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FinbotsAI set to boost credit risk management for Myanmar’s KBZ Bank

By Gloria Mathias

April 16, 2024

  • Accel-backed Singapore-headquartered
  • Africa
  • APAC
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FinbotsAI, Credit Risk Managment Solutions, Myanmar Bank, KBZ Bank, CreditXFinbotsAI, an Accel-backed Singapore-headquartered B2B SaaS FinTech has announced signing KBZ Bank, Myanmar’s privately-owned bank – as their first client in Myanmar.

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. With this, FinbotsAI’s growing client base spans 11 countries across APAC, Middle East & Africa.

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 the 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.”

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