), Gerald A. has delivered great results for hundreds of clients, maintaining a 98% Job Success rate as well as 5+ years of Top Rated Plus rating (and Premium Writers Talent Cloud membership). Book a meeting with Gerald A. today to get the powerful SEO content you need!