Singapore based peer to peer lender MoolahSense has added a cloud and blockchain based Artificial Intelligence (AI) that is said to provide real-time anticipation of loan delinquency, fraud, and default. “MoolahSense Active Intelligence” (MAI) is designed to monitor loans and borrower business activities in real-time in order to mitigate investor risk.
Management explains that as a lender you are always challenged by questions regarding information and disclosure provided by the borrower. MoolahSense says they believe that “Trust is the currency in lending.” An investor makes their decision based on the degree of trust established by the borrower.
MAI is described as the solution to these challenges.
Using proprietary tech to actively monitor borrowers business performance in real-time while sending customizable alerts to lenders, MAI expects to improve the accuracy of credit assessment processes. MAI will deliver “descriptive, predictive and prescriptive analytics [for the] lending industry.”
MAI is powered by Hyperledger Fabric blockchain.
“Having observed and experienced the opportunities and challenges in digital SME lending in the past 3 years, we are excited to launch MAI to significantly transform the sector,” said Lawrence Yong, founder and Chief Executive Officer of MoolahSense. “From day 1, our focus has been to simplify and speed up access to working capital for SMEs.”
Yong says they envision a nimble and responsive credit engine that is self-learning and self-correcting to provide on-tap financing to SMEs at their point of need. MAI will improve the “robustness and resilience of SMEs with a consistent and cherished relationship, bridging TRUST to enrolled lenders to participate in this space.”
MAI will officially launch during the FinTech Festival 2018 in Singapore.
MoolahSense has originated over S$70 million to Singaporean SMEs since platform launch. The site claims more than 14,000 registered investors.