CredoLab, which launched its services in South Africa, Kenya, and Nigeria this year has been announced as the winner of the ASEAN fintech award by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
Credo Lab is a Singapore-based developer of bank-grade digital credit scorecards based on anonymous smartphone metadata. The award was in the open category of the 2019 Singapore Fintech Festival. CredoLab edged out 245 submissions from over 30 countries to take home the award along with S$150,000 in prize money. The Association of Southeast Asian Nations, or ASEAN, was established in 1967 to accelerate the economic growth, social progress and cultural development in Southeast Asian nations.
Winners were selected by an international panel comprising industry experts across multiple domains.
Peter Barcak, co-founder and CEO of CredoLab, said, “Winning this award is a testament to our client-centric drive and commitment. The responsible usage of metadata, the constant technological improvement and scientific approach we employ towards risk management; all of this has helped drive our operations and client partnerships across ASEAN and beyond.
“Our next goal is to continue to scale globally and reach more underbanked and underserved consumers.”
Michel Massain, Sales Director for Europe and Africa at CredoLab, who is spearheading the drive into the African regions added, “Awards such as these give us the recognition we need for our innovative credit scoring solution and help us bring our technology to countries that really need it.”
CredoApp’s bank-grade algorithm analyses more than 1,000,000 features from opt-in and permissioned smartphone metadata to find the most predictive behavioral patterns before converting them into credit scores, in a matter of seconds. This enables banks and non-bank lenders to understand the repayment behavior and creditworthiness of their applicants with greater accuracy.
CredoLab has been recognized by investors, clients, and regulatory bodies for its innovative technology coupled with smart risk management capabilities. The ASEAN FinTech award further acknowledges the company’s ability to make the credit application and underwriting process more efficient for consumers and small businesses, without compromising on the cost of risk. In doing this, millions across the ASEAN region and Africa can realize their financial goals.
MyCash Online, an e-marketplace for migrants, and Singapore gaming company Razer’s electronic payments wallet Razer Pay took second and third place respectively.