The Social Security System (SSS) said July 10 that it has signed a memorandum of understanding (MOU) and non-disclosure agreement with Standard Economics recently to support the development and implementation of the SSS Micro Loan Program.
Also known as the SSS LoanLite, the proposed digital microloan facility is designed to provide members with faster, safer, and more affordable access to short-term financial assistance.
The initiative is intended to help SSS members access financial support with greater speed, security, and convenience, while strengthening the infrastructure used to assess, distribute, and service financial assistance at scale.
SSS president and chief executive officer Robert Joseph de Claro and Standard Economics president and CEO Evan Stanley Jones inked the MOU to formalize the partnership and leverage the company’s Economic Superintelligence platform.
“Standard Economics is honored to support SSS in its mission to serve Filipino workers and their families,” Evan said.
“Our goal is to provide modern financial infrastructure that helps institutions deliver support faster, safer, and more efficiently. We believe every day, people deserve access to financial products that are trusted, high quality, and built around their needs,” he added.
Standard Economics’ Economic Superintelligence platform combines secure financial infrastructure with advanced intelligence systems for identity, AI risk assessment, AI underwriting, payments, AI fraud prevention, and data security. The platform is designed to help governments and institutions move, allocate, and manage money at population scale while improving the member experience.
De Claro thanked Standard Economics for partnering with SSS to fulfill its mission of serving the Filipino people.
“Your organization may be relatively new to the industry, but it shows a great promise through its innovations that enable faster loan disbursement, lower transaction costs, greater financial inclusion, automated processes and real-time monitoring,” he said. “By leveraging blockchain technology and digital payments, you have the potential to be a true game changer.”
He noted that the partnership supports President Ferdinand Marcos Jr.’s vision of positioning the Philippines as open for business in terms of investments, further reinforced by the country’s recent classification by the World Bank as an upper middle-income economy.
He also highlighted the vision of Finance secretary and Social Security Commission chairperson Frederick Go of using technology to deliver faster services with lower fees for loan borrowers, adding that he is proud that, through SSS’ partnership with Standard Economics, the institution will leverage AI to strengthen security controls and improve advanced audit capabilities in support of the LoanLite Program.
Standard Economics said the Philippines is an important market for its broader mission of expanding access to modern financial services. The company is building financial infrastructure to give everyday people a pathway to economic security, open participation in the modern economy, and long-term wealth creation. ||
