MANILA — ADVANCE.CBP, an accredited Special Accessing Entity (SAE) regulated by the Credit Information Corporation (CIC) in the Philippines, today announced the signing of a memorandum of understanding (MOU) with Korea Credit Bureau (KCB), a leading South Korean private credit bureau, licensed by the Financial Services Commission (FSC).
The signing, witnessed by Ben Baltazar, president and CEO of Credit Information Corporation (CIC), marks a major milestone in strengthening cross-border financial accessibility between Korea and the Philippines. Signed at the ADVANCE.CBP office, the partnership will establish an API-based credit information linkage system between the two countries.
Under the agreement, over 70,000 Overseas Filipino Workers (OFWs) residing in Korea will be able to use their credit information from the Philippines, sourced from CIC data, to assist in opening bank accounts and accessing financial services in Korea. In the same spirit, Koreans who wish to use financial services in the Philippines will be able to leverage their Korean credit histories, fostering a seamless financial environment where citizens of both countries can conduct transactions more smoothly and securely.
“The CIC welcomes this groundbreaking initiative, which reflects our shared vision of financial empowerment through data,” said Ben Baltazar, PCEO of Credit Information Corporation (CIC). “Facilitating trusted credit information exchange between Korea and the Philippines opens new opportunities for our overseas workers and supports economic resilience in both countries.”
“Through this strategic partnership with ADVANCE.CBP, we are taking an important step towards a future where individuals can prove their creditworthiness across borders,” said Jong Sup Hwang, CEO and Chairman of KCB. “We are excited to support greater financial access for both Korean and Filipino citizens, while setting new standards for regional cooperation in credit innovation.”
“We are proud to collaborate with KCB to establish one of the first cross-border credit linkage systems between Korea and the Philippines. This partnership directly supports our mission to unlock greater financial inclusion for Filipinos abroad and Koreans in the Philippines, empowering them with trusted data to access the financial services they deserve,” said Michelle Anne Chan, Country Manager of ADVANCE.CBP and ADVANCE.AI Philippines.
