Tongdun Technology, one of the leading global providers of risk control services to ?nancial institutions and insurance companies, has further strengthened its partnership with the Bank of the Philippine Islands (BPI) to help offer more accessible and sustainable digital banking solutions, in particular to unbanked communities in the country.
According to the Q1 2019 Financial Inclusion Dashboard published by the Bangko Sentral ng Pilipinas, 533 cities and municipalities in the Philippines or 32.6 percent of the total remain unbanked. Tongdun and BPI seek to improve the numbers by developing and offering banking solutions that can serve as many Fili-pinos across the nation as possible.
Through the partnership, Tongdun will provide customized and omnichannel solutions that will enable BPI’s custom-ers to easily access a wide range of ?nancial products and services, including savings, payments, credit and insurance.
Tongdun Technology Cofounder and Partner Jackal Ma shares, “Now that technology has made it possible to reach clients and markets previously untapped by digital services, we integrated arti?cial intelligence into risk management to provide our customers such as BPI with comprehensive intelligent risk control solutions. We are con?dent that our technology can help BPI be a catalyst in digitizing the Philippine banking ecosystem with an AI-led, omnichannel customer experience.”
Since the start of the two companies’ collaborative partnership last year, Tongdun has helped develop an automated lending process and optimized credit scoring model to strengthen BPI’s lending business for SMEs.
BPI President and CEO Cezar Consing adds, “With the challenges that the unbanked and un-derbanked communities face today, banking institutions need to provide a pathway to long-term and sustainable ?nancial inclusion system. With our partnership with Tongdun, we are unlocking a wide range of ?nancial products and services for our customers.”
As more organizations come to the aid of the government in pushing for ?nancial inclusion in the country, Tongdun and BPI will continue to be at the forefront of utilizing technology to bring the mainstream ?-nancial ecosystem conveniently and affordably to more Filipinos.