Yabx integrates with Fintech Galaxy to lend to MENA’s underserved

A new partnership between Fintech Galaxy and Yabx, which provides alternative data-based lending and loan portfolio management for underserved segments of the population, aims to improve financial inclusion in the MENA region.

Through the partnership, Fintech Galaxy’s ‘FINX Connect’ will provide access to real-time financial data directly from MENA banks and financial institutions through a single API, enabling Yabx to assess creditworthiness, improve the accuracy of lending decisions, offer personalised loan services and speed up loan approvals.

‘FINX Connect’ will also improve debt recovery by up to 30%, by automating debit processes.

The collaboration intends to improve access to finance underserved segments of the population in MENA, initially targeting the UAE, Saudi Arabia, Jordan and Bahrain, with a view to expand into North Africa.

Yabx’s chief executive officer Rajat Dayal said: “Through this partnership, we aim to optimize our processes, enhance customer experience, and drive financial inclusion across the MENA region.

“Our collaboration with Fintech Galaxy is expected to give a strategic advantage to the lending programs we plan to launch in this region for unsecured retail and SME lending.”

Mirna Sleiman, founder and chief executive officer of Fintech Galaxy, said the partnership is testament to its commitment to driving digital transformation in the financial sector.

She added: “By integrating FINX Connect into Yabx’s innovative lending solutions, we are not only enhancing the efficiency and accessibility of financial services but also contributing to the economic development of the MENA region.”

Fintech Galaxy has announced several collaborations this year already, including with data intelligence platform Bud Financial in February, to “transform” personalised financial services in MENA.

Then, in April, the company teamed up with Singaporean fintech FinbotsAI to shake up credit scoring with credit profiling capabilities that use AI models and aggregated Open Banking data.