AIZEN ‘CreditConnect’, a new paradigm for AI Banking

SINGAPORE, December 26, 2021 (GLOBE NEWSWIRE) – People can see the trend towards banking democratization, where bigtechs and fintechs present a new form of threat to traditional banks. AIZEN, which came second in the global category of the MAS FinTech Awards 2020 (Singapore FinTech Festival, MAS FinTech Awards) alongside Swiss Re (insurance) and BNY Mellon (bank), announced that it will provide banking service as a service to banks and data platforms.

AIZEN is a financial technology (fintech) company that has made financial innovations in artificial intelligence (AI) in Korea, Singapore and Vietnam within five years of its establishment by financial and AI experts in global companies. AIZEN has developed the automated finance specialized machine learning solution called “ABACUS” to launch the financial companies digitization project. AIZEN was selected as the Second Global Underwriter at the Monetary Authority of Singapore (MAS) FinTech Awards, the First Underwriter at Hong Kong FinTech Week 2020, the Top Ten FinTechs by Standard Chartered Hong Kong, and the Cool Supplier in AI for FinTech at the Gartner Cool Vendor 2018, rapidly accelerating its potential growth. In addition, AIZEN was selected among the top ten FinTechs for Responsible AI Companies, along with VISA Inc., Suite of Analytics Software (SAS) Institute, Experian PLC and Ernst & Young Global Ltd. AIZEN expands its activities in Vietnam and Indonesia with the launch of “CreditConnect”, an artificial intelligence-based banking service that expands the business model.

AIZEN has developed its AI models to provide non-financial industries with its AI lending platform, complementing banking infrastructure based on patent technologies. AIZEN has particularly extended its banking services to individual online shopping businesses by focusing on areas where finance and e-commerce are not yet connected and helps them make decisions through AI. AI models are based on sales analyzes such as scheduled payment (trade receivables), sales statistics, rate of return, and evolution of sales versus revenue over $ 2.3 trillion. KRW, and the integration of payment accounts from 20 banks. Additionally, AIZEN designed the automated infrastructure to connect the right AI model and finance for each online vendor. With this, AIZEN focused on providing an AI-based banking service to connect e-commerce providers and financial companies. Therefore, financial experts said that the data-driven decision AI model of e-commerce providers is effective for e-commerce and financial companies to secure potential customers and provide them with appropriate financial services. One of AIZEN’s patented technologies is technology that combines data from non-financial and financial fields and converts it into “credit” information. Hence, they can provide clients with their exclusive AI-based financial services. It is only possible to provide new customers with their “credit” information when the understanding of the business and the necessary technologies are successfully combined with the entire credit process, such as credit scoring, risk management and the design of a loan package.

In addition, AIZEN secured its 117 affiliates within eight months of launching “CreditConnect” in Vietnam and partnered with six local financial authorities. AIZEN contracted the CreditConnect service with the Vietnam Maritime Commercial Joint Stock Bank (MSB) and extended the service to the largest Vietnamese drug distribution platform called “Thuocsi (Buymed)”. AIZEN was also selected as the Solution Provider for the Open Innovation Platform (OIP) Logistics Forecasting Modeling Program under Infocomm Media Development Authority (IMDA), a Singaporean government authority.

AIZEN Global Co., Ltd. CEO Kang Jungseok said, “We are now providing our credit processes to the rapidly growing data platforms in distribution, medicine and education. AIZEN’s CreditConnect function as a central part of a sophisticated lending platform, ”he continued.

Media contact

Brand: AIZEN Global

Contact: Hyeree Jang

Telephone: +82 070-7008-0020

Email: hyeree.jang@aizen.co

Website: https://aizenglobal.com/

Address: AIZEN 8F, 30 Eunhaeng-ro, Yeongdeungpo-gu, Seoul, Korea 07242

THE SOURCE: AIZEN Global


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