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MANILA, November 17, 2021 – FinScore has been awarded by the Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA) as the 2nd prize winner – Global Category for its “Alternative Credit Evaluation (A.C.E) Portal” solution in the SFF Global FinTech Awards 2021, the highest accolade for FinTech innovation.
As a 2nd place winner among 49 finalists, FinScore will be taking home S$100,000 in prize money.
The Awards recognize innovative FinTech solutions by FinTech companies, financial institutions, and technology companies; as well as individuals and companies whose initiatives have contributed significantly to the FinTech ecosystem. The Awards, supported by PwC Singapore, brings together the FinTech Awards previously presented separately by MAS and SFA. The theme this year is, “Emerging from a pandemic, a road to recovery”.
The winners were announced via live stream in the SFF Mini-Symposium last November 11, 2021, a side event of the Singapore FinTech Festival 2021.
The four award categories are Singapore FinTech (Singapore Founder), ASEAN FinTech, Singapore Financial Institution, and Global. The winners, comprised of financial institutions, FinTechs and solution providers, were recognized for their ground-breaking solutions that promote financial inclusion and sustainable development in the financial industry
A total of 49 finalists across 12 award categories were selected among 298 entries by a panel of industry judges. The winners were chosen by an international panel comprising industry experts across multiple domains. The short-listed entries were evaluated based on their solution’s impact, practicality, interoperability, uniqueness, and creativity.
FinScore’s winning entry, the Alternative Credit Evaluation (A.C.E) portal, is a simple, yet powerful web-based solution. It enables credit risk investigators of financial institutions to access alternative data sources about their applicant borrowers and to make a more informed decision on their loan applications. The portal has been live for over two years in the Philippines. So far, it has been used in production by several different financial institutions across all key market segments (digital banks, rural banks, digital lenders, and consumer/retail lenders). FinScore is the only fintech company in the awards roster that is operating in the Philippines.
“On behalf of the FinScore team in the Philippines, we are deeply honored to be recognized by the Monetary Authority of Singapore and Singapore FinTech Association for our efforts in making alternative data credit scoring accessible, seamless, and smarter for banks and other financial institutions in the Philippines,” said Christo Georgiev, FinScore country manager and chief strategy officer.
“Becoming a recipient of the Global Award is an added boost for our start-up to continue our pursuit of unlocking the power of alternative data to help lenders extend credit to the underbanked and even the unbanked population in the Philippines. I am very proud of the unwavering diligence and hard work of the team in making the ACE portal available to the Philippine market,” he added.
FinScore (www.finscore.ph) is a financial technology and data analytics company specializing in alternative data-based scoring solutions. FinScore is the first fintech company in the Philippines to leverage alternative data, including telco data to score credit-invisible markets.
FinScore Telco Data Credit Score is built on over 400 various telco variables such as top-up patterns, voice and mobile data usage, duration of calls, SIM card age, and many more. Combined with FinScore’s Machine Learning algorithms’ cutting-edge technologies, such as Gradient Boosting and Neural Networks, FinScore is proven to have a highly predictive scoring power
To learn more about our products, visit https://www.finscore.ph/ or follow us on LinkedIn.