finbots.ai’s AI credit modeling solution will enable M bank, Mongolia’s first Neobank to build a high-growth, robust and agile digital lending business
SINGAPORE, 30 November 2022 /PRNewswire/ — Axis supported finbots.ai, a Singapore– with headquarters Business-to-Business (B2B) Software as a Service (SaaS) FinTech has announced signs M bank as its first client Mongolia. M bank is Mongolia’s first Neobank. MCS Holding is a major shareholder in M bank and one of the largest conglomerates in Mongolia with the aim of offering a comprehensive package of digital financial services.
finbots.ai’s artificial intelligence (AI) credit modeling solution, finbots creditX, will enable M bank to rapidly develop and deploy high-accuracy application and behavioral scorecards with superior predictive power and stability. This will help M bank accelerate the acquisition of new customers as well as effectively manage the risk level of existing customers. A report from The Global Findex Database[1] showed that 93 percent of adults in Mongolia already have bank accounts, therefore the smarter and inclusive credit models developed by M bank using finbots.ai’s platform will give M bank a better opportunity to penetrate its core target group which includes Millennials and Gen-Zs.
Furthermore, this will also help M bank overcome limitations faced by older credit modeling methods by quickly recalibrating credit models in line with rapid market developments. finbots creditX will allow M bank to recalibrate existing models or develop and deploy new credit models within hours, a process that used to take M bank three to six months previously.
Commenting on their first Neobank client, Sanjay Uppalsaid founder and CEO of finbots.ai, “We see enormous potential in emerging markets such as Mongolia to democratize access to quality credit. We are happy to embark on our journey here with a progressive Neobank like M bank. This client win is further proof of our solution’s ability to empower lenders of all types – traditional and digital – across diverse markets, for smarter, faster and more inclusive lending.”
This deal with M bank follows finbots.ai’s recent announcement of signing its first client Indonesia.
Soronzonbold Lkhagvasuren, CEO of M bank commented, “We are delighted to work together with finbots.ai who share the same vision as us in striving for financial inclusion. finbots.ai provides a robust AI-powered solution that easily can be distributed and further enables us to reach an audience segment and improve the profitability of our lending business.”
finbots.ai was recently recognized as one of the Singapore’s Top 10 FinTechs by the Monetary Authority of Singapore (MAS) at the SFF Global Fintech Awards 2022.
About finbots.ai
finbots.ai is an Accel Portfolio Series A FinTech company with a mission to empower lenders to make smarter, faster and more inclusive credit decisions using AI.
finbots creditX, a B2B SaaS AI-powered credit modeling solution, helps lenders build, validate and deploy high-performance credit models across the entire credit lifecycle of Application, Behavior and Collection.
creditX is specifically used by lenders in 4 regions Africa, Middle East, North Asia and Southeast Asiaand by the full range of lending companies, including digital banks, SME lenders, consumer lenders and credit bureaus.
finbots.ai has been recognized among the ‘Top 10 FinTechs in Singapore‘ at the monetary authority to Singapore (MAS) FinTech Awards 2022, and a finalist at MEED’s SME Awards 2022 for the ‘Gulf Capital Fintech Solution of the Year’ category.
FinTech is also part of PwC’s partner program and a featured partner for Tata Consultancy Services.
finbots.ai is headquartered in Singapore and has offices in India (Hyderabad), the United Arab Emirates (Dubai), Indonesia (Jakarta) and The Philippines (Manila).
For more information about finbots.ai, click here:
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