Singapore fintechs CredoLab, GoBear partner to bring alternative credit scoring to underbanked in South-east Asia
TWO Singapore-based fintechs have teamed up to extend their reach into the underbanked market in South-east Asia by using data-driven forms of credit scoring.
Alternative credit scoring provider CredoLab on Wednesday said it has partnered personal finance comparison website GoBear to launch smartphone Easy Apply, in Indonesia, the Philippines, Thailand and Vietnam, that allows banks, financial institutions and lenders to extend credit using artificial intelligence.
Underbanked consumers that use the app and are found to now be eligible for credit will be able to get more access to financing - such as personal loans and credit cards - as well as insurance from various financial institutions that distribute their products via GoBear's comparison engine.
