FinbotsAI, a Singapore-based fintech company specialising in AI credit scoring, has partnered with KBZ Bank, one of Myanmar’s largest privately-owned bank. This marks KBZ Bank as its first client in the country.
KBZ Bank operates over 500 branches and serves approximately 40% of Myanmar’s retail and commercial banking sectors. The bank had previously launched a mobile wallet, KBZPay, in 2018 which currently has over 15 million users.
This collaboration aims to introduce AI-led credit risk management to KBZ Bank, enhancing its ability to assess creditworthiness across retail and SME products with greater accuracy and efficiency.
Through this partnership, KBZ Bank will deploy FinbotsAI’s CreditX platform, which offers real-time, paperless loan assessments and aims to reduce the time needed to develop and deploy scoring models to under a week.
These advancements are expected to lower credit risks and enhance operational efficiencies within the bank’s lending operations.
According to FinbotsAI, the decision to select CreditX followed an extensive evaluation of various solution providers, with KBZ Bank choosing its platform for its speed and accuracy.
FinbotsAI’s solution has reportedly improved loan approval rates by 20%, reduced risk by 15%, and cut credit risk operating costs by over 50% on average.
U Soe Ko Ko
“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
“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.”
said Sanjay Uppal, Founder and CEO of FinbotsAI.
Featured image credit: Edited from Freepik
