FinScore, the Philippines-based alternative credit scoring provider, has partnered with Welcome Bank (Rural Bank), a Philippine subsidiary of Korea’s Welcome Financial Group, to improve the latter’s fraud prevention methods.
Welcome Financial Group currently operates the fourth-largest savings bank in assets and 12 other subsidiaries in various financial sectors in Korea. It recently expanded to the Philippines, where it has established two branches located in Pasig City and Alabang, Muntinlupa City.
Welcome Bank (Rural Bank) offers home, auto, personal and business loans. They tapped FinScore to integrate fast and highly predictive credit scores in their credit risk models. The bank will also activate FinScore’s fraud prevention solutions such as geo-location, and contact person fraud tools. All of these FinScore services are integrated through standard API.
FinScore’s solutions are based on more than 400 telco variables such as voice usage, top-up patterns, duration of calls, SIM card age, and location that are derived by technologies such as Gradient Boosting and Neural Networks. The technology can be integrated via ACE Web-based Portal or API integration.
This year, FinScore was named “Fastest Growing Digital Credit Scoring Platform” by Global Economics Awards and “The Best Fintech Start-up in The Philippines” by The Asset Triple A Awards.
“The FinScore team is delighted to be working with Welcome Bank (Rural Bank) with our suite of telco data credit scoring and fraud prevention tools,” FinScore country manager Christo Georgiev said. “In this partnership, we are optimistic that Welcome Bank (Rural Bank), Inc will be able to achieve a vast market reach despite being new in the Philippine market while ensuring lower default and higher approval rates.”
