ADVANCE.AI, Credit Information Corporation open PH credit bureau

ADVANCE.AI Philippines Credit Bureau Team and CIC signing the agreement. From left to right: Valdimir Hubert Dela Cruz (SVP at CIC); Ben Joshua A. Baltazar (President and CEO at CIC); Lito Camacho (Former Secretary of Finance for the Philippines), Dennis Martin (CEO at ADVANCE.AI Credit Bureau), Robert Feng (Program Director at ADVANCE.AI)

ADVANCE.AI signed an agreement with the Credit Information Corporation (CIC) to become the newest credit bureau in the Philippines.

ADVANCE.AI is a Singapore-based provider of digital identity verification, know-your-customer, know-your-business, anti-money laundering, compliance, and risk management solutions.

On the other hand, the CIC is a state-owned organization that mainly provides credit reports, a summary of a borrower’s financial transactions.

They signed the agreement after the CIC granted a Special Accessing Entity (SAE) license to ADVANCE.AI.

The process started in September 2023, when the CIC Technical Working Group assessed each applicant’s financial resources, technical expertise, and reputation.

“We are looking forward to creating a more inclusive financial ecosystem to develop better credit reporting and credit scoring services, as well as increase competition and innovation of more diverse and robust credit data access to benefit both lenders and borrowers,” said CIC President and Chief Executive Officer Ben Joshua A. Baltazar.

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“It also aligns with our financial inclusion mandate – encouraging non-bank lenders to avail of services from our SAEs, as well as enabling MSMEs and individual borrowers direct access to their credit reports.”

Dennis Martin, former the managing director of Experian Southeast Asia, will lead ADVANCE.AI’s Philippine credit bureau business.

“We are proud to have the support of CIC and play a pivotal role in advancing the credit information infrastructure in the Philippines,” said Martin.

“Having been established in the Philippines since 2019, ADVANCE.AI has a strong history of providing localized products and services tailored to the unique needs of the Philippine market.”

“This partnership is a significant step toward building a more equitable and inclusive financial ecosystem for all Filipinos,” said Lito Camacho, former chief of the Philippines’ Department of Finance.