Over 40 Policy Makers from Indonesia, Vietnam, the Philippines, and Other Countries Visit Korean Office
BalanceHero, a fintech company operating in India, announced on April 28 that it shared its artificial intelligence (AI) microfinance technology and its successful experiences in the Indian market with World Bank officials and global financial policy makers.
The World Bank's visit to BalanceHero was organized to discuss best practices in fintech business for developing countries and to conduct research on inclusive finance for low- and middle-income populations. About 40 World Bank officials participated, along with policy officers from countries such as Indonesia, Vietnam, the Philippines, and Pacific island nations.
World Bank officials and policy officers from about 40 countries including Indonesia and Vietnam are taking a commemorative photo at the BalanceHero Korea office. BalanceHero
BalanceHero, a Korean company rapidly expanding in India, shared its growth story and responded to questions focusing on its technological edge in AI-based credit assessment and the social impact of inclusive financial services. In India, BalanceHero provides microcredit services to nearly one billion low- and mid-credit individuals using its AI-based Alternative Credit Scoring System (ACS). By combining its self-developed large language model (LLM) and machine learning (ML) technologies, the company analyzes smartphone data and payment and loan histories to recommend optimized loan products.
A BalanceHero representative stated, "The World Bank's mission of financial independence and poverty alleviation in underdeveloped countries shares many similarities with BalanceHero's vision of finance for all. Through this visit, we were able to share BalanceHero's experiences in addressing financial accessibility challenges in developing countries, and we hope for various opportunities for collaboration in the future."
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