Yabx and Fintech Galaxy Partner to Enhance Financial Inclusion in MENA Region
Strategic Partnership Utilizes Open Banking for Improved Lending Solutions
In a bid to bolster financial inclusion in the Middle East and North Africa (MENA) region, Fintech Galaxy, an Open Banking and financial innovation company, has announced a strategic partnership with Yabx, a pioneer in alternate data-based lending. This collaboration aims to revolutionize digital lending by leveraging Fintech Galaxy’s FINX Connect platform to enhance SME lending, collections, and customer onboarding processes.
Yabx will utilize FINX Connect to streamline and secure the digital lending process, gaining access to real-time financial data from MENA banks and financial institutions through a single API. This integration will allow Yabx to assess creditworthiness more accurately, provide personalized loan services, and expedite loan approvals.
Key Highlights of the Partnership:
- Enhanced Access to Financial Services: The platform will make digital lending solutions more accessible, particularly for those traditionally excluded from conventional financial systems.
- Streamlined Lending Processes: Yabx will use FINX Connect to streamline credit assessments and accelerate loan approvals, resulting in a more efficient lending experience.
- Operational Efficiency: Optimization of 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, commented on the partnership: “Through this collaboration, we aim to optimize our processes, enhance customer experience, and drive financial inclusion across the MENA region. Working with Fintech Galaxy provides a strategic advantage for our unsecured retail and SME lending programs.”
Mirna Sleiman, founder and CEO of Fintech Galaxy, added: “Our partnership 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 and contributing to the economic development of the MENA region.”
The initial focus of this partnership will be on the UAE, Saudi Arabia, Jordan, and Bahrain, with plans for future expansion into North Africa.
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