Singapore fintech Finbots.ai signs digital bank client in Asia

Singapore-based B2B Software-as-a-Service (SaaS) firm Finbots.ai has signed up Mongolia’s first neobank, M bank, as a client to help build out the bank’s digital lending business.

Finbots.ai signs first neobank from Mongolia

Finbot.ai says its AI-led credit modelling solution will help M bank develop and deploy “high accuracy” application and behaviour scorecards with “superior predictive power and stability”, allowing M bank to accelerate new customer acquisition and manage risk levels of existing customers.

The firm adds that its solution will also allow M bank to “recalibrate” existing credit models and develop and deploy new models “within hours”, a process that used to take M bank three to six months.

“We see enormous potential in emerging markets like Mongolia for democratising access to quality credit,” says Sanjay Uppal, founder and CEO of Finbots.ai.

“This client win is a further testament of capability of our solution to empower lenders of all types – traditional and digital – across diverse markets, for smarter, faster and inclusive lending.”

Soronzonbold Lkhagvasuren, CEO of M bank, says Finbots’ AI solution can be “easily” deployed, enabling them to further reach their core audience segment and improve the profitability of their lending business.

Founded in 2017, Finbots.ai has offices in Singapore, India, and the UAE and received its first external investment of $3 million from Accel in April.