MANILA, Philippines, 17 February 2023—BillEase, the flagship product of First Digital Financial Corporation, expands its affordable credit offerings through alternative data credit scoring. Powered by FinScore’s telco data and advanced analytics, the Buy Now, Pay Later platform can now swiftly detect a customer’s creditworthiness.
“Our partnership with BillEase benefits the underserved Filipinos the most,” says FinScore Country Manager and Chief Operations Officer, Christo Georgiev. “We provide alternative data credit scoring for those without credit history, which allows BillEase to help their customers build their credit score by submitting relevant data to credit bureaus.”
BillEase lets customers enjoy up to PHP40,000 of instant credit upon sign-up, which can be used to make online purchases without a credit card. They offer light and easy payments from 30 days to 12 months at the lowest interest rate.
“FinScore allows us to help financially excluded Filipinos take control of their financial future by providing them with alternative credit scores at lightning speed,” says Georg Steiger, CEO and co-founder of BillEase. “We provide a 70% approval rate within minutes; else it takes one banking day at the most. Their AI-powered technology also gives our partner merchants the added security of daily payouts without the burden of risk and losses. It’s a win for all!”
World Bank data shows that only half of Filipino adults have a transaction account with a financial institution, which is 30% below the Pacific and East Asia average. There remains a need to boost financial inclusivity and accessible financial services in the country. “Financial inclusion can be a key enabler to speed up poverty reduction,” Ndiamé Diop, World Bank country director for Brunei, Malaysia, Philippines, and Thailand said.
BillEase is an on-demand consumer credit that provides financial products such as personal loans and Buy Now, Pay Later, allowing customers to pay for their purchases online and offline in interest-free or interest-bearing installment plans. It is the flagship product of First Digital Financial Corporation, a financial technology company building disruptive and innovative products in retail credit for Southeast Asia. BillEase is working towards a cheaper and fairer way for Filipinos to access financial services.
FinScore is a leading fintech company and credit score provider in the Philippines, providing innovative scoring solutions to the dynamic needs of banks, financial institutions, and credit bureaus. FinScore’s telco data credit scoring in the Philippines allows institutions to offer better services to existing customers, attract new ones, and approach untapped market segments. Through their Telco Scoring model, FinScore provides insights based on 400+ variables, including top-up patterns, voice, and mobile data usage, duration of calls, SIM card age, and many more.
Senior Marketing Manager, FinScore