Philippines’ credit bureau agency CIBI Information Inc (CIBI) has signed a strategic partnership with ADVANCE.AI, a Singapore-headquartered AI and big data company, to use innovative AI and computer vision technology to expand business intelligence support and services for local businesses in Philippines.
First set up in 1982 as the Credit Information Exchange System attached to the Central Bank of the Philippines, now the Banko Sentral ng Pilipinas (BSP), CIBI was privatised in 1997 and provides data, credit reporting and information management services and analytics for consumers and business entities.
Marlo R Cruz, President and CEO of CIBI Information Inc, said: “As a forward-looking and digital-first organisation, CIBI always looks to be one step ahead. This partnership with ADVANCE.AI facilitates our mission to give Filipino businesses easier access to a range of business intelligence services, including credit and data reporting through a more efficient internal system. This marks the beginning of more opportunities for CIBI, as our partners enrich our capabilities and innovations.”
Dong Shou, CEO of ADVANCE.AI, said: “Our market-leading AI and computer vision technology will allow CIBI to expand its range of critical business data and intelligence reporting solutions, with the ultimate aim of better supporting underbanked and underserved businesses in the Philippines. This is more important than ever in the current COVID landscape, as we help accelerate the digitalisation of the economy, and in doing so, help millions of Filipinos and businesses gain access to new financial products and services.”
ADVANCE.AI, a leading AI and big data company in Asia, enjoyed strong growth in 2020, aided by the acceleration of digitalisation of the banking and financial services sectors across Southeast Asia, India and mainland China. Headquartered in Singapore, it currently partners 1,000 enterprise clients including large multinational banks and financial services organisations, as well as regional fintechs, payments, retail and e-commerce platforms that are looking to digitally transform operations, manage risk and optimise resource efficiency.
The company’s holistic suite of products cover three key areas: digital identity verification and eKYC customer onboarding, risk management and digital lending solutions. It is now expanding into markets such as Mexico, UK, Europe and the US.