ADVANCE.AI , a provider of digital identity verification has signed an agreement with the CIC to become the newest credit bureau in the Philippines. More details about the collaboration ADVANCE.AI is scheduled to start operations in the fourth quarter of 2024.

The new credit bureau will primarily cater to fintechs, digital banks, thrift banks, and other key players in the Philippine financial ecosystem. These entities play an important role in promoting financial inclusion and driving innovation within the country's financial landscape. The agreement was finalised following the Philippines' state-owned Credit Information Corporation (CIC) granting ADVANCE.AI a Special Accessing Entity (SAE) licence earlier, in 2024.

This licence was awarded after a competitive, month-long process that began in September 2023. Throughout this process, the CIC Technical Working Group reviewed applicants' submissions. They evaluated each applicant's financial capabilities, technical proficiency, and credibility to guarantee compliance with the stringent criteria necessary to function as an SAE.

CIC officials stated that they want to create a more inclusive financial ecosystem by improving credit reporting and scoring services. Their goal is to increase competition and provide a wide range of credit data access for both lenders and borrowers. This initiative also aims to promote financial inclusion by encouraging non-bank lenders to use their services and by helping MSMEs and individual borrowers access credit reports directly.

Additionally, ADVANCE.AI representatives declared that the company has a valid track record of offering customised products and services that cater to the specific requirements of the Philippine market. The new bureau meets the demands of fintech companies, digital banks, and the digital economy. It will also work to improve lending decisions and promote financial inclusion throughout the country.

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