Bangladesh Bank's AI-based credit rating system to spot fake borrowers

Bangladesh Bank is planning on launching a digital bank with an AI-based credit rating system, as per Finance Minister AHM Mustafa Kamal in his latest proposal for the National Budget 2023-24. 

"A Bangladesh Bank committee is working to work out strategies to broaden and accelerate financial inclusion effort," stated the Finance Minister in the budget proposal.

According to him, the committee's outline for setting up the digital bank has already been completed, with the bank hoping to be launched within the 2023-24 fiscal year.

"At the same time, we are developing a machine learning and artificial intelligence (AI)-based credit rating system," added the Finance Minister in the same speech.

He explained that this AI-based credit rating system will make it easier for the bank to spot fake and anonymous money borrowers. Additionally, AI-run identification will make it easier for genuine borrowers to obtain loans from banks.