ADVANCE.CBP partners with Korea Credit Bureau for information sharing – BusinessWorld Online
ADVANCE.CBP has partnered with the Korea Credit Bureau (KCB) for cross-border credit information sharing.
Under the memorandum of understanding (MoU), the two parties will establish an application programming interface (API)-based credit information linkage system between South Korea and the Philippines.
ADVANCE.CBP is an accredited special accessing entity (SAE) regulated by the Credit Information Corp. (CIC). Meanwhile, KCB is a South Korean private credit bureau.
“The CIC welcomes this groundbreaking initiative which reflects our shared vision of financial empowerment through data. Facilitating trusted credit information exchange between Korea and the Philippines opens new opportunities for our overseas workers and supports economic resilience in both countries,” CIC President and Chief Executive Officer Ben Joshua A. Baltazar said in a statement on Tuesday.
The credit information linkage system will allow over 70,000 overseas Filipino workers (OFWs) residing in South Korea to use their credit information from the Philippines, sourced from CIC data, to open bank accounts and access financial services there.
Likewise, Koreans who want to avail of financial services in the Philippines can also use their credit histories from their home countries, “fostering a seamless financial environment where citizens of both countries can conduct transactions more smoothly and securely,” ADVANCE.CBP said.
“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,” ADVANCE.CBP and ADVANCE.AI Philippines Country Manager Michelle Anne Chan said.
“Through this strategic partnership with ADVANCE.CBP, we are taking an important step towards a future where individuals can prove their creditworthiness across borders. We are excited to support greater financial access for both Korean and Filipino citizens, while setting new standards for regional cooperation in credit innovation,” KCB CEO and Chairman Jong Sup Hwang said. — A.M.C. Sy
