Frankfurt-listed fintech MyBucks and UK-based FinTech company Bibimoney Global have announced a joint venture strategically aimed at increasing reach and improving competitiveness in the microloan market through the SIM-skin technology.

SIM-skins are hardware developed and owned by Bibimoney which consist of a thin plastic membrane that can be attached to any mobile phone SIM card.

Once the SIM-skin is attached to the SIM card, it enables the Bibimoney application to function on any mobile device (both smart and feature phones) and includes an interoperable mobile wallet, on which the customer will be able to receive and deposit funds.

The mobile wallet has full transactional capabilities, such as P2P payments, bill pay, merchant payments, cash-out and will also include functionality to apply for, obtain and repay microloans, amongst other financial products.

As part of thhe joint venture, MyBucks will credit-score any mobile wallet user applying for a micro or nano loan and will also embed into the mobile wallets other accessible value-added financial products and services.

In addition, the relevant MyBucks subsidiary for each market will ensure that all regulatory requirements are met and that mobile wallet users can access the full product offering of MyBucks, on demand.

Meanwhile, Bibimoney will provide the interoperable SIM-Skin and its supporting technological infrastructure, which will be accessible from any mobile phone on any mobile network in every country.

MyBucks and Bibimoney will fund the microloans originated using the Bibimoney SIM-skin technology and the MyBucks artificial intelligence-based credit scoring technology. The two companies will then share the profits obtained from the initiative.

MyBucks, through internally developed AI and machine learning, has a technology stack that is able to make fast and accurate credit decisions, while facilitating the loan process in real-time. The entire business value chain is supported by smart technology, providing MyBucks’ subsidiaries with the ability to access lucrative markets and customers that have historically been underserved or ignored by traditional lenders.

MyBucks executive chairman Dave Van Niekerk says the partnership is a strategic move. “MyBucks has built its business across three continents by providing reliable and smart technology-driven financial solutions. Bibimoney’s SIM-Skin brings more patented technology into the mix. Through our partnership and by leveraging our companies’ networks and infrastructure, will enable us to provide even more attractive and competitive products to the market.”

Bibimoney CEO Shiraz Jessa agrees: “Like us, MyBucks is an innovative FinTech company, and we believe our unique and powerful technology will enable both partners to enjoy significant returns as we provide a highly competitive service. At the same time our interoperable mobile wallet platform will help expand financial inclusion and open a much wider market for both organisations.”