JB Financial, NICE Information Service - Philippine CIBI Sign Cross-National Credit Information Linkage Agreement

JB Financial Group announced on the 24th that it signed a Memorandum of Understanding (MOU) on the 21st with the Philippines' leading credit information agency CIBI and Korea's largest credit information agency NICE Information Service to establish a credit information linkage system between Korea and the Philippines.

Through this agreement, JB Financial Group plans to build an API-based credit information sharing system between the two countries to expand financial accessibility and establish a more sophisticated credit evaluation system. Filipino citizens will be able to use their home country's credit information when accessing financial services in Korea, and credit records accumulated in Korea will be continuously recognized in the Philippines. Likewise, Koreans using financial services in the Philippines will be able to utilize their credit records from Korea.

On the 21st, JB Financial Group, CIBI, and NICE Credit Information signed a business agreement at JB Financial Group in Yeouido, Seoul. Photo by JB Financial Group

Last year, JB Financial Group signed credit information linkage agreements with Cambodia's CBC and Vietnam's CIC. This agreement with the Philippine CIBI is an extension of such global financial cooperation, and the group plans to continue pursuing strategies to expand financial accessibility for foreign residents in Korea and strengthen global financial inclusion.

Alejandro, CEO of CIBI Information, said, “This partnership is based on a shared goal to bridge the credit information gap between the people of Korea and the Philippines and provide better economic opportunities. CIBI is committed to supporting individuals and communities through financial inclusion.”

Kim Jong-yoon, CEO of NICE Information Service, emphasized, “Through this MOU, we expect that Koreans and Filipinos will be able to use financial services more smoothly overseas by utilizing credit information accumulated in their home countries. We will work closely with JB Financial Group and CIBI to contribute to enhancing financial inclusion between the two countries.”

A representative of JB Financial Group stated, “JB Financial Group is continuously expanding cooperation with major countries' credit information agencies to strengthen global financial inclusion. Through this agreement, we have established a foundation for Filipino citizens to conveniently access financial services in both countries.”