Advance.AI, a provider of digital identity verification and risk management solutions, has partnered with the Credit Information Corp. (CIC) to establish a new credit bureau in the Philippines.
Set to begin operations in the fourth quarter of 2024, the credit bureau aims to serve fintech, digital banks, and thrift banks in promoting financial inclusion within the country.
“We are looking forward to creating a more inclusive financial ecosystem to develop better credit reporting and credit scoring services, as well as increase competition and innovation of more diverse and robust credit data access to benefit both lenders and borrowers,” said Ben Joshua Baltazar, president and CEO, CIC.
He noted that the initiative aligns with CIC’s financial inclusion goals by encouraging non-bank lenders to access these services and providing micro, small, and medium enterprises (MSMEs) and individual borrowers direct access to their credit reports.
Financial inclusion
The agreement comes after CIC granted Advance.AI a Special Accessing Entity (SAE) license, following a competitive tender process in September 2023. The CIC Technical Working Group evaluated applicants based on their financial resources, technical expertise, and reputation.
Dennis Martin, with 25 years of experience in the credit reporting industry, will lead Advance.AI’s credit bureau business in the Philippines. Martin expressed confidence in the partnership, highlighting Advance.AI’s commitment to supporting the country’s financial sector.
“This collaboration is a pivotal moment in advancing financial inclusion in the Philippines,” said Lito Camacho, former Secretary of Finance for the Philippines.
Camacho added that the partnership would drive innovation and transparency, contributing to a more equitable financial ecosystem.
The new credit bureau hopes to help Filipinos make more informed lending decisions and foster greater competition and innovation in the Philippine financial market.