Heaptalk, Singapore — Singapore-headquartered B2B Saas Fintech FinbotsAI marked its footprint in Myanmar by cooperating with Myanmar’s largest privately-owned bank KBZ Bank.
With this move, FinbotsAI will assist KBZ Bank in performing fast, accurate credit scoring through its AI-powered credit scoring platform CreditX. This platform enables KBZ Bank 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.
According to KBZ Bank’s extensive evaluation, FinbotsAi platform, CreditX, has helped lenders improve approval rates by 20%, reducing risk by 15%, and reducing credit risk operating costs by over 50%.
Sanjay Uppal, Founder and CEO of FinbotsAI in the press release stated, “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.”
According to KBZ Bank, the cooperation with FinbotsAI is 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.
Deputy Managing Director of KBZ Bank U Soe Ko Ko stated, “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.”.
Embarking the cooperation, KBZ Bank reportedly becomes the pioneer of the use of AI-led credit risk management in Myanmar. FinbotsAI as its partner also managed to demonstrate a robust growth by showcasing its presence in 11 countriess across APAC, Middle East & Africa.
For information, 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.
