Brunei’s Baiduri Bank has engaged the services of Singapore-headquartered fintech firm finbots.ai to modernize its credit risk management using artificial intelligence.

According to finbots.ai, adopting its credit modelling solution, creditX, will enable the bank to deploy high-quality credit scorecards faster and in a more cost-effective manner.

Baiduri Bank is one of the largest providers of financial products and services in Brunei Darussalam with a diverse customer base ranging from micro, small and medium enterprises ( MSMEs ) to corporate and institutional clients.

The bank engaged market intelligence provider International Data Corporation ( IDC ) to undertake a thorough market evaluation and finbots.ai was selected to meet the bank’s current and future needs in credit risk management.

By engaging finbots.ai, Baiduri Bank will become the first bank in Brunei to migrate to an AI-led credit risk management solution, part of its strategic investments in business transformation to elevate operating efficiencies, analytics capabilities, and customer experience.

Finbots.ai has recently completed the A.I. Verify pilot, the world’s first AI governance testing framework and toolkit developed by Singapore’s Infocomm Media Development and Personal Data Protection Commission. This validated the performance of creditX on the principles of fair, explainable and trustworthy AI, in an objective and verifiable manner.

Ti Eng Hui, chief executive officer of Baiduri Bank, says: “The use of new technologies and advanced predictive analytics for credit scoring creates fresh opportunities for banks to enhance the credit-decisioning process, thereby strengthening risk management and operational efficiency. It is also one of the fundamental building blocks of a seamless omnichannel onboarding experience.”