PRESS RELEASE: CIC inks pact with FinTech firm for financial inclusion, consumer protection

MAKATI CITY, 21 October 2019 – State-run Credit Information Corporation (CIC) — the country’s sole credit registry and repository of credit information — signed a memorandum of understanding (MOU) with UPLOAN, a financial technology (FinTech) company operating in the Philippines, to promote financial inclusion through the dissemination of resources on financial education and consumer protection.

True to its mandate to promote the benefits of a credit information system to the economy, the CIC collaborates with UPLOAN to advance the use and exchange of knowledge that would contribute to the improvement of financial wellness in the Philippines.

CIC President and CEO Jaime Casto Jose P. Garchitorena shared how he looks forward to a fruitful partnership with UPLOAN.

“Since this is going to be an educational campaign, one of our goals is to push the idea of creditworthiness,” Garchitorena said during the ceremonial MOU signing held at the CIC office in Makati City.

UPLOAN aims to provide secure, reliable, and affordable salary loan solutions to employees. With over 36,000 borrowers and 300 partner companies, it is likewise intent on transforming the lives of working people in emerging markets by helping them reach their financial goals through technology.

Its CEO and founder Liam Grealish also shared that the key message is that credit data is like a “financial passport” and that the end-goal is “democratizing data.”

The two parties shall jointly produce digital and other educational materials about the benefits of credit registry being a core part of the country’s overall financial infrastructure.

The materials are also targeted to create awareness on the rights of consumers/borrowers to access their credit reports and dispute inaccuracies, and familiarize stakeholders on the procedures of collecting, storing, and disseminating the credit information of borrowers.

Also present in the signing were CIC Senior Vice President for Business Development and Communications Atty. Aileen L. Amor-Bautista and UPLOAN Executive Partnerships Lead Jennifer Simons.