Fintech firms Aion Digital and Qarar have joined forces to accelerate the growth of digital lending growth across the Middle East and Gulf Cooperation Council (GCC).
The partners aim to transform the credit market in the region even as traditional bank financing market has been braving serious headwinds.
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Under the agreement, Qarar’s risk algorithms will be integrated with Aion’s intelligent banking platform.
This integration, according to partners, will enable traditional as well as challengers banks to offer instant financing to customers.
Aion Digital CEO Ashar Nazim said: “Our partnership with Qarar is aimed to change the basis of customer risk assessment by banks.
“Together, we are creating a smart, connected lending ecosystem so banks are able to more accurately assess the credit risk and hence reduce their cost of lending.”
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By GlobalDataBanks across UAE, Bahrain and Kuwait use Aion’s banking platform to offer digital solutions to their customers.
The platform’s artificial intelligence (AI) capabilities help banks in improving their decision-making capabilities.
Similarly, Qarar’s deep analytics engine processes a large amount of data to allow banks to make risk-managed, consistent business decisions.
Qarar CEO Zaid Kamhawi said: “Digital platforms are the next natural step in the future of financial institutions and will allow banks to onboard, assess and process lending applications in real-time using state of the art cloud-based technology.
“Our partnership with Aion comes to support the digital transformation initiatives sweeping the market and to meet customer demand for fast, consistent and accurate digital lending decisions.”
