July 18, 2024

Fintech Galaxy, Yabx Forges Strategic Partnership To Boost FI In MENA

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Fintech Galaxy, Yabx Forges Strategic Partnership To Boost Financial Inclusion In MENA and wherein Fintech Galaxy’s FINX Connect will streamline Yabx's lending processes, enhance credit assessments, and speed up loan approvals.
Representational Image Displaying Open Banking Digital Technology-Image By Rawpixel from Freepik

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. According to Industry sources, Yabx is poised to leverage Fintech Galaxy’s FINX Connect to enhance SME lending, collections, and customer onboarding processes to move the needle of financial inclusion (FI).

Fintech Galaxy, Yabx Forges Strategic Partnership To Boost FI In MENA. Yabx will leverage Fintech Galaxy’s FINX Connect to enhance SME lending, collections, and customer onboarding processes. Image Courtesy: Yabx

According to Industry sources, by leveraging 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.

From L To R – Mirna Sleiman, founder and CEO of Fintech Galaxy And Rajat Dayal, CEO of Yabx

Mirna Sleiman, founder and CEO of Fintech Galaxy 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 enhancing the efficiency and accessibility of financial services but also contributing to the economic development of the MENA region.”

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”.

Industry sources added that 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 reach those typically excluded from traditional financial systems
  • Streamlined Lending: With 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.

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