FinScore Inks Partnership With UnionBank for Data-Driven Credit Scoringby Fintech News Philippines January 12, 2021
UnionBank has signed a partnership agreement with FinScore, an alternative credit scoring company that is powered by telco data and advanced analytics, aiming to promote market efficiencies and expand the access of Filipinos to a broad range of financial services.
The collaboration comes amidst the immense demand for digital loans and financing due to the COVID-19 pandemic.
The partnership will enhance UnionBank’s credit decisions in several key products, including, but not limited to credit cards, quick loans, salary loans, POS loans, as well as enabling access to digital-first credit scoring solutions to its fully-owned subsidiaries.
FinScore said its scoring models have powered the telco credit scores of over 3.5 million Filipinos, leading to over $500 million in granted loans.
Christo Georgiev, Country Manager of FinScore, said,
‘’The FinScore team is both honored and excited to be working with UnionBank of the Philippines. Working arm in arm with the bank that is known to be the forerunner in banking and financial technology is a huge milestone for FinScore as we pursue our mission to help transform financial institutions of any size across the Philippines.’’
Manuel Santiago, Jr., Chief Mass Market and Financial Inclusion Executive of UnionBank said,
“We at UnionBank look forward to a fruitful partnership with FinScore, enabling us to lend to even more Filipinos through digital-first credit scoring solutions. This is a critical step forward towards our greater purpose to uplift lives and enable inclusive prosperity by extending banking and financial services to the mass market and the unbanked.”
In the same year, FinScore also sealed a partnership with UnionBank’s fintech arm UBX. i2i to offer a credit scoring portal for rural banks and financial service providers powered by the former to fast-track and enhance loan underwriting process.
Featured image credit: image from UnionBank and FinScore