Company’s credit score system for micro loans is a winning fintech tool for the Pacific Islands
SINGAPORE — Since its launch four years ago, a fintech company has helped more than 20,000 Malaysians overcome their lack of credit score to access micro-finance.
Global Psytech, led by founder Hanizah Yon, was able to do this with a fintech product it developed to understand borrower behavior and assign them an alternative credit score.
Pacific Islanders are likely to be the next group of people the Malaysian company will help – the company was one of five winning fintech companies in a competition to improve fintech infrastructure in the Pacific Islands which took place from Wednesday July 27 to Friday.
The results of the Pacific Islands Fintech Innovation Challenge 2022 were announced during the closing ceremony on Friday.
The event is organized by the United Nations Capital Development Fund, in partnership with Australia’s Market Development Facility and the Asian Development Bank. It aims to make digital payments and other fintech products accessible to Pacific Islanders in Fiji, Solomon Islands, Vanuatu, Tonga and Samoa.
“With the current banking situation in the Pacific Islands, we cannot sit back and do nothing. We hope that all the brains participating in this challenge can come up with innovative solutions that can help Pacific Island communities,” said said Mr. Henry. Puna, Secretary General of the Pacific Islands Forum, at the opening ceremony on Wednesday at the Prudential Tower in Singapore.
Foreign Minister Vivian Balakrishnan, who was the guest of honor at the opening event, said: “The Pacific Islands have always been known for their hardy and enterprising people. We believe that fintech solutions will help improve the prospects of micro-business owners around the world. Pacific Region.”