Singapore Headquartered AI FinTech finbots.ai to Transform Baiduri Bank’s – Brunei’s Leading Bank’s
finbots.ai’s credit modeling solution will enable Baiduri Bank to modernize its credit risk management and develop high-quality credit risk scorecards faster and more cost-effectively at scale.
SINGAPORE, 9 February 2023 /PRNewswire/ — Accel-backed finbots.ai, a Singapore headquartered B2B SaaS FinTech, announced today to secure an agreement with Brunei’s Baiduri Bank, to modernize their credit risk management using AI.
Baiduri Bank is one of the largest suppliers of financial products and services in Brunei Darussalam and serves various customer segments ranging from retail, MSME to corporate and institutional customers. The bank has also been a front runner when it comes to adopting modern technologies and has received a number of international awards, including ‘Best Bank in Asia-Pacific‘ for Brunei of Global Finance, ‘Best Banking Group’ for Brunei of World Finance, ‘Best Bank’ for Brunei by Euromoney, ‘Domestic Retail Bank of the Year’ for Brunei of Asian Banking & Finance and ‘Bank of the Year’ for Brunei of Banker, UK.
By adopting finbot’s AI credit modeling solution, creditX, Baiduri Bank will be able to develop and distribute high-quality credit cards 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 for the underserved credit market.
With this move, Baiduri Bank will be the first bank in Brunei to migrate to an AI-led solution for credit risk management. The pivot to finbots.ai is part of Baiduri Bank’s strategic investments in business transformation journey and leveraging technology to elevate operational efficiency, analytical capabilities and customer experience.
Baiduri Bank engaged IDC to conduct an in-depth market evaluation and finbots.ai was chosen to meet their current and future credit risk management needs.
Sanjay Uppalsaid founder and CEO of finbots.ai, “We are proud to add a leading and progressive bank like Baiduri Bank to our rapidly growing customer base. creditX will radically transform the bank’s credit risk management value chain and open new opportunities for them to democratize access to credit at scale, speed and a fraction of the cost We see strong demand for creditX from financial services providers large and small globally, and this deal is further proof of our solution capability to empower lenders for smarter, faster, and inclusive lending.”
Ten Eng Huisaid CEO of Baiduri Bank, “The use of new technologies and advanced predictive analytics for credit scoring creates new opportunities for banks to improve the credit decision-making process, thereby enhancing 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 work with the most innovative companies, and finbots.ai’s solution, creditX, is a game-changer in credit modeling that supports our digital transformation journey.”
Cyrus DaruwalaManaging Director, Global Financial Services at IDC added, “Baiduri Bank and its management team have always believed that technology-driven customer experience will differentiate them from other banks in the region. It was no surprise when it came to their bread-and-butter business of lending , they took a similar approach. To help them future-proof their credit modeling (and risk mitigation), we listed several vendors in that space. finbots.ai emerged as the clear winner. This spring, they believe they are one of the only solutions in market with a code-free, AI-powered, SaaS-based credit decision offering.”
finbots.ai has recently completed the AI Verify pilot, the world’s first AI governance testing framework and toolkit developed by the Singapore Government’s IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission). This validated the performance of the creditX solution on principles of fair, explainable and reliable AI, in an objective and verifiable manner.
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), The Philippines (Manila) and Nairobi (Kenya).
For more information about finbots.ai, click here: https://www.finbots.ai/.
About Baiduri Bank
Baiduri Bank’s shareholders were established in 1994 and include Baiduri Holdings and Darussalam Assets. With a combination of global vision combined with extensive local knowledge and commitment to Brunei market, the bank has been recognized as the leading conventional bank in the country with a track record of financial innovations and pioneering activities.
In 2022, Baiduri Bank was awarded “Best Bank in”. Asia-Pacific‘ for Brunei from Global Finance magazine, ‘Best Banking Group’ for Brunei from World Finance, the ‘best bank’ for Brunei from Euromoney, ‘Domestic Retail Bank of the Year’ for Brunei from Asian Banking & Finance and ‘Bank of the Year’ for Brunei from Banker, UK.
Standard & Poor’s upgraded the bank’s credit rating to ‘A-/A-2’ with a Stable Outlook in June 2022.
SOURCE finbots.ai
