• Fintech Galaxy redefines credit scoring by leveraging Singapore’s FinbotsAI’s AI-driven credit scoring platform, CreditX, within FINX Connect.
• The collaboration introduces a state-of-the-art solution for instant credit risk assessment utilizing Open Banking data to enhance lending decisions and drive operational efficiency in the MENA region.
• Fintech Galaxy will offer banks and lending institutions cost-effective and more precise credit risk evaluation, leading to better access to funding for both individuals and businesses.
Fintech Galaxy, a leader in Open Banking and financial innovation, has launched innovative credit profiling capabilities in collaboration with Singaporean fintech company FinbotsAI using artificial intelligence models and aggregated Open Banking data. The new product promises to transform use cases like credit scoring and risk assessment in the MENA region.
FinbotsAI’s groundbreaking AI credit scoring & decisioning solution, CreditX, has been integrated with Fintech Galaxy’s Open Finance API platform FINX Connect, empowering lenders and merchants across the Middle East and North Africa (MENA) to scale lending initiatives and promote financial inclusion, while safely managing credit risk. 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, delivering 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’s FINX significantly improves the lending cycle, offering superior real-time scoring accuracy compared to legacy methods, logistic regression-based models, and credit bureau data.
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Speaking about the partnership, Sanjay Uppal – Founder & CEO of FinbotsAI stated, “We are excited to choose Fintech Galaxy as our Open Banking partner in the MENA region to drive financial inclusion and democratize 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.”
Fintech Galaxy’s Founder & CEO – Mirna Sleiman, added that ”CreditX’s integration into FINX Connect brings a breath of fresh air into MENA region, providing something unseen so far that will make everybody’s lives much easier. Lenders are getting a sophisticated, real-time credit decisioning tool and, 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 expanding access to financial services for underserved communities. This is a game-changer!”
The upgraded credit scoring capabilities introduced by Fintech Galaxy and FinbotsAI design and bring to life Open Banking use cases that are translated into financial, operational, and experience value to the ecosystem. The unique blend of Open Banking data with AI tools manages to solve problems that banks and lenders have been facing and provide solutions like:
– Improved lending accuracy and speed with real-time credit scoring and instant credit decisioning;
– Cost-effective risk assessment for lenders;
– Enhanced fraud detection and risk management;
– Advanced analytics for credit risk models;
– Data-driven customer segmentation and personalization.
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