LenddoEFL psychometric scoring solution launches in Vietnam
Entrepreneurial Finance Lab (EFL) furthered its reach across Asia. The Bermuda-based company has formed a partnership with Orient Commercial Joint Stock Bank (OCB) in conjunction with Lenddo, an alternative credit scoring company with which EFL merged last year, reports Julie Muhn at Finovate (FinTech Futures‘ sister company).
OCB will be the first bank to offer LenddoEFL’s psychometric scoring solution in Vietnam, a region where many citizens lack traditional financial and credit information. Using the scoring tools, OCB aims to serve more self-employed and salaried banking members.
OCB community banking director, Phu Nguyen says the bank chose the solution “due to proven performance of their solutions around the world” and it expects the partnership to “allow us to grow quickly by approving more people without increasing our risk, shortening turnaround times and improving the onboarding experience for our clients”.
LenddoEFL uses AI and analytics, bringing together behavioural and digital data to help lenders in emerging markets underwrite loans and serve traditionally underserved borrowers. LenddoEFL has provided credit scoring, verification, and insights products to 50+ financial institutions, serving six million people and lending $2 billion.