FinDoc and CTOS Join Forces to Leverage AI in Loan Screening for Malaysians
by Fintech News Malaysia April 2, 2024Malaysian fintech firm FinDoc and CTOS Data Systems, a local credit reporting firm, have officially partnered to refine loan eligibility assessments through advanced AI technologies.
This collaboration, confirmed by a Memorandum of Understanding (MOU), is set to broaden financial literacy and inclusion throughout Malaysia.
The alliance will integrate CTOS’ extensive credit data and digital onboarding solutions (e-KYC) into FinDoc’s platform.
This will streamline the process for consumers to assess their eligibility for loans, find suitable financial products, and obtain personalised credit advice.
By leveraging CTOS’ comprehensive credit insights, FinDoc intends to address common financial hurdles encountered by its users, providing a more tailored and effective service.
Supported by the Cradle fund programme, CIP Spark, FinDoc has been able to expand its research and technological capabilities, leading to this partnership.
Chris Yong
Chris Yong, Chief Executive Officer of FinDoc said,
“Our AI algorithm helps users find the best financial products and provides personalised advice to enhance their credit health. We aim to collaborate with more banks, streamline the loan application process, and match the right customer with the right bank, reducing resource wastage and improving overall user experience.
With this information, we can then develop a Financial Literacy Education Programme to empower users to manage their credit and finances better. This programme will promote financial inclusion and improve their overall quality of life.”
Danny Fong
Danny Fong, Chief Business Officer of CTOS Data Systems said,
“CTOS is partnering with FinDoc to incorporate CTOS eKYC and data to provide a seamless customer onboarding experience for FinDoc customers. This will enable Malaysians to undergo credit eligibility screening and receive advice quickly and securely online.
Recognising the importance of data privacy, we can ensure every credit eligibility request is genuine through digital identity verification while adhering to the highest standards in regulatory compliance.”
