ADVANCE.CBP, an accredited Special Accessing Entity (SAE) regulated by the Credit Information Corporation (CIC) in the Philippines, announced the signing of a Memorandum of Understanding (MOU) with Korea Credit Bureau (KCB), a leading South Korean private credit bureau licensed by the Financial Services Commission (FSC).
The signing, witnessed by Ben Baltazar, President and CEO of the Credit Information Corporation (CIC), marks a major milestone in strengthening cross-border financial accessibility between Korea and the Philippines. Signed at the ADVANCE.CBP office, the partnership will establish an API-based credit information linkage system between the two countries.
Under this groundbreaking agreement, over 70,000 Overseas Filipino Workers (OFWs) residing in Korea will be able to leverage their credit information from the Philippines, sourced from CIC data, to facilitate the opening of bank accounts and access to essential financial services in Korea. In a reciprocal move, Koreans wishing to utilize financial services in the Philippines will be able to leverage their Korean credit histories, fostering a seamless financial environment where citizens of both countries can conduct transactions more smoothly and securely.
“The CIC welcomes this groundbreaking initiative, which reflects our shared vision of financial empowerment through data,” said Ben Baltazar, PCEO of Credit Information Corporation (CIC). “Facilitating trusted credit information exchange between Korea and the Philippines opens new opportunities for our overseas workers and supports economic resilience in both countries.”
Jong Sup Hwang, CEO and Chairman of KCB, commented, “Through this strategic partnership with ADVANCE.CBP, we are taking an important step towards a future where individuals can prove their creditworthiness across borders. We are excited to support greater financial access for both Korean and Filipino citizens, while setting new standards for regional cooperation in credit innovation.”
Michelle Anne Chan, Country Manager of ADVANCE.CBP and ADVANCE.AI Philippines added, “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.”
This strategic alliance underscores a commitment by both ADVANCE.CBP and KCB to leverage technology and data to empower individuals and foster greater financial inclusion across international borders.
