Brunei’s Baiduri Bank Taps finbots.ai for AI-Powered Credit Scoring
by Fintech News Singapore February 8, 2023Brunei’s Baiduri Bank has selected finbots.ai, an AI-powered credit scoring software provider backed by Accel, to accelerate the bank’s financial inclusion drive for the underserved credit market.
By adopting finbots’ AI credit modelling solution, creditX, Baiduri Bank will be able to develop and deploy high quality credit scorecards at a fraction of the time and cost.
Baiduri aims to reduce credit risk, improve efficiency and have greater agility for retail and SME businesses through this partnership.
finbots.ai had recently successfully completed A.I. Verify pilot, the world’s first AI governance testing framework and toolkit developed by Singapore Government’s IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission).
According to a statement by finbots.ai, this “validated the performance of creditX solution on principles of fair, explainable and trustworthy AI, in an objective and verifiable manner”.
Sanjay Uppal
Sanjay Uppal, Founder and CEO of finbots.ai said,
“We are proud to add a leading and progressive bank like Baiduri Bank to our fast-growing client base.
creditX will radically transform the bank’s credit risk management value chain and open new opportunities for them to democratise access to credit at scale, speed and a fraction of the cost.”
Ti Eng Hui
Ti Eng Hui, CEO of Baiduri Bank said,
“The use of new technologies and advanced predictive analytics for credit scoring creates fresh opportunities for banks to enhance the credit-decisioning process, thereby strengthening risk management and operational efficiency.
It is also one of the fundamental building blocks of a seamless omnichannel onboarding experience.”
