AI credit modeling fintech finbots.ai secures first contract with Mogolian neo bank
Accel-backed finbots.ai, a Singapore-headquartered Business-to-Business (B2B) Software as a Service (SaaS) FinTech, today announced the signing of M bank as its first client in 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 a goal 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, hence 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.
Sanjay Uppal, founder and CEO of finbots.ai, commented on their first Neobank client: “We see huge potential in emerging markets like Mongolia to democratize access to quality credit. We are excited to embark on our journey here with a progressive Neobank as M bank. This customer win is further proof of the ability of our solution to empower lenders of all types – traditional and digital – across different markets, for smarter, faster and inclusive lending.”
This agreement with M bank follows finbots.ai’s recent announcement of signing its first client in 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 can easily is distributed, and it enables us to reach an audience segment and improve the profitability of our lending business.”
finbots.ai was recently recognized as one of Singapore’s top 10 FinTechs by the Monetary Authority of Singapore (MAS) at the SFF Global Fintech Awards 2022.
