UAE-based digital bank Mbanq has entered into a partnership with SMEApprove to optimise the accuracy and efficiency of SME credit evaluations for its client platforms. By implementing advanced artificial intelligence (AI) technologies, Mbanq and SMEApprove focus on increasing the speed and precision of small and medium-sized enterprise (SME) credit evaluations for the bank’s clients.

As part of the partnership, SMEApprove is set to integrate its AI-enabled credit decisioning platform directly into Mbanq’s offering to allow its clients to optimise their credit decisioning procedures for small businesses. Through this, the two organisations intend to support lenders in optimising and simplifying their operations, while also providing SME customers with accelerated access to the capital they require to expand their businesses. SMEApprove’s offering capabilities and potential benefits As part of its solutions, SMEApprove provides AI and machine learning technology that intends to increase accuracy in credit decisions, thus working towards supporting the minimisation of the risk of defaults.

In addition, the company’s services are set to simplify the credit decisioning process and enable lenders to process loan applications more conveniently and efficiently. SMEApprove’s platform can be integrated with existing credit decisioning systems and includes a library of credit-risk predictors and preconfigured capabilities, which can optimise how lending teams leverage existing algorithms for lending product underwriting. Moreover, the platform complies with lending guidelines, ensuring that the entire credit decisioning process falls in line with regulatory requirements. Representatives from Mbanq underlined that the decision to select SMEApprove’s technology can be attributed to the latter’s ability to deliver high levels of explainability.

By utilising it, Mbanq’s compliance team is set to understand, supervise, and trust automated decisions, reducing concerns regarding compliance and potential unfair lending practices. Additionally, SMEApprove’s platform contains several new and existing data sources, allowing lenders to assess risk accurately while supporting them in making informed decisions. The technology is set to increase lenders’ market reach by expanding credit to a broader range of SMEs.

.