The collaboration will allow traditional and challenger banks to offer instant financing to customersby Kudakwashe Muzoriwa
Dubai-based Qarar and Aion Digital, two leading fintech firms in the Gulf region, have partnered to revolutionise the credit market across GCC and the entire Middle East.
The collaboration will allow traditional and challenger banks to offer instant financing to customers by merging Qarar’s risk algorithms with Aion’s intelligent banking platform.
Zaid Kamhawi, the CEO of Qarar, said, “Digital platforms are the next natural step in the future of financial institutions and will allow banks to onboard, assess and process lending applications in real-time using state of the art cloud-based technology.”
Aion’s platform embeds artificial intelligence (AI) capabilities to help banks improve their decision making and it is being used by lenders across the UAE, Bahrain, and Kuwait to offer digital solutions to their customers.
Similarly, Qarar’s analytics engine enables banks to make risk-managed, consistent business decisions by intelligently processing large amounts of data from multiple sources.
“GCC’s data economy is now valued at more than $5 billion and the data consumption in the region is growing faster than many of the developed international markets,” said Ashar Nazim, the CEO of Aion Digital.