The Ministry of Finance is encouraging financial institutions to engage in the use of artificial intelligence to support the growth of small, medium and micro enterprises.
Minister Esrom Immanuel thanked the Fiji Development Bank for launching an AI-assisted credit assessment tool to help small business owners obtain loans, access finance and reach more customers.
He also acknowledged that many people were not accustomed to using such technology, but assured that guidance and support would be provided to help them use it effectively.
Mr Immanuel highlighted that the introduction of AI is an important step in modernizing the financial system and creating opportunities for businesses across Fiji.
“For example, FDB, that’s their job. They have to bring their service down to that level. Tell them, as you probably saw in the video, customers or potential customers don’t have to come into the office. So FDB and other financial institutions have to go down to that level as well.”
Mr Immanuel assured people that despite the shortcomings associated with AI, these advances are safe and stressed that the bank has a strong IT infrastructure to support AI.
FDB executive Philimone Wakabaka says Fiji should use technology to build a stronger economy. New AI credit tools will help FDB support these national plans.
“A new era of artificial intelligence has begun, driven primarily by the variety of applications and tools that have become publicly accessible.”
Mr Wakabaka added that these initiatives will encourage more people to start businesses, knowing that the support they need to grow their businesses is available.
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