– The partnership aims to improve access to financial services for underserved segments in the MENA region through innovative digital lending solutions.
– Fintech Galaxy’s FINX Connect will streamline Yabx’s lending processes, enhance credit assessments, and speed up loan approvals.
– The use of FINX Connect is expected to improve operational efficiencies and recovery of debts by automating debit processes.
– The collaboration targets initial improvements in UAE, Saudi Arabia, Jordan, and Bahrain, with future expansion plans for North Africa.
Dubai, UAE – June 11, 2024 – Fintech Galaxy, a leading Open Banking and financial innovation company, has announced a strategic partnership with Yabx, a pioneer in alternate data-based lending and loan portfolio management for underserved segments of the population. This collaboration aims to enhance SME lending, collections, and customer onboarding processes, significantly advancing financial inclusion in the MENA region.
Leveraging Fintech Galaxy’s FINX Connect, Yabx will streamline and secure the digital lending process. By accessing real-time financial data from MENA banks and financial institutions through a single API, Yabx will be able to assess creditworthiness, provide accurate lending decisions, offer personalized loan services, and expedite loan approvals.
This partnership promises a transformative impact on digital lending in the MENA region, offering several key benefits:
- Enhanced Access to Financial Services: The platform will make digital lending solutions more accessible, particularly for individuals traditionally excluded from conventional financial systems.
- Streamlined Lending Processes: Yabx’s extensive use case coverage and expertise in digital lending will streamline credit assessments and accelerate loan approvals, providing a more efficient lending experience.
- Optimized Lending Operations: Optimizing lending processes is expected to improve the recovery of outstanding debts by up to 30%, based on historical data from similar integrations.
Rajat Dayal, CEO of Yabx, emphasized the significance of this partnership, stating, “Through this collaboration, we aim to optimize our processes, enhance customer experience, and drive financial inclusion across the MENA region. Our alliance with Fintech Galaxy is poised to provide a strategic advantage to the lending programs we plan to launch for unsecured retail and SME lending.”
Mirna Sleiman, founder and CEO of Fintech Galaxy, added, “Our collaboration with Yabx underscores our commitment to driving digital transformation in the financial sector. By integrating FINX Connect into Yabx’s innovative lending solutions, we are enhancing the efficiency and accessibility of financial services while contributing to the economic development of the MENA region.”
About Yabx:
Yabx revolutionizes credit accessibility in emerging markets through its cloud-based lending platform. By leveraging digital footprints, AI, and diverse data partnerships, Yabx provides personalized credit scores and limits to underserved individuals and businesses. The company empowers financial inclusion responsibly by meticulously building the financial profiles of new-to-credit customers and digitizing the entire lending journey.
For more information, visit Yabx.
About Fintech Galaxy:
Fintech Galaxy is a regional financial innovation company re-imagining financial services by offering a reliable and secure Open Banking and Embedded Finance infrastructure layer for integration among industry players, including banks, fintechs, and merchants. The company’s platform, FINX, adheres to international and local Open Banking standards with top-tier data and information security protocols, placing greater control of financial data and payments into the hands of end customers. Regulated by the Central Bank of Bahrain and compliant with ISO/IEC 27001:2022 and SOC 2 Type 2 for Information and Data Security, Fintech Galaxy operates in the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova.
For more information, visit Fintech Galaxy.
This partnership marks a significant milestone in the digital lending landscape of the MENA region, promising enhanced financial inclusion and economic development.
Source: Fintech Galaxy
