LBC, Aboitiz Group to provide credit score, loans to small business owners
MANILA -LBC Express Inc., one of the country’s biggest logistics providers, is partnering with the Aboitiz Group to generate credit scores for clients with small businesses that would help them access loans.
LBC, Aboitiz Data Innovation (ADI) and Union Bank of the Philippines signed their tripartite agreement this week during the first AI Summit in the Philippines.
Enrique V. Rey Jr., chief financial officer at LBC, said customers who would benefit from better access to financing were social sellers—small business owners that use social media to extend their reach.
“Through this partnership with ADI and UnionBank, we look forward to providing them with a one-of-a-kind opportunity to obtain funding to help advance their businesses,” he said in a statement.
ADI will provide its artificial intelligence-powered scoring service to evaluate LBC customer. The data will help UnionBank screen clients for loans.
“We are optimistic as we join the nation in its economic recovery following the pandemic, and we hope to contribute to this through lending, creating economic activity in digital channels, and assisting small entrepreneurs,” said Roberto Abastillas, UnionBank executive vice president.
Through the partnership, small businesses can access funding and allow owners to focus on business expansion.
“Innovation and meaningful collaboration are essential for driving economic development and recovery. We look forward to working with LBC and UnionBank in harnessing the capabilities of Data Science and AI to create solutions that empower more entrepreneurs in the Philippines and beyond,” Guy Sheppard, chief operating officer for financial services at ADI.
