Welcome Bank Links up With FinScore for Alternative Credit Scoringby Fintech Philippines September 14, 2021
Philippines-based alternative credit scoring provider FinScore has partnered with Welcome Bank (Rural Bank), one of the subsidiaries of Korea’s Welcome Financial Group.
The partnership will enable Welcome Bank to integrate FinScore’s predictive credit scores into it credit risk models.
FinScore’s solutions are based on over four hundred telco variables such as voice usage, top-up patterns, duration of calls, SIM card age, location, and more.
Moreover, Welcome Bank will also integrate FinScore’s fraud prevention solutions such as geo-location and other fraud tools through a standard API.
Welcome Financial Group currently operates the fourth-largest savings bank in assets and 12 other subsidiaries in various financial sectors in Korea.
The bank is actively applying its banking operations know-how in Korea to the Philippines and has established two branches located in Pasig City and Alabang, Muntinlupa City.
Christo Georgiev, Country Manager at FinScore said,
“The FinScore team is delighted to be working with Welcome Bank (Rural Bank), Inc. with our suite of Telco Data Credit Scoring and Fraud Prevention Tools.
In this partnership, we are optimistic that Welcome Bank (Rural Bank), Inc will be able to achieve a vast market reach despite being new in the Philippine market while ensuring lower default and higher approval rates.”