Bahrain Islamic Bank (BisB) announced that Verofax, a Malaysian-based asset digitisation and traceability services provider, as the winner of its ‘BisB Innovation Challenge’.
The bank had collaborated with the FinHub 973, Central Bank of Bahrain’s digital lab for this fintech competition where 14 startups from around the globe had participated.
Verofax was selected after rigorous screening to ensure a solution with the requisite level of feasibility and security to maintain the confidentiality and security of customers’ financial data.
Verofax offered a PoC for an AI-powered credit scoring solution, incorporating alternative and unstructured datasets, to improve the banks speed and provide a more personalised banking experience for their clients
The panel of judges comprised Osama Nasr, Chief Information Officer of BisB, Wesam Baqer, Chief Corporate and Institutional Banking of BisB, as well as Yasmeen Al Sharaf, Head of Fintech and Innovation Unit at the Central Bank of Bahrain (CBB).
Chief Executive Officer of BisB, Hassan Jarrar, said,
“The BisB Innovation Challenge and tech-focused fintech competitions of this nature are imperative for innovation, especially considering the upcoming challenges facing the financial industry, both in the wake of COVID-19 and in order to effectively bridge the existent gap we have in the market when it comes to innovative fintech solutions.
We want to create better synergies between FinTechs and Banks, and harness the power of technology and AI to solve real issues, and encourage cross-industry collaboration, in order to offer a transformed customer experience.”
Wassim Merheby, CEO of Verofax Limited, added,
“AI-based credit scoring solutions are innovative services that draw intelligence from non-linear relationships across a plethora of unstructured and alternative datasets.
The service powers banks with unmatched visibility and speed while helping reduce the probability of default and increase financial inclusion. We partnered with Turnkey Lender to provide BisB with exclusive solutions to secure its financial services with simplicity.”