Entrepreneurial Finance Lab (EFL) furthered its reach across Asia this week. 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.
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. “This partnership with one of Vietnam’s leading banks marks our launch in Vietnam and part of our expansion plans as we provide fast, affordable and convenient financial products for more than 1 billion people worldwide,” said Richard Eldridge, CEO of LenddoEFL.
OCB Community Banking Director, Phu Nguyen said the bank chose the solution “due to proven performance of their solutions around the world.” Nguyen added, “We expect this partnership will 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 leverages AI and advanced analytics, bringing together behavioral 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 6 million people and lending $2 billion.
EFL showcased its credit scoring tool at FinovateAsia 2012 in Singapore. In 2017, the company teamed with FICO to enhance its credit scoring methodology. Soon after, EFL was nominated as a finalist in the 2017 MIT Inclusive Innovation Challenge.