Mbanq taps SMEApprove’s AI tech to enhance credit decisioning

UAE-based banking-as-a-Service (BaaS) provider, Mbanq will integrate SMEApprove’s AI technologies to boost the efficiency of its SME credit evaluations, as part of a new deal, the firms have announced.

SMEApprove’s AI and machine learning technology is designed to increase accuracy in credit decisions and help reduce the risk of defaults. It also streamlines the credit decisioning process and allows lenders to more quickly process loan applications.

According to the firms, it’s AI-powered credit decisioning platform will integrate directly into Mbanq’s offerings to enable banks and fintechs to enhance their credit decisioning processes for small and medium sized businesses.

The platform includes a library of credit-risk predictors and preconfigured features, making it easier for lending teams to enhance existing algorithms for lending product underwriting. Significantly, the AI-enabled platform adheres to lending regulations, ensuring compliance and fairness throughout the credit decisioning process.

Lars Rottweiler CTO of Mbanq, said: “One vital aspect of why we selected SMEApprove’s technology is that it ensures high levels of explainability. This allows Mbanq’s compliance team to understand, supervise and trust automated decisions, alleviating concerns about compliance and potential unfair lending practices.”

The platform incorporates a variety of new and existing data sources, enabling lenders to assess risk for more informed decision making.

Bryan Carroll, Chairman of SMEApprove, added: “This [the integration] will benefit lenders by streamlining their operations. It will also provide SME customers with quicker access to the capital they need to grow their businesses.”