GBG and CredoLab partner to extend digital fraud risk management for Southeast Asia

Source: IBS Intelligence 2020-06-17

UK’s GBG, a global technology specialist in fraud and compliance management, identity verification and location data intelligence, announced today its partnership with Singapore-based CredoLab, which is a developer of bank-grade digital scorecards based on privacy-consented and permissioned smartphone metadata. The collaboration entails the assessment of the creditworthiness of an applicant including those of the unbanked and underbanked.

This technology partnership will help brick-and-mortar and digital banks deterred by a lack of data to leverage on mobile phone digital footprints to process banking and credit applications and provide financial empowerment to all new-to-credit, new-to-bank, and gig economy workers of the region.

June Lee, Managing Director of APAC, GBG enthused, “We are very excited with this partnership between GBG and CredoLab. By assimilating metadata on consumers’ digital footprint and behavioural intelligence into GBG Instinct digital fraud management platform, we are seeing an uplift in credit and fraud risk protection by up to 40%. This convergence between mobile credit scoring and digital fraud technology helps established and digital banks and lenders onboard quality customers within the financially excluded population.”

With GBG Instinct, banks, lenders, and mobile wallets can leverage an orchestration layer to perform multiple data callouts to CredoLab’s cloud service. While GBG’s fraud solution flags out suspicious behaviours of customers who ‘cannot pay’; CredoLab’s behaviour risk score, lowers false positives and false negatives on delinquent behaviours.

GBG works with over 100 financial institutions with active implementations in more than 30 countries. CredoLab has delivered alternative credit risk scores to 7 Indonesian lending businesses amongst over 70 others across 21 countries. The partnership will enable all Indonesian banks, neo banks, and digital lenders to access and approve quality customers with the intelligence required to accelerate onboarding, detect fraud, and reduce operational costs.

GBG and CredoLab partner to extend digital fraud risk management for Southeast Asia

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!