BPI taps data analytics firm for SME financial inclusion

MANILA, Philippines — Ayala-led Bank of the Philippine Islands (BPI) has tapped a leading risk management service provider headquartered in Singapore to create a credit scoring model giving more small and medium enterprises (SMEs) access to financing.

Junie Veloso, business banking head at BPI, said the bank has signed an agreement with Tongdun International Pte Ltd. as part of its efforts to intensify its digitalization and its campaign to increase financial inclusion in the country in 2019.

“We believe that through the use of artificial intelligence solutions such as the one provided by Tongdun, we can optimize our processes for the benefit of more clients. Moving forward, we will be able to serve more clients faster while managing our risks better,” Veloso said.

Tongdun International, headquartered in Singapore, is the international arm of China-based Tongdun Technology.

“As part of our enterprise-wide digital transformation, we believe that more secure and efficient digital processes and tools will help us achieve sustainable growth and accelerate financial inclusion for more Filipinos as well,” Veloso added.

The provider of big data analytical tools that include risk management, anti-fraud and customer value analysis employs the intelligent integrity network concept integrating artificial intelligence and cross-industry defense that makes efficient and intelligent risk management solutions possible.

The memorandum of understanding signed by the two parties will cover services and solutions involving credit cards and unsecured lending, microfinance products, and loans for SMEs.

Tongdun Technology co-founder and partner Jackal Ma said the leading financial technology (fintech) company could help financial institutions like BPI in their digital transformation journey.

“More than 10,000 companies across industries worldwide trust Tongdun to enhance their customers’ experience and safeguard their interests. We look forward to a fruitful partnership with BPI,” the official said.

BPI and Tongdun hope to expand the scope of their partnership upon the achievement of certain milestones.

Since its inception in 2013, Hangzhou-based Tongdun has been committed to building an intelligent integrity network to integrate artificial intelligence into risk management to provide small or micro businesses with comprehensive intelligent risk control solutions that are highly competent.