Lenddo, the Singaporean-based leading provider of credit scoring and identity verification using nontraditional data, and CRIF, the leading provider of banking credit information with a new credit bureau license in the Philippines, today has announced a partnership to bring an alternative credit scoring platform to lenders in the Philippines. The solution focuses on expanding Lenddo’s suites of services to rural banks, savings banks and micro-finance institutions (MFIs), potentially allowing millions of qualified customers with thin or no formal credit history to access the credit market.
“One critical component is for financial institutions to have access to more information from which credit decisions can be made”, said Mark Mackenzie, Sales Director of Lenddo for the Asia-Pacific region. “The use of digital data sources combined with advanced machine learning algorithms provides a unique opportunity for the underserved yet creditworthy population to have access to credit for the first time.”
“Lenders use CRIF services to make informed decisions based on the creditworthiness of potential borrowers. In this regard, the partnership with Lenddo will help us serve our clients even in areas not fully covered by traditional and reliable credit information”, said Simone Colombara, Managing Director of CRIF Philippines. In a country where smartphone penetration is expected to jump from 40% to 70% in the next three years, we believe that a new credit decision tool would be beneficial to small banks and MFIs in order to reach the underserved segment of the population as well as promote financial inclusion.”
Through Lenddo’s partnership with CRIF, small and medium sized financial institutions will have access to a world-class credit decision tool that uses the latest data approaches to unlock new segments, helping them build profitable, healthier loan portfolios more efficiently and cost-effectively.
