The Fiji Development Bank yesterday launched Fiji’s first Artificial Intelligence (AI)– based credit assessment tool designed to enhance customer experience and reduce turnaround times for loan application processes to existing customers.
FDB chief executive officer Filimone Waqabaca said Fiji must leverage technology to build a more resilient and efficient economy and with the introduction of the tool, FDB is supporting these national plans.
“We recognise that access to finance is often a crucial turning point for businesses and we want to make that process as smooth as possible, whether you are expanding operations, investing in new equipment or seeking working capital to manage your business growth, FDB is committed to supporting you with tools and services that meet your needs.” Mr Waqabaca said.
Minister for Finance Esrom Immanuel said the AI-assisted credit platform is a practical example of how innovation can directly support financial inclusion, enhance service delivery and empower entrepreneurs in households to access opportunities that once seemed out of reach.
“For too long many capable and hard-working Fijians have faced various credit not because of lack of potential but because of lack of data,” Mr Esrom said.
“This AI-driven credit platform changes that.
“Having access to finance is also a powerful tool of empowerment especially for micro small and medium enterprises (MSMEs), women enterprises and young innovators who form the backbone of our economy.”
The AI tool, a product of a partnership between FDB, the Australian Government’s Market Development Facility and Australian fintech ThirdRoc, will be available via FDB mobile app and web platform.
