Transforming Credit Assessment in the Pacific

National Bank of Samoa (nbs) will soon be rolling out an innovative credit assessment tool for its loans, using a technology solution from Global Psytech, a Malaysian fintech company. Global Psytech’s General Financial Insights (GFI) credit assessment module will assist nbs to improve its credit evaluation, particularly for Samoan businesses that do not have traditional credit records.

With the support of the Australian and New Zealand Government-funded Market Development Facility (MDF), Global Psytech has successfully tested the GFI, which is a behavioural assessment tool, with nbs and it is now ready for full deployment. The rollout of GFI at nbs was made possible through Global Psytech’s participation in the 2022 Pacific Fintech Innovation Challenge, held in Singapore and funded by MDF, the United Nations Capital Development Fund and Asian Development Bank.

“We’re excited about the potential of GFI to bridge the credit gap and allow financial service providers to lend more confidently,” said Dr. Haniza Yon, CEO of Global Psytech. “Our partnership with the National Bank of Samoa highlights our commitment to empower Micro, Small, and Medium Enterprises (MSMEs) in the Pacific,” she added.

As one of Samoa’s leading financial institutions, nbs recognises GFI’s potential utility and benefit to the bank.

CEO of the National Bank of Samoa, Mr Sam Swann, said, “The psychometric assessment adds a new dimension to our present assessment processes. It enables us to extend our financial support to Samoan MSMEs who may lack traditional credit records.”

Following the success of the GFI credit assessment pilot program, nbs also plans to implement the tool in other applications throughout the bank, including the onboarding of new staff.

Global Psytech is excited about the results from the pilot program and hopes the credit assessment module can further improve lending, build financial literacy, and identify more entrepreneurial potential in Samoa.