UAB Finbro has started to implement its project funded by the Norwegian Financial Mechanism 2014-2021 and the state budget of the Republic of Lithuania

UAB Finbro has started to implement its „UAB Finbro R&D operations in the sphere of ICT to boost competitiveness” project no. LT07-1-EIM-K02-006 according to the Norwegian Financial Mechanism 2014-2021 programme „Business Development, Innovation and SMEs”,  funded by the Norwegian Financial Mechanism 2014-2021 and the state budget of the Republic of Lithuania.

Project budget – up to EUR 278 710,93, including:

• Norwegian Financial Mechanism 2014-2021 funds of up to EUR 169 730,86;
• Republic of Lithuania state budget funds of up to EUR 29 952,50.

Start of implementation of project activities – 21 September 2021. 

Estimated project implementation duration is 18 months. 

The project enabled the development of FINBRO – a financial services platform that connects lenders and helps both people (natural persons) as well as businesses (legal entities) to borrow on the best possible terms. In other words, the developed product is a smart system that will examine the parameters of both borrowers and lenders, and analyse and compare data in order to select the most suitable lenders (which will enable to achieve higher system efficiency, and help save money and time). As a result, the system will be very attractive to both parties, and we are confident that it will soon become the standard preferred by both sides of credit services.  

The aim of the project is research and experimental development in the creation of a financial services platform that assesses not only those seeking funding but also the funders themselves in order to increase the competitiveness of UAB Finbro in the field of ICT.

Research and experimental development activities will be carried out during the project. 

Research activities are comprised of the following objectives:

1. Summary and preparation of public data on past loans;

2. Collection of internal/private data and creation of a module for the analysis and categorization of such data (loan applicant data);

3. Development of a lender classification model for legal entities; 

4. Development of a lender classification model for natural persons;

5. Testing and verification of all developed models under real conditions.

Experimental development activities are comprised of the following objectives:

1. Development of a system prototype;

2. System prototype testing and demonstration in a real environment, production of a test batch, and evaluation of the newly developed product.

Result: A developed, demonstrated and tested prototype of a financial services platform assessing both borrowers and lenders, a produced test batch, and a new product evaluated by the client. 

The developed financial services platform will provide the following financing products:

For natural persons:

1. Consumer credits;

2. Car loans and leasing;

3. Refinancing and loan consolidation;

4. Mortgage loans;

5. Housing loans.

For legal entities:

1. Business loans;

2. Car leasing.

The partners of the project are MB Taikomasis Dirbtinis Intelektas and International Development Norway AS.

MB Taikomasis Dirbtinis Intelektas specializes in artificial intelligence research and artificial intelligence application solutions. The head and founder of the company Prof. Dr. Aistis Raudys has successfully defended his doctoral dissertation on artificial intelligence back in 2003 and has 18 years of experience in AI. Another partner of the company, Tadas Šubonis, is an experienced programmer and artificial intelligence engineer who has worked on projects based on AI technologies which required the processing of terabyte quantities of data. In this project, the partner MB Taikomasis Dirbtinis Intelektas with extensive R&D experience will perform the most complex work related to the development of artificial intelligence models.

Both Finbro and International Development Norway AS consider the project to be a strategic opportunity to develop joint business activities in Lithuania, Norway and other countries, that is why a long-term partnership was established between them, which will be significant for the implementation of the business vision of the applicant and the Norwegian partner.

During the project, the responsibilities of the partner International Development Norway AS in carrying out the project activities will be as follows: 

System development:

• Consultations on system architecture design;

• Consultations on choosing a technology platform;

• Consultations on ML / AI platform / tools;

• Specific PG algorithm design.

Service and system design:

• Functions of the „loan intermediation systems” applied in Norway;

• Alignment with Norwegian laws;

• Requirements / preferences for potential client segments in Norway (survey / interview with at least 5 potential clients);

• System IT design recommendations.

 

Reference to the Business Development, Innovation and SME programme:

https://www.eeagrants.lt/programos/aprasymas/program/5

Contact person: Mantas Norvaišas, e-mail: mantas@finbro.lt