Smartphone-based credit-scoring financial technology (fintech) company CredoLab announced that it had been officially acknowledged by the Financial Services Authority (OJK) as a provider of fintech services in Indonesia, making it the first firm of its kind to be listed by the regulatory body.
The Singapore-based company stated in a statement that it had fulfilled all of the OJK’s provisions in the regulatory sandbox program on Dec. 23, 2019, in order to be recognized by the body under the credit-scoring category of Digital Financial Innovation (IKD) providers.
The firm expects to proceed to the next step of the OJK’s sandbox program, where it would be officially registered and licensed by the regulatory body later this year.
“Clients can rely on the OJK’s assessment and audit of CredoLab’s solutions to bring more consumers into mainstream financial services while keeping risk under control,” said CredoLab chief product officer Michele Tucci, adding that the OJK’s approval was crucial as user privacy was of utmost importance to the company.
“Our clients now have more confidence that CredoLab’s technology is based on anonymous data and does not access any personally identifiable information,” he added in a statement.
Founded in 2016, CredoLab develops bank-grade digital scorecards by collating over 10 million data clusters from opt-in smartphone metadata to find behavioral patterns and convert them into credit scores.
“Since the beginning, our emphasis at CredoLab has been on utmost transparency and complete privacy of all our client data. We are very pleased to be the first and only smartphone data-based credit scoring fintech company to be recognized by the OJK in this regard,” said CredoLab cofounder and CEO Peter Barcak. (rfa)