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UOB to use AI-based credit assessment tool to speed up SME loan approvals

UOB to use AI-based credit assessment tool to speed up SME loan approvals

(28 February 2019 – Singapore) United Overseas Bank will use AI to assess small business trading data for companies using OctoRocket to speed up the loan approval process.

Under the agreement, UOB will enable small businesses that use OctoRocket for at least six months to apply for financing directly via the online platform. Instead of relying on the company’s financial statements, the bank will assess the applicant’s creditworthiness based on its transactional data on OctoRocket, using a credit assessment engine developed by, gaining insights into the applicant’s cashflow and day-to-day operations.

OctoRocket is a joint venture launched in January by Singapore Press Holdings (SPH) and Y3 Technologies, that enables cross-border trade between suppliers and buyers from Singapore, Indonesia, Malaysia, Thailand and Vietnam.

Lawrence Loh, head of group business banking, UOB, says: “Small businesses, which comprise nearly 99 per cent of total enterprises in ASEAN, form the backbone of the region’s economy. Through our AI-driven credit assessment engine which analyses traditional and alternative sets of data to assess a business’ creditworthiness faster and more accurately, businesses on OctoRocket will enjoy faster loan approvals. This will benefit e-commerce buyers and sellers who may need the credit to seize business opportunities quickly as they arise.” 

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