PeopleFund, a fintech company providing AI-based financial risk solutions, announced on the 22nd that it has signed a Memorandum of Understanding (MOU) with OK Financial Group to develop a credit scoring model for Indonesia. The signing ceremony held at OK Financial Group's headquarters was attended by PeopleFund CEO Lee Suhwan and OK Next CEO Shim Sangdon, along with other representatives from both companies.
Through this agreement, the two companies will enhance the existing credit scoring model to develop an AI model tailored to the credit infrastructure level in Indonesia. As a result of performance tests conducted with 16 major domestic financial institutions using PeopleFund’s proprietary models and solutions, delinquency rates decreased by 23.2% to 48.3%, and the rate of reduction in rehabilitation customers reached 42.5% to 75.1%.
Lee Suhwan, CEO of PeopleFund, stated, “Thanks to the collaboration with OK Financial Group, we have created the first case of targeting overseas markets with AI credit scoring technology verified in the Korean market. We will develop models and solutions optimized for the Indonesian market to set new standards for credit evaluation locally.”
A representative from OK Financial Group said, “OK Bank Indonesia will continue to discover various businesses to provide highly reliable financial services.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
