Fi­nol­ogy-Trop­i­cana tie-up likely

Fi­nol­ogy to launch credit scor­ing so­lu­tion for de­vel­oper’s up­com­ing project

The Star Malaysia - StarBiz - - News -

PETALING JAYA: Fi­nol­ogy Sdn Bhd, a Malaysian fin­tech com­pany for­merly known as Loanstreet Sdn Bhd, is close to launch­ing a credit scor­ing pi­lot so­lu­tion for one of Trop­i­cana Corp Bhd’s up­com­ing prop­erty de­vel­op­ment project, said sources.

The com­pany cur­rently counts prop­erty de­vel­op­ers such as Para­mount Bhd, Hua Yang Bhd and LJBB Sdn Bhd as its clients.

Fi­nol­ogy is a six-year-old com­pany which of­fers two main ser­vices – Loan Score Report and Dsuite – a com­plete dig­i­tal so­lu­tion that pro­vides trans­parency over the en­tire screen­ing and loan ap­proval cy­cle of cus­tomers.

One of the in­vestors in Fi­nol­ogy is Jared Ang Tzer Shen, a for­mer pri­vate eq­uity in­vestor who worked in Brah­mal Va­sude­van’s pri- vate eq­uity firm Creador Sdn Bhd.

Ang is also a di­rec­tor in one of Trop­i­cana’s sub­sidiaries.

He is be­lieved to have bought a 10% stake in Fi­nol­ogy last year, and would look to in­crease his share­hold­ing should cer­tain tar­gets be met.

In Malaysia, credit scor­ing is be­com­ing in­creas­ingly im­por­tant for buy­ers want­ing to ap­ply for mort­gage, cars and credit card loans.

At the mo­ment, the big­gest im­ped­i­ment faced by most prop­erty buy­ers is to get a loan on the amount re­quired to com­plete their pur­chases.

There are four ma­jor credit agen­cies – Cen­tral Credit Ref­er­ence In­for­ma­tion Sys­tem (CCRIS), Credit Tip-Off Ser­vice (CTOS), RAM Credit In­for­ma­tion Sdn Bhd (RAMCI) and Credit Bureau Malaysia.

Each agency has its own method of de­riv­ing a per­son’s credit score.

When con­tacted, Fi­nol­ogy founder Jared Lim con­firmed that it is work­ing with Trop­i­cana to de­velop au­to­mated pro­cesses to pre­pare for a roll out of the lat­ter’s projects.

Fi­nol­ogy’s Loan Score Report is a stand­alone prod­uct, ca­pa­ble of pro­vid­ing a re­view of an in­di­vid­ual’s loan po­ten­tial.

This tech­nol­ogy has been de­vel­oped and re­fined over three years and now has var­i­ous patents across the Asian-Pa­cific.

With Loan Scor­ing by Loan­plus, pur­chasers can know their bor­row­ing power from up to 15 banks within 30 min­utes.

“We put a com­pre­hen­sive

Report in their hands within Loan Score 30 min­utes, which shows the banks from which they are el­i­gi­ble for a mort­gage, the max­i­mum amount al­low­able ac­cord­ing to each bank, as well as the prob­a­bil­ity of a suc­cess­ful loan com­ple­tion.

“Ev­ery sin­gle as­pect is thor­oughly con­sid­ered in this report, from their CCRIS and CTOS to their in­di­vid­ual or com­bined Debt Ser­vic­ing Ra­tio for each bank, as well as le­gal stand­ing and even ex­ist­ing loans out­side the bank­ing sys­tem, among oth­ers,” said Lim.

Mean­while, DSuite is a com­plete dig­i­tal so­lu­tion that pro­vides trans­parency over the en­tire screen­ing and loan ap­proval cy­cle of cus­tomers.

Prop­erty de­vel­op­ers and real es­tate agents will be able to as­sign any banker from a sin­gle dash­board to a po­ten­tial cus­tomer.

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