Baiduri Bank yesterday announced it securing a deal with Accel backed finbots.ai, a Singapore headquartered business-to-business (B2B) software as a service (SaaS) financial technology (FinTech) firm, to modernise the bank’s credit risk management using artificial intelligence (AI).
finbots.ai has been recognised among ‘Top 10 FinTechs in Singapore’ at the Monetary Authority of Singapore (MAS) FinTech Awards 2022, and a finalist at MEED’s SME Awards 2022 for the ‘Gulf Capital Fintech Solution of the Year’ category. It is also part of PwC’s partner programme and a featured partner for Tata Consultancy Services, with offices in India (Hyderabad), the United Arab Emirates (Dubai), Indonesia (Jakarta), Philippines (Manila) and Nairobi (Kenya).
finbots creditX, a B2B SaaS AI-powered credit modelling solution, helps lenders build, validate and deploy high performance credit models across the full credit lifecycle of application, behaviour and collection. It is used by lenders across four regions – Africa, Middle East, North Asia and Southeast Asia, and by the full spectrum of lending companies, including digital banks, small and medium enterprise (SME) lenders, consumer lenders and credit bureaus.
Adopting finbots’ AI credit modelling solution, creditX, will enable Baiduri Bank to develop and deploy high quality credit scorecards at a fraction of the time and cost. This will result in reduced credit risk, improved efficiency and greater agility for retail and SME businesses and accelerate the bank’s financial inclusion drive for the underserved credit market.
With this move, Baiduri Bank will be the first bank in Brunei to migrate to an AI-led credit risk management solution. The pivot to finbots.ai is part of the bank’s strategic investments in business transformation journey and leveraging technology to elevate operating efficiencies, analytics capabilities, and customer experience.
Baiduri Bank engaged IDC to undertake a thorough market evaluation and finbots.ai was selected to meet their current and future needs on credit risk management.
Founder and Chief Executive Officer (CEO) of finbots.ai Sanjay Uppal said, “We are proud to add a leading and progressive bank like Baiduri Bank to our fast-growing client base. creditX will radically transform the bank’s credit risk management value chain and open new opportunities for them to democratise access to credit at scale, speed and a fraction of the cost. We are seeing strong demand for creditX from financial services providers big and small globally, and this deal is a further testament of our solutions capability to empower lenders for smarter, faster, and inclusive lending.”
Baiduri Bank CEO Ti Eng Hui said, “The use of new technologies and advanced predictive analytics for credit scoring creates fresh opportunities for banks to enhance the credit-decisioning process, thereby strengthening risk management and operational efficiency. It is also one of the fundamental building blocks of a seamless omnichannel onboarding experience. As a leading financial institution, we want to partner with the most innovative companies and finbots.ai’s solution, creditX, is a game-changer in credit modelling that supports our digital transformation journey.”
Managing Director of Global Financial Services at IDC Cyrus Daruwala added, “Baiduri Bank, and its leadership team have always believed that technology-led, customer experience will set them apart from other banks in the region. It was no surprise that when it came to their bread-and-butter business of lending, they took a similar approach. To help them future-proof their credit decisioning (and risk mitigation) we short listed multiple vendors in that space. finbots.ai came up as the clear winner. In our opinion they are one of the only solutions in the market with a no-Code, AI-powered, SaaS based credit decisioning offering.”
finbots.ai has recently successfully completed AI Verify pilot, the world’s first AI governance testing framework and toolkit developed by Singapore Government’s IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission). This validated the performance of creditX solution on principles of fair, explainable and trustworthy AI, in an objective and verifiable manner.