The Fiji Development Bank (FDB) has introduced the country’s first Artificial Intelligence (AI)-driven credit assessment tool, aiming to enhance customer experiences and expedite the loan application process for its existing clients. This innovative platform, as stated by FDB’s chief executive officer Filimone Waqabaca, is a crucial step towards leveraging technology to construct a more resilient economy. Waqabaca emphasized the importance of providing seamless access to financing for businesses looking to expand, invest in new technologies, or manage growth effectively.
Finance Minister Esrom Immanuel hailed the launch of the AI-assisted credit system as a beacon of innovation supporting financial inclusion. He noted that many diligent Fijians often lacked access to credit not due to their capabilities, but because of insufficient data. This AI tool aims to rectify that issue, empowering micro, small, and medium enterprises (MSMEs), women-led businesses, and young innovators—who are essential to the Fijian economy.
Developed through a partnership that includes the Australian Government’s Market Development Facility and the fintech company ThirdRoc, the AI credit platform is set to be accessible via both the FDB mobile app and web interface. This initiative arrives at a pivotal time as FDB recently reported its success in surpassing lending targets, with a significant portion of loans directed towards rural areas, showcasing its commitment to enhancing financial inclusivity.
Waqabaca reiterated FDB’s dedication to aiding Fijians in realizing their business aspirations through supportive services tailored to meet their needs. This new tool is expected to build a more robust financial ecosystem by improving access to financing for those previously limited by traditional assessments.
As Fiji looks towards utilizing technology to bolster its economic infrastructure, the introduction of this AI-driven platform signifies a hopeful trajectory for future innovations designed to uplift local communities and industries. Such advancements promise to create a more accessible financial landscape, fostering growth and resilience within the nation’s economy.