Alternative credit scoring company FinScore has partnered with Experian to drive financial inclusion in the Philippines.

The collaboration will utilise Experian PowerScore to deliver alternative credit scoring services.

The services are expected to help financial institutions in scoring the unbanked population and accordingly provide them with relevant banking products. The technology will also lead to better assessment and help in reducing loan defaults.

FinScore founder and CEO Diana Krumova said: “At FinScore, we are 100% committed to uplifting financial inclusion in the Philippines. To achieve that, not only do we continuously leverage and improve our own alternative credit scoring solutions, but we also collaborate with both reputable and emerging names from various industries who share the same goal.

“FinScore and Experian have exhibited rapid growth in their respective expertise and markets.

“We have over seven years of experience in serving the Southeast Asian market. On the other hand, Experian has a notable track record in creating process and global presence.

“Experian PowerScore is the product of FinScore and Experian’s dynamic synergy. The launch of this partnership is a feat that banks, financial institutions, and lending companies in the Philippines will be excited about.”

As a fintech firm, FinScore offers a credit scoring platform and fraud detection tool which uses alternative data sources such as telco data.

Last month, Philippine neobank Tonik partnered with FinScore to boost digital banking in the country.