The Ministry of Finance is actively promoting the integration of Artificial Intelligence (AI) within financial institutions to support the growth of micro, small, and medium enterprises in Fiji. Minister Esrom Immanuel expressed his gratitude towards the Fiji Development Bank (FDB) for introducing an AI-assisted credit assessment tool designed to facilitate access to loans for small business owners, enabling them to connect with more customers and secure financing.
Acknowledging that many individuals may not yet be familiar with this technological advancement, Immanuel reassured the public of the provision of guidance and support to ensure effective utilization of these tools. He emphasized that adopting AI is essential for the modernization of Fiji’s financial system, as it opens up new opportunities for businesses across the nation.
According to Immanuel, the role of the FDB is pivotal in making these services accessible to all, including educating clients on utilizing AI effectively. “They have to bring the service down to that level,” he stated, signaling the necessity for financial institutions to make their offerings user-friendly.
Filimone Waqabaca, FDB’s Executive, also echoed the sentiment that technology should be harnessed to bolster the economy. He pointed out that the new AI credit tool aligns with national aspirations, stating, “A new era of artificial intelligence has dawned, prompted largely by various applications and tools that have seemingly been made publicly accessible.” This initiative aims to encourage entrepreneurship by assuring potential business owners that the requisite support will be readily available to aid in their ventures.
The introductions of these technologies are transformative, offering a glimmer of hope for Fiji’s economic future. They signal significant progress toward enhancing productivity and encouraging innovation, aligning with ongoing discussions regarding the importance of adapting educational frameworks and regulatory systems to accommodate and prepare for such advancements.
The ongoing dialogues illustrate a collective commitment between government bodies, financial institutions, and the educational sector to foster a thorough understanding of AI and digital literacy. This collaboration is not only essential for adapting to the swift shifts within the job market but also for enriching Fiji’s economic landscape and driving sustainable growth for the future. As institutions work hand-in-hand to embrace these changes, there lies a promising potential for enhancing the resilience of Fiji’s economy and empowering its citizens.