Myanmar’s KBZ Bank taps FinbotsAI for credit risk management solution
KBZ Bank, Myanmar’s largest privately-owned bank, has partnered with FinbotsAI, an AI credit scoring firm based in Singapore, to upgrade its credit risk management capabilities.
KBZ Bank to deploy FinbotsAI’s CreditX platform
As part of the deal, KBZ Bank will deploy the fintech’s credit modelling platform, CreditX, to “assess the creditworthiness of applicants across retail and SME products with higher accuracy and efficiency”.
The AI-powered platform enables “real-time, paperless loan assessment” and reduces the time to develop and deploy a scorecard to “less than a week”, according to the fintech.
The deployment ultimately intends to enhance operational efficiency across the bank’s lending operations while increasing approval rates and reducing credit risks.
The deal marks the first time CreditX has been adopted by a financial institution in Myanmar, and has expanded the solution’s penetration rate to 11 countries worldwide.
Some notable clients include Cambodia’s Sathapana Bank, India’s Samunnati and Australian SME financial solutions vendor Argenic, among others.
This AI Credit Solution will be a break through for Digital Banking.