Malaysia-based fintech startup FinDoc has disclosed a strategic collaboration with credit reporting agency CTOS Data Systems . The partnership aims to introduce artificial intelligence-enhanced ID verification within loan eligibility screening procedures.

Based on a Memorandum of Understanding (MOU), the partnership also looks to support financial literacy and enhance financial inclusion nationwide. In essence, through joint initiatives and educational programs, both entities aspire to equip individuals with the requisite knowledge and tools for making informed financial decisions. FinDoc has integrated CTOS credit data and CTOS e-KYC digital onboarding solutions into its credit eligibility screening and advisory platform.

This integration has the potential to help customers identify suitable financial products, assess loan eligibility, and obtain personalised guidance to improve their credit standing. In the official press release, representatives from FinDoc talked about the company's AI algorithm and how it assists users in identifying the most suitable financial products for their needs. Officials from CTOS Data Systems emphasised the collaboration's objective of delivering a seamless customer onboarding experience for FinDoc's clientele through the incorporation of CTOS eKYC and data.

Leveraging CTOS credit data, FinDoc aims to identify prevalent financial challenges encountered by users. This insight will inform the development of a Financial Literacy Education Programme designed to empower users to manage their finances more effectively. FinDoc and the Cradle Fund Cradle Fund is a focal point agency for Malaysia’s early-stage startups incorporated under the Ministry of Finance Malaysia (MOF) in 2003 with a mandate to fund potential and high-calibre tech startups through the Cradle Investment Programme.  In the company press release, officials from Cradle commended FinDoc's accomplishments, stating that supporting innovative startups aligns with the government's vision of supporting entrepreneurship and innovation in Malaysia.

FinDoc welcomed Cradle's support to advance its research and development, enhance its technological capabilities, and bolster its presence in the Malaysian market. According to technode.global the collaborative efforts of FinDoc, CTOS, and Cradle reflect a shared commitment to advancing financial literacy, enhancing accessibility to financial services, and driving technological innovation within Malaysia's financial sector. .