finbots.ai's credit modelling solution will enable Baiduri Bank to modernise their credit risk management and develop high quality credit risk scorecards faster and more cost effectively, at scale.
SINGAPORE, Feb. 9, 2023 /PRNewswire/ -- Accel-backed finbots.ai, a Singapore headquartered B2B SaaS FinTech, today announced securing a deal with Brunei's Baiduri Bank, to modernise their credit risk management using AI.
Baiduri Bank is one of the largest providers of financial products and services in Brunei Darussalam and serves diverse customer segments ranging from retail, MSMEs to corporate and institutional clients. The bank has also been a front-runner in adopting modern technologies and has received a number of international accolades, including the 'Best Bank in Asia-Pacific' for Brunei by Global Finance, 'Best Banking Group' for Brunei by World Finance, 'Best Bank' for Brunei by Euromoney, 'Domestic Retail Bank of the Year' for Brunei by Asian Banking & Finance and 'Bank of the Year' for Brunei by the Banker, UK.
Adopting finbots' AI credit modelling solution, creditX, will enable Baiduri Bank to develop and deploy high quality credit scorecards 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 drive for the underserved credit market.
With this move, Baiduri Bank will be the first bank in Brunei to migrate to an AI-led credit risk management solution. The pivot to finbots.ai is part of Baiduri Bank's strategic investments in business transformation journey and leveraging technology to elevate operating efficiencies, analytics capabilities, and customer experience.
Baiduri Bank engaged IDC to undertake a thorough market evaluation and finbots.ai was selected to meet their current and future needs on credit risk management.
Sanjay Uppal, Founder and CEO of finbots.ai said, "We are proud to add a leading and progressive bank like Baiduri Bank to our fast-growing client base. creditX will radically transform the bank's credit risk management value chain and open new opportunities for them to democratise access to credit at scale, speed and a fraction of the cost. We are seeing strong demand for creditX from financial services providers big and small globally, and this deal is a further testament of our solutions capability to empower lenders for smarter, faster, and inclusive lending."
Ti Eng Hui, CEO of Baiduri Bank said, "The use of new technologies and advanced predictive analytics for credit scoring creates fresh opportunities for banks to enhance the credit-decisioning process, thereby strengthening 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 partner with the most innovative companies and finbots.ai's solution, creditX, is a game-changer in credit modelling that supports our digital transformation journey."
Cyrus Daruwala, Managing Director, Global Financial Services at IDC added, "Baiduri Bank, and its leadership team have always believed that technology-led, customer experience will set them apart from other banks in the region. It was no surprise that when it came to their bread-and-butter business of lending, they took a similar approach. To help them future-proof their credit modelling (and risk mitigation) we short listed multiple vendors in that space. finbots.ai came up as the clear winner. In our opinion they are one of the only solutions in the market with a no-Code, AI-powered, SaaS based credit decisioning offering."
finbots.ai has recently successfully completed A.I. Verify pilot, the world's first AI governance testing framework and toolkit developed by Singapore Government's IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission). This validated the performance of creditX solution on principles of fair, explainable and trustworthy 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 inclusive credit decisions using AI.
finbots creditX, a B2B SaaS AI-powered credit modelling solution, helps lenders build, validate and deploy high performance credit models across the full credit lifecycle of Application, Behaviour and Collection.
creditX is used by lenders across 4 regions, specifically Africa, Middle East, North Asia and Southeast Asia, and by the full spectrum of lending companies, including digital banks, SME lenders, consumer lenders and Credit Bureaus.
finbots.ai has been recognised among 'Top 10 FinTechs in Singapore' at the Monetary Authority of Singapore (MAS) FinTech Awards 2022, and a Finalist at MEED's SME Awards 2022 for the category 'Gulf Capital Fintech Solution of the Year'.
The FinTech is also part of PwC's Partner Programme 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), Philippines (Manila) and Nairobi (Kenya).
For more information on finbots.ai, click here: https://www.finbots.ai/.
About Baiduri Bank
Established in 1994, Baiduri Bank's shareholders include Baiduri Holdings and Darussalam Assets. With a combination of global outlook combined with extensive local knowledge and commitment to the Brunei market, the Bank has been acknowledged as the leading conventional bank in the country with a track record of financial innovations and pioneering activities.
In 2022, Baiduri Bank was awarded the 'Best Bank in Asia-Pacific' for Brunei from Global Finance magazine, the 'Best Banking Group' for Brunei from World Finance, the 'Best Bank' for Brunei from Euromoney, the 'Domestic Retail Bank of the Year' for Brunei from Asian Banking & Finance and the 'Bank of the Year' for Brunei from the Banker, UK.
Standard & Poor's upgraded the Bank's credit rating to 'A-/A-2' with Stable Outlook in June 2022.
