UBX taps ADI to infuse AI tech in SeekCap lending platform

Leading open finance platform UBX has forged a strategic partnership with Aboitiz Data Innovation (ADI) to integrate artificial intelligence solutions in UBX’s lending platform SeekCap. 

During the inaugural AI Summit PH 2023, UBX and ADI signed a partnership agreement to champion financial inclusion and sustainability through innovation and technology. 

Currently, UBX and Union Bank of the Philippines leverage an AI-powered alternative credit scoring solution, making it possible for them to offer loans to a broader range of individuals and small businesses who may not have qualified under traditional scoring methods. 

“We identified a few years ago that the MSME segment is a big opening, since many of them are very underserved. A lot of these businesses don’t even have bank accounts, hence scoring them would be a challenge. By using alternative data, we are able to appropriately determine the credit score of MSMEs, allowing us to extend credit to those who couldn’t get it and give it to them at better rates,” UBX President John Januszczak said. 

“Through our partnership with ADI…we are able to improve SeekCap’s services and provide democratized access to business financing to smaller businesses,” Januszczak said. 

Aside from the alternative credit scoring capability, the partnership also paved the way for the introduction of SeekCap PortfolioPro, a new AI-powered service that streamlines the process of building a borrower portfolio. 

PortfolioPro enables partner lenders to grant loans with greater confidence and fine-tune their risk appetite. It will also benefit a broader range of individuals and small businesses to qualify for a loan from an expanded pool of the lending community.

The new AI-powered credit scoring solution also filters fraud, confirming identities at a 99.99% confidence rate.

At the onset, the borrower is validated through SeekCap Credit Risk Filters, enabling the lender to look into each potential debtor’s credit history with Philippine banking and microlending data. 

Ultimately, after being presented with a comprehensive report on the borrower’s background, AI is then utilized to analyze and assess the borrower’s creditworthiness.

Aside from quickly matching borrowers and lenders, SeekCap lenders may also streamline their loan collections via UBX’s payment platform, BUx.