Fiji has entered a new era of digital finance with the launch of the Fiji Development Bank’s first artificial intelligence credit assessment pilot, a move Finance Minister Esrom Immanuel says will dramatically speed up lending decisions, expand financial inclusion and modernise the nation’s banking systems.
Speaking in parliament today, Immanuel says the pilot, which was launched last month, marks Fiji’s first major stride into AI-enabled credit evaluation.
Immanuel says existing FDB customers can now submit loan applications entirely online through the bank’s mobile app, with applications accepted for sums up to FJ$100,000 and unsecured loans available for amounts under FJ$10,000.
He emphasised that Fiji is “actively participating in the global technological shift” transforming access to credit.
Immanuel says applicants can verify their identity and upload documents digitally, with all information encrypted and hosted on Amazon Web Services in Sydney.
He says the data is legally required to remain in Australia, governed under Fijian law, and deleted or returned upon termination of services.
Once an application is submitted, Immanuel says the AI system instantly assesses the information and provides a recommendation to FDB staff members, who retain full responsibility for the final lending decision.
He says more than 100 existing customers have already registered their interest in using the platform.
Assistant Minister in the Office of the Prime Minister Sakiusa Tubuna questioned Immanuel on the protection of sensitive personal and financial data,and sought assurances that the system would not expose citizens to data breaches or allow misuse by the technology provider.
In response, the Finance Minister outlined strict, legally binding safeguards in the contract with the vendor, DROC.
He says these include mandatory data residency in Australia on secure AWS servers, security standards equivalent to ISO 27001 and SOC 2, compulsory breach notification within 24 hours and a full report within 48 hours, prohibitions on using FDB data for any purpose beyond the service, and FDB’s right to conduct annual security audits.
Opposition MP Faiyaz Koya also raised concerns about the absence of updated laws governing data privacy and AI-based financial services, questioning whether new regulations were already in place or being drafted.
Immanuel confirmed that new legal frameworks are planned as part of Fiji’s National Digital Strategy to ensure proper oversight of emerging technologies.
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