Identity verification provider ADVANCE.AI said it has signed an agreement with the state-owned Credit Information Corp. (CIC) to become the newest credit bureau in the Philippines.
In a statement on Tuesday, Aug. 13, ADVANCE.AI said the company plans to launch its operations in the fourth quarter of 2024, which mainly caters to fintechs, digital banks, thrift banks, and other financial institutions.
The agreement was signed after CIC had granted a Special Accessing Entity (SAE) license to ADVANCE.AI earlier this year, following a month-long tender process initiated in September 2023.
During this process, applicants' submissions were evaluated by the CIC Technical Working Group. The group assessed each applicant's financial resources, technical expertise, and reputation to ensure that they meet the high standards required to operate as 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,” CIC President and Chief Executive Officer Ben Joshua A. Baltazar said.
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,” he added.
ADVANCE.AI’s Philippines credit bureau business will be headed by Dennis Martin, who has 25 years of experience in the credit reporting industry. He was previously the Group CEO of CTOS Digital and the 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,” Martin said.
“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,” he added.
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.