ADI expands Asian business

Aboitiz Data Innovation (ADI), an artificial intelligence (AI) and data science firm, is beefing up efforts to help financial firms increase lending and customize loans for Filipino and other Asian consumers.

ADI chief executive officer Dr. David Hardoon on Thursday said the company is securing partnerships with other businesses in Singapore, Hong Kong, Thailand, Malaysia and Azerbaijan.

“There’s quite a number of firms. We’re speaking to firms in other countries to address financial inclusion and alternative data,” he said in a media briefing in Bonifacio Global City, Taguig.

While he did not give a specific number of companies ADI is courting, Hardoon said ADI’s business activities mostly relate to finance with an 80 percent share.

ADI is a subsidiary of Aboitiz Group which also owns Union Bank of the Philippines and UnionDigital Bank.

AI, data science

Amid the rollouts of AI and data science computer programs, Hardoon said ADI also focuses on helping firms to spot uses for such technologies and reap most of their benefits.”The commonality among the firms in those territories is to systemize the operations of making solutions and deployment, whether its revenue generation or cybercrime protection. There are questions about governance and internal and external data. You cannot have generic solutions,” he said.

To obtain alternative data for customized financing to firms and individuals, Hardoon stressed ADI only uses data that are publicly available.

This is because governments are still building open finance networks which will allow third-party groups and consumers to exchange data more freely to help financial firms develop better products.