Experian X Lab Is Innovating a Credit-Scoring System for the next 1 Billion Unbanked in Asia

Date : 20-Feb-2019
Location: Singapore

Key Take-Aways:
  • Experian X Labs : the facility serves as Experian’s first Asia Pacific (APAC) incubator and collaboration centre for cutting-edge solutions, aimed at addressing pressing economic and societal issues in the region, such as financial inclusion.
  • The Experian X Labs team, comprising data scientists, product architects and industry innovators is set to grow almost 10-fold by 2020, a significant increase from the pioneer team mobilised in 2017.
  • The Experian X Labs team leverages alternative data, advanced analytics and partnerships with industry organisations to develop technology solutions that will bridge the gap between APAC’s unbanked and financial service providers.
  • It is estimated that there are 1 billion people without access to formal financial services.
  • Experian X Labs provides a platform to collaborate with start-ups, fintech providers, related businesses and academic institutions in the region.
  • Mohan Jayaraman, Regional Managing Director, Decision Analytics and Business Information Services at Experian Asia Pacific, said, the core proposition of the lab is in matching major societal issues with localised solutions, as such, they are tapping on data generated from alternative sources to provide valuable insights into a person’s credit worthiness.
  • Solutions that are currently in development at Experian X Labs include Experian X Score, a credit-scoring system based on alternative data, aimed at helping more than 200 million consumers across APAC strengthen their financial identities and progressively gain access to a wider set of financial services
Editor's comments:
  • This is a good thing for startups who aim to serve the fintech market.
  • There is a growing trend for big players to tap on startups for product innvocations and better market outreach - as the matter of fact, it is a win-win-win for the big players, the startup boys and girls and consumers.