Nikel, formerly known as Impact Credit Solutions, has recently completed a project, Building Credit Footprints for the Unbanked. The project leverages Artificial Intelligence and machine learning techniques in credit modelling to develop a credit decision engine which enables financial institutions to increase small business lending while managing default risks, by reaching underserved, yet credit-worthy borrowers at scale.
Nikel is a leading embedded lender based in Singapore, with a mission to offer seamless and affordable lending to small businesses in Southeast Asia. As a fintech company, Nikel builds bank-grade lending technology, combined with robust credit models to help financial institutions reach credit-worthy borrowers that are excluded from traditional lending practices.
The project was supported by a grant under the Financial Sector Technology & Innovation – Artificial Intelligence & Data Analytics (FSTI – AIDA) scheme. The scheme aims to strengthen the AIDA ecosystem in the Singapore financial sector, and is funded by the Financial Sector Development Fund, administered by the Monetary Authority of Singapore.
“Our solution benefits both sides of the market. It helps lenders to expand their pool of customers with greater speed and managed risk. More importantly, it also helps traditionally underserved segments to gain access to credit services at fair risk-adjusted prices.” shared Tam Trinh, Chief Analytics Officer at Nikel.