The partnership establishes a credit linkage system between the Philippines and South Korea, enabling nationals of both countries to use their domestic credit histories to access financial services abroad.
Breaking down barriers
The initiative is designed to break down financial barriers and streamline the banking experience for Filipinos in South Korea and Koreans in the Philippines, providing a more inclusive and globally connected credit ecosystem.
“By providing access to essential solutions like credit and background reference checks, we are enhancing and supporting cross-border financial access and empowerment,” a company statement quoted Pia Arellano, president and CEO of CIBI, as saying during the official signing ceremony held in Seoul.
Access to MyScore, Negative Records
Through this collaboration, Filipino nationals in South Korea can now leverage their Philippine credit history to access financial services—such as opening bank accounts or applying for loans. Similarly, Korean nationals residing in the Philippines can use their domestic credit data to obtain comparable services locally.
The integration includes access to tools such as MyScore and Negative Records, which provide visibility into an individual’s creditworthiness and existing financial obligations. This move fosters economic empowerment and opens up greater opportunities for both communities.
Driving economic opportunities
NICE Information Service plays a pivotal role in the initiative, bringing in its expertise in credit bureau services and corporate intelligence, CIBI said in the statement.
JB Financial Group adds depth with its portfolio of consumer and business financial services, aligned with its mission to foster global financial inclusion, it added.
“We are not just enhancing cross-border financial access, but also driving greater economic opportunities for both Filipino and Korean nationals,” Arellano added.
The tri-party agreement is a milestone in the effort to bridge credit information systems internationally, a step toward a more seamless, accessible, and inclusive financial future for mobile populations in Asia. —Ed: Corrie S. Narisma
