Fintech Galaxy has launched innovative credit profiling capabilities in collaboration with Singaporean fintech company FinbotsAI. Specifically, the solution uses artificial intelligence models and aggregated open banking data. The new product aims to transform use cases like credit scoring and risk assessment in the MENA region.
FinbotsAI’s AI credit scoring & decisioning solution, CreditX, has been integrated with Fintech Galaxy’s Open Finance API platform FINX Connect. This empowers lenders and merchants across the Middle East and North Africa to scale lending initiatives and promote financial inclusion, while safely managing credit risk.
Increased approval rates, reduced loss rates
Facilitated through secure API-based onboarding via FINX Connect, lenders gain access to high-accuracy risk assessment and real-time credit decisioning.
Lenders across 11 countries in Asia and MENA have seen higher accuracy models generated on the CreditX platform. It delivers an increase in approval rates of 20%, a reduction of loss rates by 15%, and a large productivity boost in risk model development.
By aggregating various data sets using open banking, Fintech Galaxy says that FINX significantly improves the lending cycle. It offers superior real-time scoring accuracy compared to legacy methods, logistic regression-based models, and credit bureau data.
Sanjay Uppal, founder & CEO of FinbotsAI said: “We are excited to choose Fintech Galaxy as our open banking partner in the MENA region to drive financial inclusion and democratise AI credit scoring capabilities. By integrating CreditX into FINX Connect, we aim to empower lenders to reduce risk and improve profitability by making better credit risk decisions, ultimately reaching more customers across the region.”
‘This is a game-changer’
Fintech Galaxy’s Founder & CEO, Mirna Sleiman, added:” CreditX’s integration into FINX Connect brings a breath of fresh air into MENA region. It provides something unseen so far that will make everybody’s lives much easier. Lenders are getting a sophisticated, real-time credit decisioning tool. By leveraging the power of AI-driven credit scoring, they will be able to make more informed decisions, reduce friction, eliminate errors, speed-up onboarding, and improve customer experience. Eventually, it expands access to financial services for underserved communities. This is a game-changer”
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