CIMB Bank Philippines has teamed up with Singaporean fintech firm CredoLab to serve Filipinos with thin credit files.
Under the partnership, the bank will leverage CredoLab’s white label mobile app called CredoApp to score applicants even if their creditworthiness is insignificant.
In order to get an insight into applicants’ repayment behaviour and creditworthiness, CredoApp assesses around 500,000 features from smartphone metadata to find the most predictive behavioural patterns.
Through CredoLab, those living in the Philippines can apply for a maximum of PHP1,000,000 ($19,298.5) in personal loan and receive in-principle approvals in 10 minutes.
CredoLab CEO and co-founder Peter Barcak said: “We are delighted that through our plug and play solution that complements and boosts their existing processes, we are powering CIMB Bank Philippines’ latest efforts in driving financial inclusion by providing credit to those who lack a traditional credit background.”
Within two weeks of the launch, the alliance is said to have gained more than 1,000 clients.
CIMB Bank Philippines CEO Vijay Manoharan said: “With CredoLab, we are now focusing on making our application and underwriting process more efficient so that we can extend credit to a broader market without compromising on our cost of risk.
“In this way, we can further drive financial inclusion by enabling more Filipinos access to formal credit lending facilities efficiently.”