CredoLab and GoBear unveil credit solution for underbanked

Wednesday 7 November 2018 10:28 CET | News

Alternative credit scoring provider CredoLab has partnered with personal finance comparison site GoBear to make it easier for the underbanked to get access to credit.

A new smartphone app, Easy Apply, will leverage CredoLab’s credit assessment technology to serve underbanked markets of Indonesia, Philippines, Thailand, and Vietnam.

Easy Apply leverages CredoLab’s predictive credit scorecard solution to help thin-file applicants access unsecured credit products including credit cards and personal loans.

The artificial intelligence (AI) powered technology extracts and analyses data from the user’s smartphone to make highly-predictive behavioural insights.

These insights are used to build customised credit risk scorecards that are tailor-made for individual lenders and specific products. This enables lenders to benefit from access to creditworthy borrowers who might otherwise be overlooked by traditional credit risk assessment strategies.

Easy Apply will be integrated as a downloadable app within GoBear’s Easy Choices feature, which gives customers the ability to select products that fit their financial profile. Credit card offerings will be the first products available with personal loans, insurance, and lines of credit to follow.

Founded in 2016, Singapore-based CredoLab works with more than 40 lenders in 12 markets across southeast Asia, China, Africa, and Latin America. CredoLab includes Walden International, Reliance Modal Ventura, and Fintonia Group among its investors.

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Keywords: CredoLab, GoBear, credit, underbanked, artificial intelligence, lending
Countries: World