SINGAPORE (July 26): After selling off his stake in Platinum Bank in Ukraine, Peter Barcak, co-founder and CEO of CredoLab, turned his attention to a pertinent issue he had encountered as a banker – overcoming the lack of data when assessing new customers for credit facilities.

He wanted to improve the situation in emerging economies, focusing on areas where traditional sources of credit data, such as credit bureaus, were not available.

His brainchild, CredoLab, was founded 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.

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