Securing loan applications – whether for a personal, emergency or even a motorcycle loan can be a problem for most borrowers as the pandemic is permanently affecting business operations and workforce , including those in the financial sector. As businesses resort to a skeletal workforce and shortened working hours, Foodpanda, one of the leading mobile food delivery apps, worked with CIBI, the first and only local credit bureau. in the Philippines, to connect their passengers to financial institutions by providing a personalized credit report that presents the borrowers’ risk rating as well as other factors such as employment and residence that can aid in the speedy delivery of approval of the loan.
The partnership allows Foodpanda riders to obtain their own credit report which they can submit to partner banks and financial institutions in exchange for a motorcycle loan. CIBI has customized a report that can determine and allow financial institutions to understand and assess a borrower’s profile for faster decision making when granting a loan. This will not only benefit the rider, but also provide valuable information to financial institutions, especially creditors who are implementing a skeletal workforce that is having trouble processing claims due to labor issues. work, as reports that typically fall under their underwriting process can be resolved through CIBI’s credit report. The submitted report also allows the credit department of banks and financial institutions to easily screen out applicants and decide whether or not the granting of loans is possible for the applicant.
âAt Foodpanda, we wanted to give our runners the privilege and support in every aspect possible. As a community runner leader, we want to make sure that the runner’s experience is up to par. One of them offers them exclusive offers from our fleet partnership. It is high time for them to get their motorcycle upgrade and this partnership will help them get the best loan option on the market as we bring in level loan partners to serve our hard working riders. . We are happy to find CIBI as a partner for the project because they know exactly what our cyclists need, âsays Jao Manahan, director of community operations and communications.
CIBI will engage in more exciting partnerships as it expands its list of brands and product portfolio.
âThis opportunity is one of the many partnerships that CIBI is exploring as we continuously innovate and evolve. We saw an opportunity to help and support banks and financial institutions by providing third party reports to borrowers which they can then submit to creditors for faster loan processing and assessment. This is an important milestone for us and we are excited to serve Foodpanda runners in the future, âconcluded Marlo Cruz, President and CEO of CIBI Information Inc.
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