CIBI Information Inc., the Philippines’ first credit agency, has teamed up with South Korea’s JB Financial Group and NICE Information, enabling credit information sharing between Filipinos and Koreans for financial services in both countries.
This partnership aims to strengthen ties between the two countries and take full advantage of their free trade agreement, which took effect this year.
The deal will help boost economic connections, especially in light of ongoing global trade challenges and tariff hikes from the United States, which are pushing countries to seek new markets and partnerships.
CIBI, originally part of the Bangko Sentral ng Pilipinas, was bought by the private equity firm Creador in 2020. It is working to improve financial access and inclusion for both Filipinos and South Koreans through this agreement.
JB Financial Group, established in 2013, is a financial holding company based in Jeonju, South Korea, providing a wide range of services, including commercial banking, credit financing, and asset management. As of December 31, 2024, JB Financial’s assets stood at $49.2 billion.
NICE Information, a subsidiary of the NICE Group, is South Korea’s largest credit information company. NICE Group, founded in 1986, specializes in financial services and credit information.
Pia Arellano, president and CEO of CIBI Information, emphasized the importance of the partnership in improving financial access for both nations. She highlighted how services like credit checks are essential for cross-border financial empowerment.
In terms of trade, South Korea invested just $21.03 million in the Philippines last year, but bilateral trade between the two countries reached $13.2 billion in 2024. The Philippines exported $3.57 billion worth of goods to South Korea, while imports from South Korea amounted to $9.63 billion, resulting in a trade deficit of $6.06 billion.
