Global: ADVANCE.CBP and Korea Credit Bureau Partner to Enable Cross-Border Credit Access

In a landmark move to enhance cross-border financial inclusion, ADVANCE.CBP, a Special Accessing Entity (SAE) regulated by the Credit Information Corporation (CIC) in the Philippines, has entered into a strategic partnership with Korea Credit Bureau (KCB), a private credit bureau licensed by South Korea’s Financial Services Commission (FSC).

The Memorandum of Understanding (MoU) was signed at the ADVANCE.CBP headquarters, with Ben Baltazar, President and CEO of CIC, in attendance to witness the formalization of the partnership.

Seamless Credit Linkage Between Korea and the Philippines

This collaboration aims to establish an API-driven credit information linkage system that will enable the exchange of verified credit data between the Philippines and South Korea. The initiative is designed to improve financial access for individuals operating across both jurisdictions, particularly Overseas Filipino Workers (OFWs) residing in South Korea.

Through this arrangement, OFWs may soon be able to leverage their Philippine credit histories, sourced from CIC data, to open bank accounts and access loans or other financial services in Korea. Conversely, South Koreans seeking financial services in the Philippines could use their Korean credit profiles to support applications and eligibility assessments.

Supporting Financial Empowerment Across Borders

Jong Sup Hwang, CEO and Chairman of KCB, described the partnership as a major step toward enabling portable creditworthiness—a system where individuals can carry their financial reputations across borders.

“This partnership helps build a future where creditworthiness isn’t confined to one’s home country,” Hwang said. “It’s about creating inclusive financial ecosystems for both Korean and Filipino nationals.”

Michelle Anne Chan, Country Manager for ADVANCE.CBP and ADVANCE.AI Philippines, expressed pride in the collaboration and its mission-driven approach.

“This partnership aligns with our core mission—to unlock greater financial inclusion for Filipinos abroad and Koreans in the Philippines,” she noted. “By providing access to trusted credit data, we’re empowering individuals to access the financial tools and services they deserve.”

A Model for Regional Financial Integration

The agreement between ADVANCE.CBP and KCB marks a significant advancement in regional financial integration, with the potential to serve as a model for other countries aiming to facilitate secure and reliable cross-border credit information sharing. It also reflects the growing recognition of trusted data as a catalyst for inclusive finance in a globally mobile society.

As implementation progresses, the partnership is expected to streamline credit verification processes and reduce barriers to banking access for expatriates, professionals, and mobile populations from both countries.