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    8591   JP3200450009

ORIX CORPORATION

(8591)
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ORIX : Altoa to Provide its Accounting Data Credit Model to Resona Bank

09/07/2021 | 10:12pm EDT

TOKYO, Japan - September 8, 2021 - ORIX Corporation ('ORIX') and Yayoi Co., Ltd. ('Yayoi') announced today that they have agreed to provide the online lending credit model operated by Altoa, Inc. ('Altoa')-a subsidiary jointly established by the two companies-to Resona Bank, Limited. ('Resona Bank').

In January 2020, Resona Bank launched Speed on!, a completely online corporate business loan service. Combining bank account information and other applicant data with Altoa's credit model will enable Resona Bank to grasp the credit-worthiness of loan applicants and present suitable loan terms.

Since December 2017, Altoa has offered an online lending service that utilizes an AI-driven accounting data credit model. With the entire application process taking place online, at the earliest the service provides same-day loans; it thereby offers a convenience absent from loans requiring feasibility assessments. Altoa has thus far concluded a total of approximately 1,300 loan contracts.
Following the transfer of Altoa's lending business to ORIX in April 2021*1, Altoa has promoted a Lending as a Service (LaaS) business, via which it provides credit models and assessment systems to financial institutions. Altoa intends to further improve the accuracy of its credit models by increasing the number of financial institutions it partners with and by accumulating greater volumes of credit data. In addition, by working together with accounting software companies other than Yayoi, Altoa aims to develop credit models that are compatible with more varied forms of accounting data.

Going forward, ORIX and Yayoi will continue to create new services for the small-scale business loan market.

*1 For further information, please refer to the news release dated April 8, 2021:
Announcement Regarding Transfer of ALTOA Online Lending Service to ORIX

■ About Altoa's LaaS Business
Through its LaaS business, Altoa provides financial institutions with complete or partial customer management and credit management systems required for online lending; this includes accounting data credit models and other assessment services. By using new credit models that combine loans based on feasibility assessments with accounting data, financial institutions can leverage greater volumes of information to make more accurate credit assessments. The use of AI contributes to the provision of swift and reliably consistent assessments.

■ About Altoa, Inc.
Address 21st Floor, Akihabara UDX, 4-14-1 Soto-Kanda, Chiyoda-ku, Tokyo
Representative Koichiro Okamoto (President & CEO)
Established February 2017
Shareholders Yayoi Co., Ltd., ORIX Corporation, and others
Description of business Development, provision, and support of credit models and lending support services

Contact Information:
Investor Relations and Sustainability Department
ORIX Corporation
Tel: +81-3-3435-3121

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 31 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2021)

Caution Concerning Forward Looking Statements:
These documents May contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under 'Risk Factors' in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission and under '(4) Risk Factors' of the '1. Summary of Consolidated Financial Results' of the 'Consolidated Financial Results April 1, 2020 - March 31, 2021.'

Disclaimer

ORIX Corporation published this content on 08 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2021 02:11:05 UTC.


© Publicnow 2021
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