In association with Blitz IT Consultants, FICO, a provider of predictive analytics solutions, will unveil analytic offerings to banks in Vietnam. FICO offerings for fraud detection, loan initiation, credit scoring and collections will now be offered to Vietnam’s financial services organizations.
With an aim to boost the economy, the central bank is forcing banks in Vietnam to decrease bad debt and at the same time enhance lending to creditworthy borrowers. Banks therefore need more powerful controls and mechanisms for enhancing loyalty to conscientious lending practices and also decrease potential debt issues. FICO has a minimum of 50 years of experience in analytics-based credit risk management and its offerings are ideal for assisting banks in tackling these problems.
In a statement, Chia Han Meng, CEO, Blitz, said, "We see tremendous potential in Vietnam for FICO solutions. The banks are well aware of the need for predictive analytics in their credit operations, but they have not had the benefit of anything as powerful as FICO's offerings. We are keenly interested in helping banks address risk and compliance issues through technology, and our partnership with the global leader will enable us to excel in this area."
Blitz is a well-known provider of financial technology in Vietnam. Since 2005, Blitz has been the solitary associate of the SWIFT wire transfer network in Vietnam. Blitz also has relationships with more than 50 Vietnamese banks and securities organizations.
Dattu Kompella is VP and MD for FICO in Southeast Asia, India, Australia and New Zealand. According to Kompella, the organization feels that Blitz is the ideal associate for unveiling FICO technology to Vietnam's banking system at this important moment. The organization will leverage its sophisticated analytics along with Blitz's extensive market coverage for assisting banks in developing a more powerful credit culture.
Patrick Tan, country manager for Vietnam, FICO, said, "The Vietnamese banking industry needs to ensure it has in place strong fundamentals going forward, to avoid the challenges faced in many other countries around the world. Areas such as loan application processes need to have mechanisms like credit scoring to ensure responsible lending, lessen the risk of bad debt, and guarantee that credit-worthy consumers get the credit they need, which also stimulates a healthy economy."
Edited by Rachel Ramsey