State-owned Credit Information Corporation (CIC) has inked an agreement with ADVANCE.AI to establish a new credit bureau in the Philippines.
ADVANCE.AI, known for its expertise in digital identity verification, KYC/KYB, and risk management, is expected to begin operations in the fourth quarter of 2024.
The primary focus of this new credit bureau will be fintech companies, digital banks, and thrift banks, which play a key role in promoting financial inclusion and innovation within the Philippine financial landscape.
This development follows CIC’s earlier decision to grant ADVANCE.AI a Special Accessing Entity (SAE) license.
The license was awarded after a competitive tender process conducted by CIC in September 2023, where applicants were evaluated on their financial resources, technical capabilities, and industry reputation.
Dennis Martin, who brings 25 years of experience in the credit reporting industry, will lead ADVANCE.AI’s credit bureau operations in the Philippines.
Martin has previously held senior positions at CTOS Digital and Experian Southeast Asia.
ADVANCE.AI already serves a range of clients in the Philippines, including banks, multi-finance companies, and cooperative platforms.
The company also has a global client base that includes Standard Chartered, Shopee, CIMB, and Home Credit.
“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.
It also aligns with our financial inclusion mandate – encouraging non-bank lenders to avail of services from our SAEs, as well as enabling MSMEs and individual borrowers direct access to their credit reports,”
said Ben Joshua A. Baltazar, President and CEO of CIC.
“Having been established in the Philippines since 2019, ADVANCE.AI has a strong history of providing localised products and services tailored to the unique needs of the Philippine market.
This new bureau underscores our commitment to serving the needs of fintechs, digital banks and the digital economy in enhancing more informed lending decisions and financial inclusion across the country,”
said Martin.
