Imagine being an Overseas Filipino Worker (OFW) in South Korea, navigating the challenges of a new country while simultaneously trying to establish your financial footing. The struggle to open a bank account or secure a loan, simply because your Philippine credit history isn’t recognized, is a common hurdle. But a new, groundbreaking partnership is set to change that, ushering in an unprecedented era of cross-border financial accessibility.
Photo shows (from left) Michelle Anne Chan, Country Manager of ADVANCE.CBP and ADVANCE.AI; Dennis Martin, CEO of Advintel Inc; Jong Sup Hwang, CEO and Chairman of KCB; and Ben Baltazar, PCEO of Credit Information Corporation (CIC).
In a move set to revolutionize international finance, ADVANCE.CBP, a leading Special Accessing Entity (SAE) in the Philippines, has formally inked a Memorandum of Understanding (MOU) with Korea Credit Bureau (KCB), South Korea’s prominent private credit bureau. This landmark agreement, witnessed by Ben Baltazar, President and CEO of the Credit Information Corporation (CIC) in the Philippines, marks a pivotal moment for both nations.
The collaboration, solidified at ADVANCE.CBP’s Manila office, is more than just a piece of paper; it’s a commitment to building an API-based credit information linkage system between the two countries. Think of it as a digital bridge, allowing vital credit data to flow seamlessly and securely across borders.
Empowering global citizens with trusted data
The immediate impact of this partnership will be felt by the over 70,000 Overseas Filipino Workers (OFWs)currently residing in South Korea. For years, their diligent financial management back home has often gone unacknowledged abroad.
Now, armed with their Philippine credit information, sourced directly from the CIC, OFWs will find it significantly easier to open bank accounts and access essential financial services in Korea.
This isn’t just about convenience; it’s about empowerment, allowing them to fully participate in the Korean economy and build a more stable future.
A 2-way street: Empowering financial inclusion, cross-border prosperity
The benefits flow both ways. In the same spirit of reciprocity, Korean citizens wishing to leverage financial services in the Philippines will be able to utilize their Korean credit histories. This symmetrical exchange fosters a truly seamless financial environment, where individuals from both nations can conduct transactions with greater ease and security, bolstering economic ties and individual prosperity.
Ben Baltazar, PCEO of the Credit Information Corporation, hailed the initiative. “The CIC welcomes this groundbreaking initiative which reflects our shared vision of financial empowerment through data,” he stated. “Facilitating trusted credit information exchange between Korea and the Philippines opens new opportunities for our overseas workers and supports economic resilience in both countries.” His words underscore the profound potential for this partnership to enhance the lives of countless individuals and contribute to the economic vigor of both nations.
Jong Sup Hwang, CEO and Chairman of KCB, echoed this sentiment, emphasizing the global implications. “Through this strategic partnership with ADVANCE.CBP, we are taking an important step towards a future where individuals can prove their creditworthiness across borders,” he said. “We are excited to support greater financial access for both Korean and Filipino citizens, while setting new standards for regional cooperation in credit innovation.” This collaboration truly sets a benchmark for how countries can work together to foster financial inclusion on an international scale.
Michelle Anne Chan, Country Manager of ADVANCE.CBP and ADVANCE.AI Philippines, highlighted the core mission driving this endeavor. “We are proud to collaborate with KCB to establish one of the first cross-border credit linkage systems between Korea and the Philippines. This partnership directly supports our mission to unlock greater financial inclusion for Filipinos abroad and Koreans in the Philippines, empowering them with trusted data to access the financial services they deserve,” Chan explained. Her statement reinforces the commitment to leveraging technology for real-world impact.
ADVANCE.CBP: Powering digital trust
This significant step is a testament to the expertise and vision of ADVANCE.CBP.
As an accredited Special Accessing Entity (SAE) regulated by the Credit Information Corporation (CIC), ADVANCE.CBP is a key player in providing reliable and actionable credit information within the Philippines.
Working in tandem with ADVANCE.AI, the company delivers proprietary, end-to-end digital onboarding and credit information solutions. These solutions seamlessly integrate identity assurance with real-time, reliable credit data, providing both local customers and businesses with invaluable credit insights and robust fraud detection capabilities.
ADVANCE.CBP is part of the broader Advance Intelligence Group, an AI-native financial and data fintech platform. The group is backed by prominent investors such as SoftBank Vision Fund 2, Warburg Pincus, Northstar, and Singapore-based global investor EDBI, underscoring its significant standing in the fintech landscape.
This strategic partnership between ADVANCE.CBP and KCB isn’t just a technical achievement; it’s a human one. It represents a commitment to breaking down financial barriers and creating a more interconnected and accessible global financial system for everyone.
As the world becomes increasingly digital, initiatives like this pave the way for a future where creditworthiness transcends geographical boundaries, offering true financial freedom.