Ayala-led Bank of the Philippine Islands has teamed up with Singapore-based data analytics firm Tongdun International Pte Ltd. to create a credit scoring model for small and medium enterprises (SMEs).
In a statement, BPI business banking head Junie Veloso said the agreement with Tongdun—provider of big data analytical tools including risk management, antifraud and customer value analysis—formed part of BPI’s digitalization efforts and its financial inclusion campaign.
“We believe that through the use of artificial intelligence solutions…we can optimize our processes for the benefit of more clients. We will be able to serve more clients faster while managing our risks better,” said Veloso.
The memorandum of understanding covers services and solutions involving credit cards and unsecured lending, microfinance products, and loans for SMEs.
Tongdun is the international arm of China-based Tongdun Technology.