FinbotsAI’s credit modelling solution, CreditX, will enable KBZ Bank to develop & deploy high quality credit risk scorecards faster, enabling operational efficiencies & accelerate new product growth
SINGAPORE and YANGON, Myanmar, April 16, 2024 /PRNewswire/ — FinbotsAI, an Accel-backed Singapore headquartered B2B SaaS FinTech today announced signing KBZ Bank – Myanmar’s largest privately-owned bank – as their first client in Myanmar. With this, FinbotsAI’s fast growing client base spans 11 countries across APAC, Middle East & Africa.
Recognized by the World Business Outlook as the Best Bank in Myanmar, KBZ Bank has over 500 branches and represents around 40 percent of both retail and commercial banking customers in Myanmar. Additionally, KBZ Bank has been driving financial inclusion through technology innovation, launching KBZPay in 2018, which is now Myanmar’s fastest-growing mobile wallet with over 15+million customers to date.
With this move, KBZ Bank will be pioneering the use of AI-led credit risk management in Myanmar, part of the Bank’s strategy to embrace next-generation banking technology to strengthen communities and institutions that improve the quality of life for all.
With CreditX, FinbotsAI’s AI-powered credit scoring platform, KBZ Bank will be able to assess creditworthiness of applicants across retail & SME products with higher accuracy and efficiency, enabling quicker scaling of both current and new lending segments & products. The collaboration will enable real-time, paperless loan assessment and reduce the scorecard development & deployment time to less than a week. This will result in lower credit risks, higher approval rates and greater operational efficiency for the Bank’s lending business.
KBZ Bank conducted an extensive evaluation of solution providers, selecting CreditX for its accuracy, predicted time to value and speed of scorecard development.
"As Myanmar’s largest private bank, we understand the significance of embracing cutting-edge technologies to deliver the best customer experience. FinbotsAI has a transformative solution that will strengthen our credit risk management and enhance our operational efficiency and agility," said U Soe Ko Ko, Deputy Managing Director of KBZ Bank.
Sanjay Uppal, Founder and CEO of finbots.ai added, "We are proud to partner with KBZ Bank and I am confident that CreditX will enable them to profitably grow their lending business while proactively managing risk. CreditX is the only AI-powered scorecard development & credit decisioning solution in the world and is fast becoming a preferred option across markets for banks and fintech lenders across retail & SME lending products."
On average, CreditX has helped lenders improve approval rates by 20%, reducing risk by 15%, and reducing credit risk operating costs by over 50%.
This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network
