Fintech Galaxy has announced its partnership with Singapore-based FinbotsAI in order to launch Open Banking credit scoring capabilities for its customers. Following this announcement, Fintech Galaxy is expected to optimise credit scoring for its customers by leveraging Singapore’s FinbotsAI’s artificial intelligence-based platform, CreditX.

The credit scoring platform will be integrated within FINX Connect, as the partnership will introduce a solution for instant credit risk assessment. The process will utilise Open Banking data in order to optimise leading decisions and drive operational security and efficiency across the MENA region. In addition, Fintech Galaxy is expected to offer banks and financial institutions the possibility to access cost-effective and precise credit risk evaluation, leading to improved access to funding for both users and businesses.

More information on the partnership FinbotsAI’s artificial intelligence credit scoring and decisioning solution CreditX has been incorporated with Fintech Galaxy’s Open Finance API platform FINX Connect in order to offer merchants and businesses across the Middle East and North Africa (MENA) the possibility to scale lending initiatives and promote financial inclusion. This process will also take place while safely managing credit risk opportunities. By facilitating secure API-based onboarding procedures via FINX Connect, businesses and traders will be enabled to gain access to high-accuracy risk assessment, as well as real-time credit decisioning.

At the same time, by aggregating various data sets using Open Banking, Fintech Galaxy’s FINX will improve the lending cycle, while also providing optimised, secure, and real-time scoring accuracy compared to legacy methods, credit bureau data, and logistic regression-based models. In addition, lenders will be enabled to make more informed decisions, reduce friction, speed-up onboarding processes, eliminate errors, as well as optimise the overall customer experience and expand access to financial services to underserved communities in the region. The upgraded credit scoring capabilities will design Open Banking use cases that are translated into financial, operational, and experience value to the overall ecosystem.

This integration is expected to solve some of the problems that banks, financial institutions, and lenders have been facing in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. These include cost-effective risk assessment for lenders, optimised fraud detection and risk management capabilities, improved lending accuracy and speed with real-time credit scoring and instant credit decisioning, data-driven client segmentation and personalisation, as well as advanced analytics for credit risk models. .