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GoBear partners with CredoLab

Released at: 16:29, 05/11/2018

GoBear partners with CredoLab

Photo: GoBear

Two launch Easy Apply smartphone app that enables banks, financial institutions and lenders to extend credit to larger pool of customers.

by Linh San

Personal finance comparison website GoBear and smartphone-based alternative credit scoring provider CredoLab last week partnered to launch Easy Apply, a smartphone app that enables banks, financial institutions, and lenders to extend credit to a larger pool of customers while keeping risks in check. The partnership signifies important headway in making financial services accessible to the 49.5 million unbanked people in Vietnam.

“There is a massive market opportunity here in Southeast Asia to continue improving financial inclusion by constantly innovating solutions,” said Mr. Adrian Chng, CEO of GoBear. “Our partnership with CredoLab will bridge the divide between the unbanked and financial institutions by giving both parties access to the right technology at the right moment to create better outcomes.”

“We are very pleased that Vietnam will be one of the first markets to launch the Easy Apply app,” said Mr. Bao Nguyen, Country Director of GoBear Vietnam. “With new technology, we will be able to help our partners better serve the unbanked and enable our users to access useful and affordable financial products. Improving financial inclusion and serving unbanked consumers is very important in an emerging market like Vietnam, and we are excited to be part of this meaningful journey.”

The app will utilize CredoLab’s AI-based proprietary algorithms that extract and analyze tens of thousands of data points from applicants’ smartphones, turning these completely anonymized “digital footprints” into predictive credit scorecards to be used in their credit card, loan or insurance applications. The use of non-traditional smartphone data for credit scoring provides applicants from all demographics - including the unbanked who have little to no traditional credit history - greater access to financial services such as credit cards, personal loans, and other forms of unsecured credit.

The Easy Apply app will be an integrated part of GoBear users’ journey. It begins with GoBear’s Easy Choices feature, which helps applicants understand which set of products better suit their profile, before downloading and installing the Easy Apply app onto their smartphones to generate their predictive digital scorecards. Easy Apply will kick-off with the credit card segment and extend to personal loans, insurance products, and other lines of credit in the near future.

“We are excited to be partnering with GoBear to help banks profitably serve their customers, including the unbanked,” said Mr. Peter Barcak, Co-founder and CEO of CredoLab. “Since our launch in 2016, through our use of non-traditional alternative data points, we have seen a significant drop in cost of risk, helped reduced the time-to-yes to a few seconds, and achieved almost a 45 per cent increase in approval rates. I am optimistic that we can achieve similar results through this partnership.”

Aside from Vietnam, the Easy Apply app will also be launched in Indonesia, the Philippines and Thailand. Around 65 to 75 per cent of the population in Southeast Asia, according to Euromoney, are without access to credit, despite many being creditworthy consumers.

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