Singapore-based personal finance comparison website GoBear has introduced a smartphone app called Easy Apply in collaboration with alternative credit scoring provider CredoLab.
The new credit app is designed to enable banks and other financial institutions provide credit services to more than 110 million underbanked people living in the emerging Southeast Asian markets of Indonesia, Philippines, Thailand and Vietnam.
GoBear CEO Adrian Chng said: “There is a massive market opportunity here in Southeast Asia to continue improving financial inclusion by constantly innovating solutions.
“Our partnership with CredoLab will bridge the divide between the underbanked and financial institutions by giving both parties access to the right technology at the right moment to create better outcomes.”
Easy Apply leverages CredoLab’s AI-based proprietary algorithms to procure and assess data points from applicants’ smartphones.
Subsequently, these anonymised ‘digital footprints’ are transformed into predictive credit scorecards.
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The system is said to offer applicants across all social strata including the underbanked greater access to conventional financial services such as loans and credit cards while restricting associated risks.
All GoBear users can install the Easy Apply app to generate their predictive digital scorecards.
Initially, the credit app will work in the credit cards segment and will gradually extend to personal loans, insurance products and other lines of credit.
CredoLab co-founder and CEO Peter Barcak added: “We are excited to be partnering with GoBear to help banks profitably serve their customers including the underbanked.”