This month Truera participated in the BIS Tech Innovation TechChallenge organized by the BIS Innovation Hub and the Hong Kong Monetary Authority. The purpose of the challenge was for the BIS Tech Innovation to showcase the potential for new innovative technologies to resolve problems in trade finance. Truera responded to one of the problem statements put forth by the TechChallenge:
“SMEs still have only limited access to trade finance, mostly as a result of data gaps or data silos. Increasingly, technology-driven approaches are being developed to bridge these gaps and reduce these silos, and thereby improve SME access to trade finance. The aim of this part of the TechChallenge is to improve trade finance inclusion for SMEs through technology, including through tech-driven SME risk-profiling, trade authenticity verification and fraud risk assessment.”
Truera included in its application that its unique functionality unmasks the black box nature of advanced machine learning models. This will allow creditors to gain trust in the model’s predictions because they will be given specific answers as to why the model is making its decisions. This trust not only includes the determining factors to a decision, but also addresses bias and fairness.
Of the over 100 solutions received by the BIS Tech Innovation, Truera is proud to make the shortlist. Truera’s work with leading financial institutions like Standard Chartered to improve model quality, increase trust and eliminate unjust bias in AI decision making continues to prove how innovative model intelligence platforms can resolve issues like bias in the trade finance industry.