BPI taps China’s Tongdun Tech for lending process automation

Tongdun Technology cofounder and partner Jackal Ma said on Thursday, Oct.10, 2019,  the company signed an agreement with Bank of the Philippine Islands to provide the lender with  financial products and services such as savings, payments, credit, and insurance with customized solutions. Jon Viktor Cabuenas, GMA News

Global risk control service provider Tongdun Technology on Thursday said it has been tapped by the Bank of the Philippine Islands (BPI) to automate the Ayala-led lender’s lending process.

In an interview with reporters in Taguig City, Tongdun cofounder and partner Jackal Ma said the company signed an agreement to provide BPI’s financial products and services such as savings, payments, credit, and insurance with customized solutions.

“Now that technology has made it possible to reach clients and markets previously untapped by digital services, we integrated artificial intelligence into risk management to provide our customers such as BPI with comprehensive intelligent risk control solutions,” Ma said.

Headquartered in Hangzhou, Zheijiang in China, Tongdun offers intelligent risk management, intelligent anti-fraud, and intelligent operation to clients from various industries.

For BPI, Tongdun will develop an automated lending process and optimized credit scoring model for small and medium-sized enterprises (SMEs).

“We are confident that our technology can help BPI be a catalyst in digitizing the Philippine banking ecosystem with an AI-led omnichannel experience,” Ma noted.

The credit scoring model will allow BPI to evaluate loan applications faster.

“With our partnership with Tongdun, we are unlocking a wide range of financial products and services for our customers,” said BPI president and CEO Cezar Consing.

“With the challenges that the unbanked and underbanked communities face today, banking institutions need to provide a pathway to long-term and sustainable financial inclusion system,” he added. —VDS, GMA News