ADVANCE.CBP, a Special Accessing Entity (SAE) regulated by the Credit Information Corporation (CIC) in the Philippines, announced a new agreement with Korea Credit Bureau (KCB). KCB is a private credit bureau in South Korea, licensed by the Financial Services Commission (FSC).

The Memorandum of Understanding (MOU) was signed at the ADVANCE.CBP office. Ben Baltazar, President and CEO of Credit Information Corporation (CIC), was also in attendance.

This partnership aims to strengthen cross-border financial accessibility between Korea and the Philippines. It will establish an API-based credit information linkage system between the two countries.

Under the agreement, Overseas Filipino Workers (OFWs) residing in Korea will potentially be able to use their credit information from the Philippines, sourced from CIC data. This information will assist them in opening bank accounts and accessing financial services in Korea.

Similarly, Koreans wishing to use financial services in the Philippines may be able to leverage their Korean credit histories. The move aims to facilitate smoother financial transactions for citizens of both countries.

Jong Sup Hwang, CEO and Chairman of Korea Credit Bureau (KCB), noted that this partnership with ADVANCE.CBP represents a step towards individuals proving creditworthiness across borders. He added that it also supports greater financial access for both Korean and Filipino citizens.

Michelle Anne Chan, Country Manager of ADVANCE.CBP and ADVANCE.AI Philippines stated that she is proud of the collaboration.

“This partnership directly supports our mission to unlock greater financial inclusion for Filipinos abroad and Koreans in the Philippines, empowering them with trusted data to access the financial services they deserve,” she highlighted.

Featured image by ADVANCE.AI.