Fiji has embarked on a transformative journey in digital finance with the introduction of the Fiji Development Bank’s (FDB) inaugural artificial intelligence (AI) credit assessment pilot. Launched last month, the initiative aims to significantly accelerate lending decisions, broaden financial inclusion, and modernize the nation’s banking infrastructure. Finance Minister Esrom Immanuel highlighted the importance of this move in a parliamentary session today, noting it as a landmark step for the country’s entry into AI-enabled credit evaluation.
Under the new system, existing FDB customers can submit loan applications entirely online via the bank’s mobile app, allowing for loans up to FJ$100,000, while unsecured loans can be processed for amounts below FJ$10,000. Immanuel stated that this digital approach exemplifies Fiji’s active participation in the global technological shift that is enhancing access to credit for individuals and businesses.
Applicants are able to verify their identity and upload required documents digitally, with all submitted information encrypted and securely hosted on Amazon Web Services (AWS) servers located in Sydney. Immanuel assured that the data is subject to strict legal requirements, mandating its retention within Australia under Fijian law, and stipulating that it will be deleted or returned once the service relationship concludes.
Once a loan application is submitted, the AI system promptly assesses the information and recommends actions to FDB staff, who maintain the ultimate responsibility for the final lending decision. More than 100 existing customers have already expressed interest in utilizing the new platform, indicating a strong appetite for this innovative service.
During the parliamentary discussion, Assistant Minister in the Office of the Prime Minister Sakiusa Tubuna raised concerns regarding the protection of sensitive personal and financial data. He sought assurances that the system would safeguard citizens from potential data breaches and prevent misuse by the technology provider. In response, Immanuel outlined stringent, legally binding safeguards included in the contract with the vendor, DROC. These measures encompass mandatory data residency in Australia on secure AWS servers, adherence to security standards equivalent to ISO 27001 and SOC 2, and a requirement for breach notifications within 24 hours, followed by a complete report within 48 hours. Additional provisions prohibit the usage of FDB data for purposes beyond the service and grant FDB the right to conduct annual security audits.
Concerns regarding the lack of updated laws governing data privacy and AI-based financial services were also raised by Opposition MP Faiyaz Koya. He questioned whether new regulations had been established or were in the pipeline. In his reply, Immanuel confirmed that new legal frameworks are anticipated as part of Fiji’s National Digital Strategy, which aims to ensure effective oversight of emerging technologies.
The introduction of AI in financial services not only positions Fiji at the forefront of technological advancement in the region but also reflects a broader trend of integrating AI into banking practices globally. As countries increasingly embrace digital finance, Fiji’s bold steps may serve as a model for other nations looking to enhance their financial systems and expand access to credit.
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