FinbotsAI and KBZ Bank Join Forces to Transform Credit Risk Management in Myanmar with AI-Powered Solution

FinbotsAI partners with KBZ Bank, Myanmar’s leading bank, to implement CreditX, an AI-powered credit scoring solution, revolutionizing credit risk management in the region. The collaboration aims to enhance operational efficiency, drive financial inclusion, and facilitate faster and more accurate credit assessments across retail and SME products.

FinbotsAI, a Singapore-based B2B SaaS FinTech backed by Accel, has announced a significant milestone today by signing KBZ Bank, Myanmar’s largest privately-owned bank, as their inaugural client in Myanmar. This collaboration marks FinbotsAI’s expansion into the Myanmar market and highlights the growing adoption of AI-powered solutions in the financial sector across APAC, the Middle East, and Africa.

Renowned for its distinction as the Best Bank in Myanmar according to the World Business Outlook, KBZ Bank boasts a vast network of over 500 branches and serves approximately 40% of both retail and commercial banking customers in Myanmar. Committed to driving financial inclusion through technological innovation, KBZ Bank introduced KBZPay in 2018, which has rapidly emerged as Myanmar’s leading mobile wallet with over 15 million customers to date.

KBZ Bank’s strategic partnership with FinbotsAI underscores its dedication to leveraging cutting-edge technologies to enhance customer experiences and strengthen banking operations. Through FinbotsAI’s CreditX platform, an AI-powered credit scoring solution, KBZ Bank aims to revolutionize credit risk management in Myanmar, facilitating faster and more accurate assessment of creditworthiness across retail and SME products. This initiative aligns with KBZ Bank’s mission to adopt next-generation banking technology to uplift communities and institutions, ultimately improving the quality of life for all.

CreditX will enable KBZ Bank to streamline credit risk assessment processes, achieve higher approval rates, and enhance operational efficiency in its lending business. By leveraging AI algorithms, CreditX empowers KBZ Bank to make real-time, paperless loan assessments while significantly reducing the time required for scorecard development and deployment.

Following an extensive evaluation of solution providers, KBZ Bank selected CreditX for its unparalleled accuracy, rapid time to value, and efficient scorecard development capabilities.

U Soe Ko Ko, Deputy Managing Director of KBZ Bank, emphasized the transformative potential of FinbotsAI’s solution, stating, “As Myanmar’s largest private bank, we recognize the importance of adopting state-of-the-art technologies to deliver exceptional customer experiences. FinbotsAI’s innovative solution will strengthen our credit risk management framework, driving operational efficiency and agility.”

Sanjay Uppal, Founder and CEO of FinbotsAI, expressed confidence in the partnership, stating, “We are honored to collaborate with KBZ Bank, and I am confident that CreditX will empower them to expand their lending business profitably while effectively managing risks. CreditX stands out as the premier AI-powered scorecard development and credit decisioning solution globally, and we are thrilled to witness its positive impact across diverse markets, serving banks and fintech lenders in both retail and SME lending segments.”

Notably, CreditX has consistently delivered remarkable results for lenders, enhancing approval rates by an average of 20%, reducing risk by 15%, and slashing credit risk operating costs by over 50%. – ref: TMR

Author: Terry KS

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