CREDIT Information Corp. (CIC), the country’s public credit registry and credit information repository, has recently incorporated Grab Financial Services Philippines Inc. (part of Grab Financial Group) as one of its Access Entities ( AE).
The AEs are financial institutions authorized by the CIC to access the solvency files of borrowers from its database. Similar to other AEs, Grab Financial Services now has easy access to borrowers’ complete credit reports, which will speed up the process of granting loans to their consumers.
“Given its diverse customer base, the integration of Grab Financial Services as an AE into CIC is a very welcome development. As an AE, Grab Financial will be able to leverage the CIC database, which contains now 31.4 million unique data subjects and 110.5 million contracts in February 2022 in their credit decisions for the benefit of their borrowers,” said Ben Joshua Baltazar, President and CEO.
Grab, a leading Southeast Asian super app, has millions of users in the Philippines. It delivers everyday value to consumers through a wide range of services, such as mobility, food, grocery and package delivery, as well as financial services.
Through Grab Financial Group, Grab also offers simple, transparent and flexible financial products to its driver, delivery and merchant partners. These include offline and online loans, purchase financing, fuel cards for partner drivers as well as working capital loans for merchants.