Responsible credit scoring FinTech CredoLab bags ASEAN FinTech award at Singapore Fintech Festival 2019

CredoLab, a Singapore-based developer of bank-grade digital credit scorecards based on anonymous smartphone metadata, has been awarded the ASEAN FinTech award (Open category) by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). The award was handed out yesterday evening at the Singapore Fintech Festival x Singapore Week of Innovation and Technology (SFF x SWITCH). 

CredoLab edged out 245 submissions from over 30 countries to take home the award along with S$150,000 in prize money. Winners were selected by an international panel comprising industry experts across multiple domains. MyCash Online, an e-marketplace for migrants, and Singapore gaming company Razer’s electronic payments wallet Razer Pay took second and third place respectively. 

Peter Barcak, co-founder and CEO of CredoLab, said, “Winning this award is testament to our client- centric drive and commitment. The responsible usage of metadata, the constant technological improvement and scientific approach we employ towards risk management; all of this have helped drive our operations and client partnerships across ASEAN and beyond. Our next goal is to continue to scale globally and reach more underbanked and underserved consumers.” 

CredoApp’s bank-grade algorithm analyses more than 1,000,000 features from opt-in and permissioned smartphone metadata to find the most predictive behavioural patterns before converting them into credit scores, in a matter of seconds. This enables banks and non-bank lenders to understand the repayment behaviour and creditworthiness of their applicants with greater accuracy. 

CredoLab has been recognised by investors, clients, and regulatory bodies for its innovative technology, coupled with smart risk management capabilities. The ASEAN FinTech award further acknowledges the company’s ability to make the credit application and underwriting process more efficient for consumers and small businesses, without compromising on the cost of risk. In doing this, millions across the ASEAN region can realise their financial goals. 

The company recently partnered with iovation, a TransUnion company specialising in device-based fraud detection and authentication solutions, to reduce fraudulent loan and credit card applications while optimising digital customer onboarding for banks and non-bank lenders worldwide, starting with Southeast Asia. 

CredoLab also recently announced how CIMB Bank Philippines is integrating CredoLab’s solution to further their all-digital banking efforts in the country and improve credit access for millions of underbanked, thin-file Filipinos.