FinTech Alliance PH plans data-sharing initiative to curb online lending risks

FINTECH ALLIANCE PH is planning to launch a data-sharing initiative next year among industry players that focuses on monitoring borrowing behavior and possible fraudulent activity in real time as online lending platforms (OLPs) continue to gain traction.

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“There is no intelligence sharing yet. In fact, we are now in serious discussions about that in the industry. Of course, we want to start with the big players, especially GCash or Maya, because they’re also into lending, and then eventually, the banks,” FinTech Alliance.PH Chairman and Rizal Commercial Banking Corp. Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva told reporters on the sidelines of an event last week.

“Until now, there’s no such mechanism. That’s why, as an industry,... it has to have industry-led fraud intelligence sharing and also being able to detect real time. ‘Is this the same person who applied to me? At this very second, he’s applying with us,”

The group is looking to pilot the initiative with five players and is eyeing to come up with a final framework by 2028.