CIMB BANK Philippines, Inc. (CIMB Philippines) has partnered with Singapore-based fintech player CredoLab to streamline loan applications for “instant” credit scoring of applicants.

In a statement on Thursday, the all-digital bank said it now uses CredoApp, CredoLab’s mobile application, to provide artificial intelligence-based credit scoring facilities for a more accurate and efficient assessment of loan applicants’ creditworthiness and repayment behavior.

The bank said CredoApp’s bank-grade algorithm analysis of 500,000 features from opt-in and permissioned smartphone metadata allows it to detect predictive behavioral patterns which will be converted to credit scores instantly.

“With CredoLab, we are now focusing on making our application and underwriting process more efficient so that we can extend credit to a broader market without compromising on our cost of risk. In this way, we can further drive financial inclusion by enabling more Filipinos access to formal credit lending facilities efficiently,” Vijay Manoharan, CEO of CIMB Philippines, was quoted as saying in the statement.

The partnership also helps the bank become more inclusive since it can “instantly score” applicants, even those that do not have enough traditional credit bureau data, CIMB Philippines said.

The bank said customers can apply for a credit loan up to P1 million and receive “in-principle” approvals on personal loans in ten minutes through the CIMB App.

Two weeks since the partnership’s launch, the bank said its has already scored over 1,000 clients within 10 minutes each using only minimal traditional data requirements, with CIMB Philippines looking to grow this number at an “exponential rate” in the coming weeks as it continues to roll out the service.

Last March, CIMB Philippines launched GSave, where clients can open digital savings account through the mobile wallet GCash application. The savings product requires no maintaining balance and offers an interest rate of 2.3% per annum.

Funds in the GSave account are insured by the Philippine Deposit Insurance Corp.

The Philippine unit of Malaysia-based financial giant CIMB Bank started operating in the country last January, a year after receiving the central bank’s approval.

Meanwhile, Singapore-based CredoLab uses smartphone metadata and develops bank-grade scorecards for banks, consumer finance companies, auto lenders, online and mobile lenders, insurers, and retailers. — BML