He wanted to improve the situation in emerging economies, in particular where traditional sources of credit data, such as credit bureaus, were not available. He started CredoLab in January 2016 in Singapore, with the aim of using alternative data, or non-traditional sources of information, such as from mobile phones, to score the creditworthiness of potential banking customers.
SINGAPORE (July 29): When Peter Barcak, co-founder and CEO of CredoLab, thought about his next move after selling off his stake in Platinum Bank in Ukraine, his attention turned to an issue he had faced as a banker. How does one address the problem of lack of data when assessing new customers for credit facilities?
“How [do you] improve the way banks do [the] underwriting, their ability to judge who is going to be a good customer or bad? That was an inspiration to look at alternative data,” Barcak tells The Edge Singapore.
