news-details
Business

Yabx and Fintech Galaxy Partner to Enhance Financial Inclusion in MENA Region

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.

Related News

Applications Open for MBZUAI’s ...

Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) invites thirty local and international executives to apply for its upcoming six-day intensive program, the MBZUAI E...

Fourth Phase of Riviera by Azi ...

Azizi Developments, a prominent private real estate developer in the UAE, has announced significant progress in the fourth phase of Riviera, their French Mediterranean-inspired wat...

GPCA to Recognize Young Talent ...

The Gulf Petrochemicals and Chemicals Association (GPCA) is set to celebrate the innovative ideas and talents of GCC university students in the field of agri-nutrient sustainabilit...

TOYOTA GAZOO Racing Achieves O ...

The TOYOTA GAZOO Racing (TGR) World Rally Team (WRT) celebrated a spectacular one-two finish at the 2024 FIA World Rally Championship's (WRC) first Rally Latvia. Reigning world cha...

Federal Tax Authority Launches Tax ...

The Federal Tax Authority (FTA) has unveiled the Tax Professionals Qualification Initiative, a significant program aimed at developing a new cadre of qualified tax experts to enhan...

UAE Residents Seek Personal Touch i ...

A recent survey conducted by Researchscape International, commissioned by Yango, highlights the growing desire among UAE residents for more personalized and human-like interactions...

Al Ansari Exchange Launches Corpora ...

 Al Ansari Exchange, the largest remittance and foreign exchange company in the UAE and a subsidiary of Al Ansari Financial Services PJSC [DFM: ALANSARI], has introduced a cor...

Qatar Airways Expands Boeing 777-9 ...

 Qatar Airways has announced a significant expansion of its Boeing 777X aircraft order during the Farnborough International Airshow 2024. The airline has added 20 Boeing 777-9...

Nitya Capital Unlocks $218 Million ...

Nitya Capital, LLC, a prominent international real estate investment firm based in Houston, has successfully completed a $218 million refinancing deal. This strategic move resulted...

LPG Expo Announces ‘Middle East LPG ...

LPG Expo, a premier exhibition and conference organizer in the Liquefied Petroleum Gas (LPG) industry, has announced the ‘Middle East LPG Expo - Saudi Arabia 2024’, set...