MANILA, Philippines — Traditional banks rely on data that are biased against the poor, thereby shutting a population out of the financial system.
While many of the poor lack the capital, collateral or bank account, they nonetheless have alternative sources to establish their credit footprint.
KasamaKA Credit Scoring Aggregator Initiative aims to turn digital trails into financial track records in order to cover new-to-credit Filipinos by leveraging on big data analytics and statistical machine learning capabilities.
Through this facility, consumers will be able to know their creditworthiness, establish their credit profile and history, and enjoy access to affordable credit. This facility could also veer away Filipinos from '5-6' or informal lenders who charge usurious interest rates.