Two up and coming names in the FinTech industry have partnered to make inclusive credit scoring and data driven insights available even for the unbanked populations of Vietnam and The Philippines. Credify, who develops enterprise solutions aimed at assisting emerging economies into the digital age through secure, user-centric technological innovations in digital identity and trust systems for online finance and commerce, has successfully partnered with FinScore, an alternative credit scoring company in the Philippines that uses proprietary Artificial Intelligence and Machine Learning technology in its predictive models to help financial institutions reduce defaults, increase approval rates, and combat fraud.
Credify’s idX technology allows companies active in digital economies, like banking, insurance and e-commerce, to offer their users a portable digital identity passport, giving them full control over their personal data and the ability to use their data for easier access to online services. Credify’s serviceX technology helps enterprises more efficiently and effectively acquire new users through highly relevant cross-service offers based on anonymous insights into their data. Credify’s technology is being paired with a highly predictive credit scoring technology, powered by FinScore to create a more insightful look at the borrowers’ credibility and creditworthiness in Vietnam and The Philippines. Finscore’s alternative credit scoring services and solutions will be offered within the Credify ecosystem to the local banking, finance, and insurance companies in the Vietnamese market. Furthermore, the two companies plan to roll out the same solution stack into the Philippines market at a later date.
FinScore’s Telco Data Credit Scoring and Fraud Flagging is a credit scoring solution that is based on over four hundred (400) Telco variables such as mobile data and voice usage, top-up patterns, duration of calls, SIM card age, location, and many more. Derived by the most advanced Machine Learning algorithms, the Telco Score has high predictive power, offering a unique data source. The technology can be easily integrated via ACE Web-based Portal or API integration.
Credify’s Chief Executive Officer, Makoto Tominaga, said: “FinScore’s credit scoring and advanced analytic capabilities are a perfect complement to Credify’s suite of self-sovereign identity and trust enhancing technologies. We look forward to working closely with the FinScore team to develop the markets in SouthEast Asia as we share a mutual goal of bringing fairer credit systems and personal data empowerment to the underserved peoples of these nations“.
FinScore’s Country Manager and Chief Strategy Officer, Christo Georgiev, said: ‘’FinScore’s mission is to provide an innovative scoring solution, becoming an instrument in promoting financial inclusion in emerging markets. Having access to credit should be a financial right for all. Alternative credit scores have become more relevant in economies where the unbanked or underbanked population is relatively large. We are delighted to partner with Credify to help empower the ever-growing needs of banks, financial institutions, and credit bureaus with fast and reliable credit score decisions’’.
For less than two years of operations, FinScore partners with over 15 Financial Institutions and banks in The Philippines, and has delivered more than 3.5 million credit scores, leading to over $500 million in granted loans.