The Credit Information Corp. (CIC) recently onboarded Grab Financial Services Philippines Inc. (part of Grab Financial Group) as one of its accessing entities.
The leading superapp in Southeast Asia with millions of users in the Philippines would have access to the massive database of the country’s public credit registry and repository of credit information.
Given its diverse client base, CIC president and CEO Ben Joshua Baltazar said
the onboarding of Grab Financial Services as an accessing entity to the bureau is a very welcome development.
Accessing entities are financial institutions authorized by the CIC to access borrowers’ credit reports from its database. Similar to other AEs, Grab Financial Services now has ready access to borrowers’ comprehensive credit reports, which will expedite the process of granting loans to their consumers.
“As an accessing entity, Grab Financial will be able to harness the CIC database, which now contains 31.4 million unique data subjects and 110.5 million contracts as of February, in their credit-decisioning activities for the benefit of their borrowers,” Baltazar said.
Through Grab Financial Group, Grab also offers simple, transparent, and flexible financial products to its driver-, delivery- and merchant-partners. These include offline and online loans, purchase financing, fuel cards for driver-partners, as well as working capital loans for merchants.
On the consumer side, its PayLater service allows consumers to finance their purchases and pay for Grab services a month later in one monthly bill. GrabPay, its e-wallet and payments service, is both convenient and rewarding for consumers as they can earn GrabRewards points for their purchases using the service. These points can then be used to avail of discounts, and deals on Grab-related services and other merchant partners.
In addition to Grab Financial Services, other newly onboarded accessing entities of the CIC for February are Profarmers Rural Banking Corp. and Cooperative Bank of Nueva Vizcaya.