FinScore, the Philippines-based alternative credit scoring provider, has partnered with Welcome Bank (Rural Bank) Inc., one of the Philippine subsidiaries of Korea’s Welcome Financial Group.
Welcome Financial Group currently operates the fourth-largest savings bank in assets and 12 other subsidiaries in various financial sectors in Korea. Welcome Bank (Rural Bank), Inc. is able to receive active funding based on its abundant liquidity in Korea headquarters and is actively applying its banking operations know-how in Korea to the Philippines.
In the Philippines, Welcome Bank (Rural Bank), Inc. has established two branches located in Pasig City and Alabang, Muntinlupa City.
Welcome Bank (Rural Bank), Inc. offers loans for various purposes such as Personal, Salary, Business, Auto, and Condo loans. With their promise to provide their clients with a higher level of service, Welcome Bank (Rural Bank) tapped FinScore in a partnership to integrate lightning-fast and highly predictive credit scores in their credit risk models.
Moreover, Welcome Bank (Rural Bank), Inc. 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 over four hundred (400) Telco variables such as voice usage, top-up patterns, duration of calls, SIM card age, location, and many more. Derived by cutting-edge technologies, such as Gradient Boosting and Neural Networks, the Telco Score has high predictive power, offering a unique data source. The technology can be easily integrated via ACE Web-based Portal or API integration. This year, FinScore is dubbed as the “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.
FinScore’s Country Manager, Christo Georgiev, shares his delight about the partnership, “The FinScore team is delighted to be working with Welcome Bank (Rural Bank), Inc. with our suite of Telco Data Credit Scoring and Fraud Prevention Tools. 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.”
About Welcome Bank (Rural Bank), Inc.
Welcome Bank is one of the Philippine subsidiaries of Korea’s Welcome Financial Group. Welcome Financial Group currently operates the fourth-largest savings bank in assets and 12 other subsidiaries in various financial sectors in Korea. We have an abundant liquidity of $3.6 billion in total assets. All of Welcome Bank executives and employees will keep in mind that it is more important than anything else to be trusted and loved by our valued clients, and will continue to work hard to provide our clients with a higher level of service. We will be a bank that will fulfill your expectations with trust.
FinScore (https://www.finscore.ph/) is a financial technology company in the Philippines that offers a powerful credit scoring platform and fraud detection tool based on alternative data, including telco-based data. As the pioneer in lending and scoring of the unbanked in the Philippines, the company continuously empowers banks, financial institutions, and credit bureaus with flexible platforms to help them make insightful and reliable credit decisions.
Ralitsa Boyadzhieva, Marketing Manager, FinScore