Finscore unites with Union Bank of the Philippines to boost accessibility to financial services in PH

Finscore unites with Union Bank of the Philippines to boost accessibility to financial services in PH
LionhearTV
1/12/2021
Lion's Den
Union Bank of the Philippines (UnionBank), a leading universal bank in Southeast Asia, ranked as Asia-Pacific’s second most helpful bank during COVID-19 and the only Philippine bank in the top 20 list, has signed a partnership agreement with FinScore, an alternative credit scoring company that is powered by telco data and advanced analytics, aiming to promote market efficiencies and expand the access of Filipinos to a broad range of financial services.
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This collaboration is especially important amid the immense demand for digital loans and financing due to the COVID-19 pandemic. This demand has been challenging for digital banks as Non-Performing Loans (NPL), or those unpaid at least 30 days past due date, soared and financial institutions in the Philippines were mandated to grant a 60-day grace period on loan payments under the Bayanihan to Recover As One Act. It also supports FinScore’s mission to work with banks to improve financial inclusion and access to credit for consumers and small businesses left out of the traditional financial system.

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