Credit Information Corporation (CIC), ADVANCE.AI sign agreement to launch credit bureau in the Philippines
MANILA, 13 AUGUST 2024 – ADVANCE.AI, Southeast Asia’s leading provider of digital identity verification, KYC/KYB, and risk management solutions, has signed an agreement with the Credit Information Corporation (CIC) to become the newest credit bureau in the Philippines.
ADVANCE.AI is set to commence operations in the fourth quarter of 2024 with the primary target audience for the new credit bureau being fintechs, digital banks, thrift banks and digital banks. These entities are crucial in driving financial inclusion and innovation within the Philippine financial ecosystem.
The agreement was signed after the Philippines’ state-owned Credit Information Corporation (CIC), had earlier this year granted a Special Accessing Entity (SAE) licence to ADVANCE.AI after an open, month-long tender process initiated in September 2023. During this process, applicants’ submissions were rigorously evaluated by the CIC Technical Working Group. The group assessed each applicant’s financial resources, technical expertise, and reputation to ensure they meet the high standards required to operate as or form an SAE.
“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 CIC President and Chief Executive Officer Ben Joshua A. Baltazar.
ADVANCE.AI’s Philippine credit bureau business will be led by Dennis Martin, who has 25 years of experience in the credit reporting industry. Martin was previously Group CEO of CTOS Digital as well as managing director of Experian Southeast Asia.
“We are proud to have the support of CIC and play a pivotal role in advancing the credit information infrastructure in the Philippines. 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.
“ADVANCE.AI’s collaboration with CIC marks a pivotal moment in advancing financial inclusion in the Philippines. By combining cutting-edge technology with deep local expertise, ADVANCE.AI is committed to establishing a credit bureau that not only empowers lenders and borrowers but also drives innovation and transparency in the financial sector. This partnership is a significant step toward building a more equitable and inclusive financial ecosystem for all Filipinos,” said Lito Camacho, Former Secretary of Finance for the Philippines.
In the Philippines, ADVANCE.AI‘s clients range from Banks, to multifinance companies, to cooperative platforms including Skyro, Inception Technology, and Traxion Tech. Globally, ADVANCE.AI serves big customers such as Standard Chartered, Shopee, CIMB, and Home Credit