The Market Monitor Minding the Nation's Business
The event on May 29, 2024, at Manila House in Bonifacio Global City marks the launch of the Credit Risk Academy, a comprehensive six-week online course designed to enhance understanding of credit scoring practices. This initiative by FinScore in collaboration with FinTech Alliance Ph, Credit Information Corporation (CIC), and Credit Information Bureau (CIBI), aims to benefit both individuals and financial institutions.
Key figures including Mr. Lito Villanueva, Chairman of FinTech Alliance Ph, the premier organization of fintech companies in the Philippines; Christo Georgiev, CEO of FinScore; Angel Dimitrov, Chief Data Product and Customer Success Officer of FinScore; and Atty. Ben Baltazar, President of thr state-run Credit Information Corporation (CIC), presented during the event. They collectively highlighted the significance of the course in promoting financial education and its broader impact on the country.
The course has attracted over 140 registrants from 100 different financial institutions. Atty. Ben Baltazar emphasized the widespread benefits of the program, noting its potential to create a “ripple effect” throughout the country by enhancing financial literacy among all stakeholders.
FinScore is recognized as a leading player in the field of alternative credit scoring. They have facilitated over $2 billion in loans by leveraging TelCo services to assess creditworthiness based on various data points such as phone usage, device data, top-up patterns, and online spending behaviors. This innovative approach provides a more comprehensive evaluation of an individual’s credit score beyond traditional methods.
FinScore’s Credit Risk Academy is an investment in companies and individuals. Financial education is not just about learning how to manage money; it’s about gaining the knowledge and skills necessary to make informed and effective decisions regarding financial resources. It empowers individuals to achieve financial independence and security.
In 2023, FinScore was acquired as a wholly-owned subsidiary of CTOS Digital Berhad, known to own other credit agencies in the ASEAN region.