MAKATI CITY – The Credit Information Corporation (CIC), the government agency mandated by Republic Act No. 9510 or Credit Information System Act (CISA) to collect and share credit information, welcomes the partnership between its special accessing entity (SAE), Advance.CBP and Korea Credit Bureau (KCB) in their bid to improve OFW access to credit through accurate credit information.
This empowers Overseas Filipino Workers (OFWs) in South Korea secure, cross-border access to their credit information. This will help even newly arrived OFWs in establishing their financial credibility and facilitating quicker access to essential financial services abroad.
“We applaud KCB and Advance.CBP for launching this cross-border initiative, which expands financial access for over 70,000 OFWs in South Korea and South Koreans residing in the Philippines,” CIC President and Chief Executive Officer (PCEO) Ben Joshua A. Baltazar said.
“By allowing member credit institutions of KCB and Advance.CBP in both countries to securely access credit reports of individuals, we help lenders make informed data-driven credit decisioning, improve identity verification, and manage credit risk more effectively,” CIC PCEO Baltazar added.
KCB and Advance.CBP recently signed a Memorandum of Understanding (MOU) to establish a secure, real-time credit data exchange using an application programming interface (API). This system ensures that access to credit reports is permission-based and protected.
“Through this strategic partnership with ADVANCE.CBP, we are taking an important step towards a future where credit information can travel securely and responsibly across borders,” KCB CEO and Chairman Jong Sup Hwang said.
“We are excited to support greater financial access for both Korean and Filipino citizens, while setting new standards for regional cooperation in credit innovation,” he continued.
“We are proud to collaborate with KCB to establish one of the first cross-border credit linkage systems between Korea and the Philippines. This partnership directly supports our mission to unlock greater financial inclusion for Filipinos abroad and Koreans in the Philippines, empowering them with trusted data to access the financial services they deserve,” ADVANCE.CBP and ADVANCE.AI Philippines Country Manager Michelle Anne Chan said.
To date, CIC has green-lit five (5) cross-border partnerships through its SAEs in key regions such as the United States, United Arab Emirates, Canada, Hong Kong, and another major credit bureau in South Korea.
CIC PCEO Baltazar shared that cross-border partnerships through its SAEs, highlight the global relevance, reliability, and usefulness of the Philippines’ centralized credit database.
SAEs are accredited private corporations authorized to access CIC’s consolidated credit data. They are engaged primarily in the business of providing credit reports, ratings, and other similar credit information products and services.
“Our expanding network of international partners reflects the increasing value and reliability of the CIC’s credit database,” PCEO Baltazar said.
“These cross-border collaborations promote responsible credit data sharing, financial inclusion, and democratization of credit information, helping Filipinos abroad and foreign nationals in the Philippines access essential services like housing, business, education loans, and investments,” CIC PCEO said.
KCB is one of South Korea’s leading private credit bureaus licensed by the Financial Services Commission.
The Credit Information Corporation (CIC), a government-owned and controlled corporation, was created by Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA). The primary mandate of CIC is to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the ecosystem.
