The Fiji Development Bank (FDB) has launched the nation’s first Artificial Intelligence (AI)-driven credit assessment tool, designed to enhance customer experiences and streamline the loan application process for its clients. Filimone Waqabaca, FDB’s chief executive officer, expressed that this breakthrough represents a vital advancement in using technology to foster a more resilient economy. He highlighted the significance of providing seamless access to financing for businesses aiming to grow, invest in new technologies, or effectively manage their expansion.
Finance Minister Esrom Immanuel commended the launch of the AI-assisted credit system as a significant innovation that supports financial inclusion. He pointed out that many hardworking Fijians struggle to access credit—not due to a lack of capability, but because of insufficient data. The AI tool is tailored to address this challenge, empowering micro, small, and medium enterprises (MSMEs), women-led businesses, and young innovators, all of whom play critical roles in the Fijian economy.
The AI credit platform was developed through a collaboration involving the Australian Government’s Market Development Facility and the fintech company ThirdRoc. It will be accessible via both the FDB mobile app and web interface. This initiative comes at a crucial moment, as FDB recently announced that it has successfully exceeded its lending targets, with a notable portion of loans directed towards rural regions, highlighting its commitment to enhancing financial inclusivity.
Waqabaca reaffirmed FDB’s commitment to helping Fijians achieve their business goals through tailored support services. The introduction of this new tool is anticipated to create a more robust financial ecosystem, enhancing access to financing for those previously hindered by traditional assessment methods.
As Fiji embraces technology to strengthen its economic framework, the rollout of this AI-driven platform represents a hopeful step towards future innovations aimed at uplifting local communities and industries. Such advancements promise to cultivate a more accessible financial landscape, driving growth and resilience within the national economy.