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Thursday, March 28, 2024

Credit agency taps SG firm for biz expansion

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CIBI Information Inc. (CIBI) announced it has signed a strategic partnership with a Singapore-headquartered artificial intelligence and big data company to use innovative AI and computer vision technology to expand business intelligence support and services for local businesses in the Philippines.

First set up in 1982 as the Credit Information Exchange System attached to the Central Bank of the Philippines, now the Banko Sentral ng Pilipinas (BSP), CIBI was privatized in 1997. It provides data, credit reporting and information management services and analytics for consumers and business entities.

“As a forward-looking and digital-first organisation, CIBI always looks to be one step ahead,” Marlo R. Cruz, president and CEO of the credit bureau agency, was quoted in a statement as saying. “This partnership with Advance.Ai [Advance Intelligence Pte. Ltd.] facilitates our mission to give Filipino businesses easier access to a range of business intelligence services, including credit and data reporting through a more efficient internal system.”

Cruz added the agreement with Advance.Ai “marks the beginning of more opportunities for CIBI, as our partners enrich our capabilities and innovations.”

“Our market-leading AI and computer vision technology will allow CIBI to expand its range of critical business data and intelligence reporting solutions, with the ultimate aim of better supporting underbanked and underserved businesses in the Philippines,” Advance.AI CEO Dong Shou was quoted in the statement as saying. “This is more important than ever in the current Covid landscape, as we help accelerate the digitalization of the economy and, in doing so, help millions of Filipinos and businesses gain access to new financial products and services.”

Part of the Advance Intelligence Group, 5-year-old Advance.AI said it is expanding into markets after enjoying strong growth last year.

Read full article on BusinessMirror

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