TOKYO, NNA - Mitsui & Co. and a unit of Sony Corp. have jointly established a venture to conduct credit scoring operations in Indonesia and Chile to curb credit risks and recovery costs for financial firms.
Mitsui and Sony Network Communications Inc. set up Global AI Innovations Laboratory Co. on Oct. 1 in Tokyo to offer an artificial intelligence-based credit scoring service.
Capitalized at 300 million yen ($2.7 million), the joint venture is owned 60 percent by the major trading house and 40 percent by Sony Network.
The company will initially help financial institutions in Indonesia and Chile, where there is growing demand for consumer loans to buy motor vehicles and other products, Mitsui officials say.
They say the joint venture will combine Mitsui’s credit management expertise with Sony Network’s AI technology to initially offer such services to financial firms in the two countries and may expand to other emerging markets as well as in Japan in the future. (NNA/Kyodo)