CIBI Information Inc., a credit bureau based in the Philippines, has signed a memorandum of understanding with Korea’s JB Financial Group and NICE Information Service to link credit information between the two countries.
The partnership allows Filipinos in Korea and Koreans in the Philippines to use their credit records from their home countries to access financial services abroad. The agreement was signed in Seoul, Korea.
“By providing access to essential solutions like credit and background reference checks, we are enhancing and supporting cross-border financial access and empowerment of both Filipino and Korean nationals,” said Pia Arellano, president and CEO of CIBI Information Inc.
This agreement aims to ease access to financial services for both communities by improving the way credit data is shared across borders. With this system in place, individuals can better manage their finances even when living abroad.
Bridging the credit information gap
NICE Information Service is Korea’s largest credit data company, offering financial records on both individuals and businesses. Its system supports informed decision-making by financial institutions. JB Financial Group is a banking and financial services firm that focuses on serving both businesses and individuals. Both firms aim to improve access to financial services on a global scale.
“As we begin this promising collaboration with JB Financial Group and NICE Information Service, CIBI remains committed to empowering individuals and communities through financial inclusion,” said Arellano. “By bridging the credit information gap and providing access to essential credit services like MyScore and Negative Records, we are not just enhancing cross-border financial access but also driving greater economic opportunities for both Filipino and Korean nationals.”
The agreement is expected to help more people access loans and banking products, contributing to wider economic participation.