Digital/AI-driven risk management to onboard and transact with Indonesia’s unbanked, new-to-credit and gig economy workers
Press Release

Digital/AI-driven risk management to onboard and transact with Indonesia’s unbanked, new-to-credit and gig economy workers

Converging the power of mobile credit risk scoring and digital fraud management technology to access Indonesia’s 181 million unbanked and new-to-credit population

JAKARTA, June 16 2020 – GBG (AIM:GBG), the global technology specialist in fraud and compliance management, identity verification and location data intelligence today announced a technology partnership with CredoLab, the leading developer of bank-grade digital scorecards based on privacy-consented and permissioned smartphone metadata, to easily and confidently assess the creditworthiness of any Indonesian individual, including the unbanked and underbanked. While banks in Indonesia have tapped on local bureaus, telcos, and e-commerce providers for data to perform credit and fraud checks, data continues to be fragmented and unreliable, contributing to high non-performing loans, low approval rates and a high level of fraud. This technology partnership will help brick-and-mortar and digital banks deterred by a lack of data to leverage on mobile phone digital footprints to process banking and credit applications and provide financial empowerment to all new-to-credit, new-to-bank, and gig economy workers of the country.

Of the nearly 400 million adults in Southeast Asia, only 104 million are fully “Banked” and enjoy full access to Financial Services. Another 98 million are “Underbanked”, with a bank account but insufficient access to credit, investment and insurance, while 198 million remain “Unbanked” and do not own a bank account. Millions of small and medium enterprises also face large funding gaps. 50% of 181 million Indonesian are eligible for bank and credit services, yet do not have access to financial products due to the lack of historical bank record or full-time employment such as the “Ojol”, app drivers.

"We are very excited about this partnership between GBG and CredoLab. By assimilating metadata on consumers’ digital footprint and behavioural intelligence into GBG Instinct digital fraud management platform, we are seeing an uplift in credit and fraud risk protection by up to 40%. This convergence between mobile credit scoring and digital fraud technology helps established and digital banks and lenders onboard quality customers within the financially excluded population,” said June Lee, Managing Director of APAC.

GBG offers an end-to-end digital fraud and compliance solution for banking and non-banking financial institutions looking to onboard and transact with their customers quickly, safely, and securely. With GBG Instinct, banks, lenders, and mobile wallets can leverage an orchestration layer to perform multiple data callouts to CredoLab’s cloud service hosted in Jakarta. It only takes seconds, as opposed to days, to analyse mobile behavioural data and calculate the risk score for any individual to be onboarded.

The result is of the partnership sees an uplift in scorecard predictiveness by up to 39.9%, a drop in cost of risk by up to 21.9%, and increase in approval rates of up to 32%.

“Banks and lenders always grapple with the question of “can a customer pay back” and “will a customer pay back” during the onboarding journey. While GBG’s fraud solution flags out suspicious behaviours of customers who “cannot pay”, CredoLab’s behaviour risk score, lowers false positives and false negatives on delinquent behaviours to discern if a customer “will not pay”, explained Peter Barcak, CEO and Co-Founder, CredoLab.

In Indonesia, where nearly two-thirds of the 264 million Indonesians own a mobile phone, this partnership provides a gateway into accessing the largely untapped unbanked and new-to-credit populations, and the thriving gig economy workers of the country.

Today GBG works with 4 of the Tier 1 (BUKU 4) banks in Indonesia and has active implementations in more than 30 countries; CredoLab has delivered alternative credit risk scores to 7 Indonesian lending businesses amongst over 70 others across 21 countries. The partnership will enable all Indonesian banks, neo banks, and digital lenders to access and approve quality customers with the intelligence required to accelerate onboarding, detect fraud, and reduce operational costs.

To find out more about how we help our customers establish trust with their customers, visit and follow us on LinkedIn and Twitter.

About CredoLab

CredoLab develops bank-grade digital scorecards for banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies, and retailers from the best alternative data source - smartphone device metadata. Built on over 21 million loan applicants across 70+ lending partners, our AI-based algorithm crunches millions of datasets from opt-in smartphone metadata to find the most predictive behavioural patterns before converting them into alternative credit scores. These enable any lender to make the most granular assessments possible of their applicants.

Established in Singapore in 2016, CredoLab has powered well over USD 1 Billion in loans issued after analysing about 1 trillion data points across 21 countries. We are backed by Fintonia Group, FORUM, and Walden International.

To find out more about CredoLab, visit and follow us on LinkedIn and Twitter @CredoLab.

Media Contact:

Hoffman Agensi Indonesia

Paryono Nitisuwito

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