Fintech
Fintech Galaxy partners with Yabx to improve SME lending and financial inclusion in MENA
Fintech galaxythe open banking and financial innovation company based in the United Arab Emirates, is joining forces with Yabxleader in alternative loan management and data-driven loan portfolios for underserved segments of the population, to improve lending to SMEs.
Yabx will leverage Fintech Galaxy’s FINX Connect to improve SME customer lending, collection and onboarding processes to move the needle on financial inclusion.
Using Fintech Galaxy’s FINX Connect, Yabx will simplify 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 lending services and accelerate loan approvals.
This partnership between Yabx and Fintech galaxy promises to improve access to financial services. The platform will make digital lending solutions more accessible and reach those who are typically excluded from traditional financial systems
It also hopes to simplify lending by offering broad use case coverage and digital lending expertise. Ultimately, Yabx plans to simplify credit ratings and speed up loan approvals, providing a more efficient lending experience.
Rajat DayalCEO of Yabx, commented: “Through this partnership, we aim to optimize our processes, improve customer experience and promote financial inclusion in the MENA region. Our collaboration with Fintech Galaxy is expected to provide a strategic advantage to the lending programs we intend to launch in this region for unsecured retail and SME lending.”
In fact, according to historical data from similar integrations, optimizing your lending processes will improve bad debt recovery by up to 30%.
Mirna Sleimann, founder and CEO of Fintech Galaxy, further commented: “Our collaboration with Yabx is a testament to our commitment to driving digital transformation in the financial sector. By integrating FINX Connect into Yabx’s innovative lending solutions, we are not only improving the efficiency and accessibility of financial services, but also contributing to the economic development of the MENA region.”