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MA Financial set to ramp up AI spend as its mortgage book swells

Shares in the alternative asset manager soared after its annual results, with its booming residential mortgage business the standout.

Jassmyn Goh
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MA Financial is hoping staff are going to be twice as productive in the credit assessment area with the use of AI. Shutterstock/chayanuphol.

MA Financial joint chief executive Chris Wyke has revealed the alternative asset manager will ramp up spending on technology and AI to help it cope with a flood of loan applications to its residential mortgage lending business.

After MA posted its first-half results which saw MA Money’s loan book surge 134% to $3.3 billion, Wyke told Capital Brief he wanted to “temper some of the enthusiasm” around the booming business because it is bringing forward investment in tech.

“We’re not putting a number out there… But you're not talking 10s of millions of dollars here or anything like that,” he said.

“But I can tell you every dollar we do spend, we do watch very, very carefully, in particular on tech, because you've got to be very precise as to what you’re seeking to achieve and the most efficient way of getting there.”