UBX, the top open finance platform in the Philippines, has teamed up with Aboitiz Data Innovation (ADI) to integrate artificial intelligence (AI) technology into SeekCap, its lending platform. The two companies entered into a partnership agreement during the AI Summit PH 2023, aiming to boost financial inclusion and sustainability through innovation and technology. ADI brings its expertise in data science and AI innovation to SeekCap, with the partnership unlocking cross-ecosystem opportunities and ensuring adherence to data privacy and security policies. The two companies are identifying underserved small and micro enterprises by leveraging alternative data and artificial intelligence. They aim to impart credit ratings to segment the businesses and provide finance at better rates than traditional scoring methods. The latest figures from the Bangko Sentral ng Pilipinas reveal that loans disbursed to MSMEs only reached P454.31 billion from January to September 2022, representing a mere 4.91% on the compliance ratio, which is still below the 10% threshold under Republic Act No. 6977 or the Magna Carta for MSMEs.
Aboitiz Equity Ventures Enhances SeekCap Lending Platform with AI Technology via UBX
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