 |
SINGAPORE, Nov. 11, 2024 /PRNewswire/ — Leading fintech company FinVolution Group highlighted their innovative use of Artificial Intelligence (AI) to enhance and empower credit services during a presentation at the Singapore FinTech Festival(SFF) 2024.
Attracting over 66,000 participants from 150 countries this year, Singapore FinTech Festival is a premier global gathering that brings together leaders and innovators from policy, finance, and technology. Held annually in Singapore, SFF serves as a key platform for exploring the future of finance and driving forward ground-breaking solutions in the fintech industry.
Joseph Ruan, COO of FinVolution Group’s Philippines Business, shared insights on the company’s sophisticated AI-driven strategies for addressing critical challenges in the credit sector. Ruan stated, "In today’s rapidly evolving landscape, the integration of AI is crucial for tackling challenges such as data verification, especially with the rise of deepfake threats that jeopardize identity systems in the credit sector."
In his presentation, Ruan showcased how FinVolution Group applies AI throughout its entire credit service process to optimize intelligence, efficiency, and security. The company applies AI-driven solutions in key areas such as intelligent marketing, customer service, risk management, and post-loan management, ensuring a seamless and highly effective credit process.
In particular, FinVolution’s AI-powered risk management framework leverages big data to generate precise credit ratings, predict overdue rates, and determine optimal pricing. The company has developed over 50 risk models that assess individual customer risk levels in mere seconds. By deploying a comprehensive AI-driven e-KYC detection system throughout the credit process, FinVolution is able to streamline operations while ensuring accurate risk management.
The company also utilizes sophisticated graph-based analysis to detect fraudsters and fraud networks, with algorithms scanning millions of interconnections to identify suspicious activity. This approach has helped FinVolution prevent an estimated $3 million in annual losses by uncovering fraudulent activities involving multiple identities.
Founded in 2007, FinVolution Group is a NYSE-listed fintech company connecting millions of consumers, along with micro- and small-sized enterprises, to financial institutions. With established fintech platforms in China, Indonesia, the Philippines, and Pakistan, the company has a proven record of growth across pan-Asian markets.
About FinVolution Group
FinVolution Group is a leading fintech company that connects millions of consumers as well as small-sized enterprises with financial institutions.
Founded in 2007 and listed on the New York Stock Exchange in 2017, we have been at the forefront of the pan-Asian credit technology industry, pioneering innovative technologies in credit risk assessment, fraud detection, big data, and artificial intelligence. With a proven track record of robust growth in pan-Asian countries, we have established leading fintech platforms in China, Indonesia, and the Philippines.
For more information, please visit en.finvgroup.com
Source : FinVolution Showcases AI-Powered Credit Innovation at Singapore FinTech Festival 2024
The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Siam News Network.