In a landmark agreement with significant corporate and commercial implications, CIBI Information Inc., the country’s pioneering credit bureau, has partnered with South Korea’s JB Financial Group (JBFG) and NICE Information Service to establish a cross-border credit linkage system between the two nations. The agreement, signed in Seoul, marks a pivotal step in enabling the use of domestic credit data to access financial services abroad.
This trilateral collaboration enhances financial inclusivity by allowing Filipino nationals in South Korea and Korean nationals in the Philippines to utilize their respective home-country credit histories when seeking banking and credit services. It effectively reduces access barriers, offering a more streamlined and secure financial experience across jurisdictions.
“By providing access to essential solutions like credit and background reference checks, we are enhancing and supporting cross-border financial access and empowerment of both Filipino and Korean nationals,” said Pia Arellano, president and CEO of CIBI Information Inc., at the signing ceremony.
The initiative is commercially significant as it introduces tools like MyScore and Negative Records across borders, broadening consumer access to credit scores and key financial data. NICE Information Service, Korea’s largest credit information firm, brings its deep expertise in data analytics and risk profiling, while JBFG contributes robust financial infrastructure and commitment to global service expansion.
Arellano emphasized the broader vision, stating, “By bridging the credit information gap and providing access to essential credit services, we are not just enhancing cross-border financial access but also driving greater economic opportunities for both Filipino and Korean nationals.”
The partnership aligns with a growing trend of international financial cooperation and is expected to facilitate increased economic participation and consumer empowerment in both countries.
