PHNOM PENH, CAMBODIA. The Small Business Corporation (SBCorp) was once again conferred a merit award during the 47th Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Annual Meeting held last May 15-17, 2024 at the Sofitel Phnom Penh Phokeethra, Phnom Penh, Cambodia.
From a total of 110 entries from 35 member institutions in 21 countries, SBCorp was awarded under the Technology Development Category of the 2024 ADFIAP awards for its Machine Learning (ML)-Based Credit Scoring Model for Micro Loans.
The annual ADFIAP Awards gives recognition to member-institutions who have undertaken projects that created positive impact in the areas of small and medium enterprises, the environment, infrastructure, technology, trade, local economy, corporate governance, and corporate social responsibility.
In September 2023, SBCorp launched its ML-Based Credit Scoring Model for Micro Loans to expedite its loan evaluation process by determining the likelihood of default of micro loan applications through a scoring tool that weigh in on the patterns of the gathered financial and non-financial data from the borrower.
The credit scoring tool is now being utilized for loans not exceeding PhP100,000.00 and shall be utilized for higher loan amounts after evaluation and needed enhancements are put in place.
As of year-end 2024, SBCorp has released P11.6 billion in loans to 59,928 micro, small and medium enterprises (MSMEs). Of this total, 73% (44,000) are microenterprises. Loan beneficiaries include micro businesses who are mostly in the services (24%) and trading (37%) industries.
In the photo: Receiving the award are SBCorp President/CEO, Robert C. Bastillo (3rd from left) together with SBCorp Senior Vice President for Strategy Management, Angelito B. Acupan (last on the right). Handing the award are ADFIAP Chair and Fiji Development Bank CEO, Saud A. Minam (2nd from left) and 1st Vice- Chair and Agricultural and Rural Development Bank CEO, Khao Thach (1st on the left).
About ADFIAP:
ADFIAP is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to advance sustainable development through its members. Founded in 1976, ADFIAP has currently 90 member-institutions in 40 countries.