Experian has partnered with FinScore, the pioneer in delivering telco data credit scoring to the unbanked and underbanked populations in the Philippines.
Through this partnership and subsequent access to Experian’s global know-how, FinScore will intensify its focus on delivering alternative credit scoring to help financial institutions reduce high default rates and prevent fraudulent activity, whilst simultaneously bridging the financial inclusion gap for unbanked individuals in the country. Banks and financial institutions that utilise the joint technology will be able to score the unbanked population and gain access to more relevant financial products and services that they need.
The new-to-market telco scoring product, Experian PowerScore, is a collaboration by FinScore and Experian that leverages the combined capabilities of FinScore in the field of alternative data in the Philippines and Experian’s global expertise. This innovative solution utilises alternative data, integrated with cutting-edge behavioural analytics to facilitate financial institutions opening up access to unbanked and underbanked consumers.
Diana Krumova, Founder and CEO, FinScore, commented:
“At FinScore, we are 100 percent 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.”
Mohan Jayaraman, Managing Director, Southeast Asia & Regional Innovation, Experian Asia Pacific, commented:
“Social and economic progress in developing markets, especially in the coming years, will be driven by advancements in financial inclusion. Experian strongly believes that our risk assessment technology, and advanced analytics approach can address this opportunity and we remain deeply committed to the vision of progressing financial inclusion for the world’s underserved and underbanked populations. Our collaboration with FinScore across our alternative data suite of risk decisioning solutions brings together and leverages a next generation approach to risk assessment involving individuals who may have yet to participate in accessing formalised credit. Together with ecosystem partners, Experian is focused on empowering these unbanked and underbanked communities in their first steps to access credit,”
