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CredoLab officially recognised as a credit-scoring FinTech by OJK

CredolabFinTech company CredoLab based in Singapore has announced that the Financial Services Authority (OJK), has officially acknowledged it as a provider of financial technology services in Indonesia, as reported by The Jakarta Post.

Michele Tucci, Chief Product Officer, CredoLab stated, “Clients can rely on the OJK’s assessment and audit of CredoLab’s solutions to bring more consumers into mainstream financial services while keeping risk under control,” adding that the OJK’s approval was crucial as user privacy was of utmost importance to the company, according to the media report.

“Our clients now have more confidence that CredoLab’s technology is based on anonymous data and does not access any personally identifiable information,” he added in a statement.

The company in a statement mentioned that it had fulfilled all of OJK’s provisions in the regulatory sandbox program, in order to be recognized by the body under the credit-scoring category of Digital Financial Innovation (IKD) providers.

Peter Barcak, Co-Founder and CEO, CredoLab said, “Since the beginning, our emphasis at CredoLab has been on utmost transparency and complete privacy of all our client data. We are very pleased to be the first and only smartphone data-based credit scoring fintech company to be recognized by the OJK in this regard.”

The company develops bank-grade digital scorecards built on mobile device data. Their pay-per-use solutions are available to banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies, and retailers.

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