Credit reporting agency CTOS Digital has acquired 100% of the Philippines-based FinScore and 80% of PT Prime Analytics Indonesia in deals worth US$ 5.9 million and US$ 475,000 respectively.
The acquisition of these two telco scoring companies in ASEAN marks CTOS’ expansion into both countries.
Following these acquisitions, CTOS will be setting up an alternative data platform for the region that will use data like mobile phone usage, payment behavior and digital footprints to create a more comprehensive credit risk profile for borrowers.
This will help lenders make more informed lending decisions and expand financial inclusion in the ASEAN region.
“We are excited to embark on this remarkable journey as we enter the dynamic markets of Indonesia and the Philippines. This strategic move aligns perfectly with our vision of advancing financial inclusion and bringing superior credit solutions to individuals and businesses throughout the ASEAN region.
These markets have tremendous potential for loan growth, and by catering to their needs, we aim to empower individuals, boost entrepreneurial endeavors, and stimulate economic development.”
said Erick Hamburger, Group CEO of CTOS Digital.
