United Overseas Bank (UOB) and Pintec Technology have formed a joint venture Avatec.ai (S) (Avatec), which will assist the banks and finance companies to streamline credit quality assessment of potential customers.

The services can also be extended into other sectors which offer financial products such as e-commerce, retail and travel.

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UOB will hold 60% stake in Avatec while PINTEC will own the remaining 40% stake. UOB is also expected to invest up to S$12m ($9.15m) in Avatec over the next two years.

The joint venture company will focus on providing its clients with a credit assessment solution which will analyse an increased set of digitised data compared to the conventional methods used to assess personal or business credit applications.

The tool will utilise artificial intelligence, machine learning and anti-fraud algorithms to evaluate and determine the applicant credit quality.

Avatec CEO designate Dennis Tan said: “Avatec’s end-to-end intelligent digital credit assessment solution is not only useful to financial institutions, it will also enable companies in sectors such as e-commerce, telecommunications, retail and travel to offer financial products such as point-of-sale financing, and personal and business loans quickly and efficiently.

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“By making financial products more inclusive, these companies will be able to connect with a larger base of customers in the region.”

The solution will be first launched in Indonesia followed by other Southeast Asian nations within the next two years.