The agreement, signed during the first Artificial Intelligence (AI) Summit PH 2023 on May 12-13, enables clients of LBC Express Inc. (LBC) to access small business financing from Union Bank of the Philippines (UnionBank) to fuel their expansion plans.
Under the agreement, Aboitiz Data Innovation (ADI) will provide its AI-powered scoring service to evaluate LBC customers, allowing UnionBank to extend loans intelligently and confidently to eligible clients.
Roberto Abastillas, executive vice president and Commercial Banking Center head of UnionBank, said this initiative will enable the bank to tap into the small informal business sector and contribute through lending, creating economic activity in digital channels, and assisting small entrepreneurs.
Enrique Rey Jr., chief financial officer of LBC, likewise said the tripartite agreement would allow them to encourage more Filipinos to start businesses, knowing that there are opportunities for new businesses to scale up.
“Through this partnership with ADI and UnionBank, we look forward to providing them with a one-of-a-kind opportunity to obtain funding to help advance their businesses,” said Rey.
Guy Sheppard, chief operating officer for Financial Services at ADI, said the company is looking forward to working with LBC and UnionBank to harness the capabilities of data science and AI, and create solutions that empower more entrepreneurs in the Philippines and beyond.