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OJK Officially Recognizes CredoLab as First Credit-Scoring Fintech Firm

January 14, 2020

Singapore/Indonesia, 14 January 2020 – Singapore-based CredoLab, developer of bank-grade digital credit scorecards based on smartphone metadata, announced today that it has been officially recorded under Indonesia’s Financial Services Authority (OJK) as a provider of digital financial technology. Otoritas Jasa Keuangan (OJK) is an autonomous Indonesian government agency which regulates and supervises the financial services sector in Indonesia. The institution is mandated with inspecting and investigating the capital market and financial institutions, as well as supervising banks and protecting consumers of the financial services industry.

In a bid to encourage more fintech experimentation, the OJK regulatory sandbox is an instrument and formal accreditation process that allows innovative fintech companies to test their business models in the Indonesian market, under regulator supervision.

On 23 December 2019, CredoLab was said to have fulfilled all the provisions in order to be recorded under the OJK credit scoring cluster in the official list of Digital Financial Innovations (IKD) providers. CredoLab will proceed to the next step of the sandbox programme, of getting registered and licensed according to the OJK regulation number 13/2018. 

Available to all banking and non-banking financial institutions, this is especially crucial for players in the P2P industry as they now have a solution that allows them to use smartphone device data to approve more applicants.


OJK CredoLa
L-R: Tris Yulianta, Director of Digital Financial Innovation Department, OJK; Michele Tucci, Chief Product Officer, CredoL

Michele Tucci, CredoLab’s Chief Product Officer, said, “Being recorded with OJK is a testament to the great work done by CredoLab since 2016 in Indonesia. It represents the validation that protecting users' privacy and facilitating financial inclusion are not mutually exclusive.”


Expanding more on what this means to their clients he said, “Our clients now have more confidence that CredoLab’s technology is based on anonymous data and does not access any personally identifiable information. Clients can rely on OJK's assessment and audit of CredoLab’s solutions to bring more consumers into mainstream financial services while keeping risk under control.”

Peter Barcak, co-founder and CEO at CredoLab said, “Since the beginning, our emphasis at CredoLab has been on utmost transparency and complete privacy of all our client data. We are very pleased to be the first and only smartphone data-based credit scoring fintech company to be recognised by OJK in this regard.”


Tris Yulianta, Director of Digital Financial Innovation Department at OJK sees this as proof of OJK’s commitment to partnering with the most innovative fintech providers. He said, “We would like to congratulate CredoLab for officially being recorded under our institution. Given the innovative nature of their product, we look to CredoLab as a prototype of the credit scoring cluster, and will closely evaluate their successes to provide important learnings for us. Digital banking is the future and we aim to embrace it together with the rest of Indonesia's promising fintech community.”


Founded in Singapore in 2016, CredoLab develops bank-grade digital scorecards by crunching over ten million datapoints from opt-in smartphone metadata to find predictive delinquent behavioural patterns and convert them into credit scores. With this stamp of confidence from OJK, CredoLab is focused on expanding its presence and financially empowering the rapidly digitizing population in Indonesia.