Mitsui and Sony Network Communications set up Global AI Innovations Laboratory
The new entity will offer an SaaS AI credit/collection scoring system.
Japan’s Mitsui & Co Ltd (TYO:8031) has partnered with Sony Network Communications, Inc. to establish “Global AI Innovations Laboratory Co., Ltd.” (GAILABO), which will offer an SaaS AI credit/collection scoring system.
Commenting on the business rationale for setting up the new entity, Mitsui explains that, as economies emerge in Asia and Latin America, demand for consumer loans to purchase motorcycles, passenger vehicles, and consumer goods is increasing amid economic growth and rising personal income. At the same time, financial institutions face challenges in areas such as reducing both credit risk and recovery costs.
Making use of Mitsui’s know-how in credit management in overseas markets and Sony Network Communications’ artificial intelligence technology, GAILABO will develop and provide its own original credit/collection scoring system.
Initially, GAILABO will commence providing services to financial institutions in Indonesia and Chile, where Mitsui already has a business base in consumer lending. In the future, it will aim to expand into other emerging markets and Japan.
Mitsui will continue to create new business models and services around the world by leveraging its business base and know-how in the mobility and ICT fields both within Japan and overseas.
Global AI Innovations Laboratory Co., Ltd. has paid-in capital of 300 million yen. Mitsui & Co. has a 60% stake in the new entity, whereas Sony Network Communications has a 40% holding. GAILABO’s headquarters are located at 1-1-3 Marunouchi, Chiyoda, Tokyo.
