Tongdun International Pte. Ltd., a risk management service provider, has partnered with Bank of the Philippine Islands (BPI) to deliver a faster, automated lending process, and an optimized credit scoring model for small and medium enterprises (SMEs).
By shortening the turnaround time for business loan applications, the engagement seeks to provide SMEs better access to financing services and further improve customers’ experience. The memorandum of understanding signed by the two parties also covers the provision of solutions and services by Tongdun toward developing an agile decision-making process for credit cards, unsecured lending, and microfinance for BPI.
“As a leading fintech risk management company, Tongdun can tap into years of experience working with financial institutions and various industries to help BPI in its digital transformation journey,” said Jackal Ma, co-founder and partner at Tongdun Technology. “With insights gained from working with more than 10,000 companies across many industries worldwide, we look forward to enabling BPI to improve banking services and security for its customers across the Philippines.”
Tongdun and BPI will work out further collaborative efforts and develop a formal corporate relationship upon the completion of both short- and medium-term projects.
“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,” said Junie Veloso, head of BPI, Business Banking. “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. All these will allow us to serve more clients faster while managing our risks better.”
Under the medium-term projects, Tongdun will provide BPI with solutions to develop agile decision engines for online lending in order to strengthen the bank’s unsecured lending business.
Founded in 2013, Tongdun Technology provides solutions for P2P lending, microfinance, banking, insurance, automated finance, funds management, third-party payment, OTA, e-commerce, O2O, gaming, social media, and live streaming. Its headquarters is in Singapore and is an extended arm of China-based Tongdun Technology.
Categories: Media Release