Mobilewalla was excited to partner with Fintech News Network to host one of its Fintech Fireside Asia webinars. Fintech News Network is a media organization best known in Asia for delivering top-notch local insights in the financial services space.
Presented on July 19, 2022, this webinar was a panel discussion with the industry's brightest financial services leaders including Union Bank of the Philippines, Funding Societies and TransUnion to discuss on the topic, "How AI is Reshaping Lending in Asia Pacific". We were joined by over 300 professionals from throughout the APAC region.
Missed the webinar? Access the recording here →
Fintechnews Singapore has broken down some interesting highlights of the webinar and discussed about some of the effective use of data and AI in fintech to drive real-world business results.
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Improving financial inclusion
For Anindya Datta, Founder, CEO, Chairman, Mobilewalla, AI offers an opportunity to deliver innovative business models that can leapfrog traditional solutions and reach the unbanked, a potential that’s particularly relevant in Southeast Asia considering that more than 70% of the region’s adult population remain either unbanked or underbanked today.
“A major part of decision making in lending is around figuring out how likely a person is going to pay back and whether they will pay back in time. Why it’s so interesting In emerging markets, especially in APAC, is because the credit footprint is small [and a lot of people don’t] have credit scores,” Anindya said.
“In terms of technology adoption, ML is probably one of the biggest adopted framework technologies in fintech that are doing it to do credit worthiness.”
By relying on non-traditional data such as consumer mobility and average household phone price, AI can reduce information asymmetry for those who lack credit history, expanding credit availability to individuals whom creditworthiness can’t be measured using traditional metrics, Anindya said.
Related Reading: Understand How Fintech Companies Use Third-Party Data to Prevent Fraud & Decrease Defaults
Read the original and full article from Fintech News
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