Panama’s Credit Data Report Innovations and Excellence Honored with Awards

APC Experian Awards Recognize Leaders in Panamanian Credit Data Quality

Panama city, panama – APC Experian recently hosted its annual awards ceremony, bringing together key figures from the financial sector, including microfinance, retail, telecommunications, and media. The event celebrated organizations demonstrating a strong commitment to high-quality credit data reporting in Panama.

The ceremony was attended by Clariana Carreño, CEO of Experian Spanish Latam, and Giovanna Cardellicchio, general manager of APC Experian, both of whom emphasized the critical importance of robust data management for informed, lasting, and inclusive financial decisions.

Award Categories and Winners

Awards were presented in five distinct categories, recognizing a range of achievements in data quality and innovation:

• Data Plus: Awarded to entities with remarkable commitment to data completeness, providing the highest percentage of additional information to the credit reporting system. This contribution supports analytical solutions, faster credit processes, and greater financial inclusion.
• Innovación: Recognizing companies collaborating with APC Experian to implement innovative products and adopt technologies that reduce credit risk and optimize credit evaluation.
• Analytical Trajectory: Honoring organizations with a proven track record of utilizing statistical reports as an integral part of their decision-making processes.
• Commercial Data Contribution: Recognizing companies reporting the largest volume of active legal references, thereby strengthening the openness and stability of the financial system.

The winners of the APC experian Awards were: savings Fund, International World financial, Rodelag SA, Bac International Bank (Panama) Inc., Corporation El sol, SA, Importadora Maduro, SA, The Bank of Nova Scotia, Credijamar, SA, Shalom, SA, Bank General, Tigo, and Banistmo. These organizations were recognized for their leadership in data quality, technology adoption, and strategic data vision.

The APC Experian Awards are designed to foster the evolution of Panama’s economic and financial ecosystem. By recognizing best practices in data updating, the awards encourage a culture of continuous improvement and the adoption of innovative technologies that enhance the quality of credit information. This ultimately leads to stronger strategic decision-making and a more inclusive, efficient, and resilient financial system.

What specific regulations, inspired by GDPR, have been implemented in Panama to strengthen data protection for consumers?

Revolutionizing Credit Risk Assessment in Panama

panama’s credit reporting landscape has undergone a significant transformation in recent years, driven by innovative data solutions and a commitment to financial inclusion. This progress hasn’t gone unnoticed, with several key players receiving accolades for their contributions to enhanced credit risk management and financial stability within the country. These awards recognize advancements in credit data analytics, option credit scoring, and the overall betterment of credit data systems in Panama.

Award-Winning innovations: A Closer Look

Several organizations have been at the forefront of this revolution. Here’s a breakdown of some key innovations and the recognition they’ve received:

DataScope Panama: Awarded “Moast Innovative Credit Bureau” by Global Banking & Finance Review in Q2 2024, DataScope panama pioneered the integration of telecommunications data and utility payment history into credit assessments. This broadened access to credit for individuals with limited conventional credit history – a crucial step towards financial inclusion.

CreditInfo Panama: Recognized with the “excellence in Data Quality” award by the Latin american Credit Data Association (LACDA) in November 2024, creditinfo Panama implemented a refined data validation system utilizing AI and machine learning. This significantly reduced errors and improved the reliability of credit reports.

Banco Nacional de Panamá (BNP): BNP received the “Best Use of Credit Data for SME Lending” award from the Inter-American Development Bank (IDB) in March 2025. They successfully deployed a new credit scoring model leveraging alternative data sources to better assess the creditworthiness of small and medium-sized enterprises (SMEs), leading to increased lending and economic growth.

The Impact of Alternative Data in Panama’s Credit Market

The integration of alternative data is arguably the most impactful development in Panama’s credit reporting system. Traditionally,credit assessments relied heavily on information from banks and financial institutions.However, a significant portion of the population remained “credit invisible.”

Here’s how alternative data is changing the game:

1. Expanded Credit Access: Non-traditional data like mobile phone payments, rent payments, and even social media activity (used responsibly and with consent) are now being considered, opening up credit opportunities for previously excluded individuals.
2. Improved Accuracy: Combining traditional and alternative data sources provides a more holistic view of an individual’s financial behavior, leading to more accurate credit risk assessments.
3. Reduced Lending Costs: More accurate assessments translate to lower default rates, allowing lenders to offer more competitive interest rates.
4. Boosting SME Growth: Access to credit is vital for SMEs.Innovative SME credit scoring models are fueling economic growth by enabling these businesses to secure funding.

Enhancing data Security and Privacy

Alongside innovation, a strong emphasis has been placed on data security and consumer privacy. Panama’s regulatory framework,overseen by the Superintendencia de Bancos e Instituciones Financieras (SBI),has been updated to align with international best practices,including:

GDPR-inspired regulations: Strengthened data protection laws give consumers greater control over their personal information.

Enhanced cybersecurity measures: Credit bureaus and lenders are investing heavily in cybersecurity infrastructure to protect against data breaches.

Transparent data usage policies: Clear and concise policies explain how credit data is collected, used, and shared.

Consumer dispute resolution mechanisms: Robust processes are in place to address consumer complaints and resolve inaccuracies in credit reports.

The role of Fintech in Panama’s Credit Revolution

Fintech companies are playing a crucial role in driving innovation in panama’s credit market. These companies are leveraging technology to:

Develop innovative credit scoring models: utilizing AI and machine learning to analyze vast datasets and identify patterns that traditional methods miss.

Offer alternative lending platforms: Providing access to credit through online platforms, bypassing traditional banking channels.

Improve data accessibility: Creating APIs and data sharing platforms that allow lenders to access credit information more efficiently.

* promote financial literacy: Developing educational resources to help consumers understand their credit scores and manage their finances effectively.

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