GoBear announced the partnership with CredoLab to launch the Easy apply app, an integrated app that claimed to have a faster and higher approval rate for credit cards, loans and other forms of unsecured credit. The app works by allowing banks and financial institutions as well as lenders to give credit extension for a larger pool of customers while keeping risks in check.
The Easy Apply app will be launched across four of the largest underbanked markets in Southeast Asia, which are Indonesia, Philippines, Thailand and Vietnam, where many are creditworthy consumers without access to credit.
The app will utilise CredoLab’s AI based proprietary algorithms that extract and analyse over tens of thousands of data points from applicants’ smartphones, turning these completely anonymised ‘digital footprints’ into predictive credit scorecards to be used in their credit card, loan or insurance applications.
“There is a massive market opportunity here in Southeast Asia to continue improving financial inclusion by constantly innovating solutions. Our partnership with CredoLab will bridge the divide between the underbanked and financial institutions by giving both parties access to the technology to create better outcomes,”Adrian Chng, CEO of GoBear