Finance

GoBear, Mambu, CredoLab team up to accelerate Asia lending business

FINANCIAL services startup GoBear will partner cloud banking platform Mambu and alternative credit scoring provider CredoLab to accelerate its lending business across Asia, Mambu said in a statement on Monday.

Mambus composable banking solution will form the core system in GoBears lending architecture, which is set to expand in the Philippines this year, with additional markets to follow.

GoBear currently operates in seven markets: Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, Thailand and Vietnam.

Mambus cloud-native banking platform lets users build a needs-based banking or lending solution that is more agile and cost-effective than the legacy approach to core banking, Mambu said.

Meanwhile, CredoLab develops digital scorecards based on smartphone device metadata using an AI-based (artificial intelligence) algorithm that looks through millions of datasets to find the most predictive behavioural patterns before converting them into alternative credit scores.

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It said that this enables lenders such as banks, consumer finance and insurance companies to make "the most granular assessments possible of their applicants".

GoBear in 2018 partnered CredoLab to launch smartphone Easy Apply in Indonesia, the Philippines, Thailand and Vietnam. The feature allows banks, financial institutions and lenders to extend credit using AI.

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