Govt to introduce credit scoring system for digital banks: Ali

Finance Minister Abul Hassan Mahmood Ali said the government will introduce a credit scoring system utilising artificial intelligence (AI) and machine learning technology to facilitate loan services from these digital banks.

"A credit scoring system utilising artificial intelligence and machine learning technology will be introduced to facilitate loan services from these digital banks. As a result, it will be possible to identify fake and anonymous borrowers very easily and the loan processing will be much easier for the genuine borrowers," he said.

The finance minister said this while placing around Tk 7.97 lakh crore national budgets for the FY25 at the Jatiya Sangsad in Dhaka on Thursday afternoon, reports BSS.

In his speech, Ali said as part of the initiative to develop 'Smart Bangladesh,' announced by the Government of Bangladesh, letters of intent were issued on October 25, 2023, for two digital banks- Nagad Digital Bank PLC and Kori Digital Bank PLC.

"These digital banks aim to provide information and technology-based banking services to the people. Plans are underway to increase the number of digital banks in the future," he added.