Fintech Galaxy Launches Open Banking Credit Scoring Capabilities in Partnership with Singapore’s FinbotsAI

April 23, 2024

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.

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.

All banks, lenders, and stakeholders interested in exploring how FINX Connect can enhance their services are welcome to request more information via Fintech Galaxy website or by contacting us directly via email.

About finbotsAI  

FinbotsAI is an Accel Portfolio AI FinTech with a mission to help lenders drive financial inclusion and profitable lending. Our AI-powered credit scoring platform, CreditX, enables lenders to rapidly build high accuracy AI-powered risk scorecards, improving approval rates by 20%, reducing risk by 15%, and reducing operating cost by over 50%. CreditX is used by lenders in 11 countries across Middle East, Africa, APAC and Australia by the full spectrum of lending companies, including digital banks, SME lenders, agri-lenders, retail lenders and Credit Bureaus. FinbotsAI has been recognised among ‘Top 10 FinTechs in Singapore’ by the Singapore Financial Regulator – the Monetary Authority of Singapore (MAS). FinbotsAI is headquartered in Singapore with an Engineering hub in Hyderabad, India, and has partnered with leading tech & consulting companies including PwC, TCS, Oracle and NEC.

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About Fintech Galaxy   

Fintech Galaxy is a regional financial innovation company with a vision to re-imagine financial services by providing a reliable and secure Open Banking and Embedded Finance infrastructure layer for integration between industry players, mainly banks, fintechs and merchants. The company’s platform, FINX, is built on international and local Open Banking standards with the best-in-class data and information security protocols, placing more control of financial data and payments into the hands of end customers. Regulated by the Central Bank of Bahrain and ISO/IEC 27001:2022 and SOC 2 Type 2 compliant for Information and Data Security, Fintech Galaxy was founded with a mission to move the needle in financial inclusion and currently operates in the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova.   

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