FinScore-a Philippines-based Alternative Credit Scoring Provider, has recently being announced as the 2nd Prize winner – Global Category for its ‘Alternative Credit Evaluation (A.C.E) Portal’ solution in the SFF Global FinTech Awards 2021 by the Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA).
FinScore is the only fintech firm in the awards roster that is operating in the Philippines. As per the firm’s statement, its award-winning entry, the Alternative Credit Evaluation (A.C.E) portal, is a modest, yet powerful web-based resolution empowering the credit risk investigators of financial institutions for getting access for alternative data sources about their applicant borrowers. It also aids in offering a more informed decision on their loan applications.
As per the firm, its portal has been active for over past two years in the Philippines. So far, it has been utilized in production by numerous diverse financial institutions across all core market segments (digital banks, rural banks, digital lenders, and consumer/retail lenders).
As a 2nd place winner among 49 finalists, FinScore will be taking home S$100,000 in prize money. As per the event report, the awards distinguish innovative FinTech solutions by FinTech firms, financial institutions, technological firms, individuals, firms whose initiatives have geared up constantly, and had momentous aid for the growth of FinTech ecosystem.
The Awards, aided by PwC Singapore, fetches together the FinTech Awards previously offered separately by MAS and SFA. The theme this year is, “Emerging from a pandemic, a road to recovery”.
The four categories of awards were Singapore FinTech (Singapore Founder), ASEAN FinTech, Singapore Financial Institution, and Global. The winners came from diversified backgrounds, comprising of financial institutions, FinTechs and solution providers.
Winners are recognized primarily for the ground-breaking solutions offered during the financial inclusion, sustainable progression in financial arena. Overall, around 49 finalists across 12 award categories were selected amongst 298 entries. They were judged on certain parameters by industry judges, global panel comprising of industrial experts across multiple domains. Judging criteria were their solution’s impact, practicality, interoperability, uniqueness, and creativity.
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.
Statement from Christo Georgiev, FinScore Country Manager and Chief Strategy Officer
Christo Georgiev, FinScore Country Manager and Chief Strategy Officer, stated out that, ““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.”
He further added out that, “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.”
Press Release Received on mail from FinScore