Yabx and Fintech Galaxy Partnership: Open Banking-enabled lending to boost financial inclusion in the MENA region

• The partnership aims to improve access to financial services for underserved segments in the MENA region through innovative digital lending solutions.
• Fintech Galaxy’s FINX Connect will streamline Yabx’s lending processes, enhance credit assessments, and speed up loan approvals.
• The use of FINX Connect is expected to improve operational efficiencies and recovery of debts by automating debit processes.
• The collaboration targets initial improvements in UAE, Saudi Arabia, Jordan, and Bahrain, with future expansion plans for North Africa.

Dubai, United Arab Emirates, 11 June 2024 : Fintech Galaxy, an Open Banking and financial innovation company, has announced a strategic partnership with Yabx, a leader in alternate data-based lending and loan portfolio management for underserved segments of the population. Yabx will leverage Fintech Galaxy’s FINX Connect to enhance SME lending, collections, and customer onboarding processes to move the needle of financial inclusion.

By using Fintech Galaxy’s FINX Connect, Yabx will streamline and secure the digital lending process. Benefiting from access to real-time financial data directly from MENA banks and financial institutions through a single API, Yabx will be able to assess creditworthiness, provide more accurate lending decisions, offer personalized loan services, and speed up loan approvals.

This partnership between Yabx and Fintech Galaxy heralds a new dawn for digital lending in the MENA region, promising:

• Enhanced Access to Financial Services: The platform will make digital lending solutions more accessible and reaching those typically excluded from traditional financial systems
• Streamlined Lending: Extensive use case coverage, and proficiency in digital lending, Yabx will streamline credit assessments and speed up loan approvals, providing a more efficient lending experience.
• Optimization of Lending Processes: Optimization of lending processes will improve the recovery of outstanding debts by up to 30%, according to historical data from similar integrations.

Rajat Dayal, CEO of Yabx highlighted that: “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”.

“Our collaboration with Yabx is a testament to our commitment to driving digital transformation in the financial sector.”, Mirna Sleiman, founder and CEO of Fintech Galaxy commented.  “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.”

About Yabx

Yabx revolutionizes credit accessibility in emerging markets through its cloud-based lending platform. By leveraging digital footprints, AI, and diverse data partnerships, we provide personalized credit scores and limits to underserved individuals and businesses. We empower financial inclusion responsibly by carefully building the financial personalities of new-to-credit customers while digitizing the entire lending journey.

More on www.yabx.co

 About Fintech Galaxy 

Fintech Galaxy is a regional financial innovation company with a vision to re-imagine financial services by providing a reliable and secure Open Banking and Embedded Finance infrastructure layer for integration between industry players, mainly banks, fintechs and merchants. The company’s platform, FINX, is built on international and local Open Banking standards with the best-in-class data and information security protocols, placing more control of financial data and payments into the hands of end customers. Regulated by the Central Bank of Bahrain and ISO/IEC 27001:2022 and SOC 2 Type 2 compliant for Information and Data Security, Fintech Galaxy was founded with a mission to move the needle in financial inclusion and currently operates in the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova. 

More on www.fintech-galaxy.com