CIBI partners with Korean entities for credit data sharing

CREDIT BUREAU CIBI Information, Inc. has signed an agreement with South Korea’s NICE Information Service and JB Financial Group (JBFG) for the cross-border exchange of credit data.

The three entities recently signed a memorandum of understanding to establish a credit linkage system between the Philippines and Korea, CIBI said in a statement on Monday.

“Filipino nationals living in South Korea can leverage their credit information from the Philippines to access financial services, while Korean nationals in the Philippines can do the same using their home country’s credit data,” it said. “This partnership eliminates barriers by fostering a more inclusive and streamlined banking experience and enables both Filipinos and Koreans to navigate financial services with greater ease across borders.”

CIBI is the Philippines’ first credit reporting agency.

Meanwhile, NICE Information Service is Korea’s largest credit information company, specializing in credit bureaus and corporate intelligence, providing credit histories and financial data on individuals and businesses.

Lastly, JBFG is a leading financial institution in Korea whose subsidiaries include banks, credit finance and asset management companies.

“By providing access to essential solutions like credit and background reference checks, we are enhancing and supporting cross-border financial access and empowerment of both Filipino and Korean nationals,” CIBI President and Chief Executive Officer Pia L. Arellano said.

“As we begin this promising collaboration with JB Financial Group and NICE Information Service, CIBI remains committed to empowering individuals and communities through financial inclusion,” Ms. Arellano said. “By bridging the credit information gap and providing access to essential credit services like MyScore and Negative Records, we are not just enhancing cross-border financial access but also driving greater economic opportunities for both Filipino and Korean nationals.” — A.M.C. Sy