April 2, 2024

CredibleX and zypl.ai form a Strategic Partnership Harnessing Generative AI to Empower 20,000 SMEs

The partnership will deploy artificial intelligence software powered by proprietary synthetic data to optimize loan underwriting for small and medium sized businesses (SMEs).

CredibleX and zypl.ai form a Strategic Partnership Harnessing Generative AI to Empower 20,000 SMEs

CredibleX, MENA's pioneering embedded finance platform and zypl.ai have partnered to deploy artificial intelligence software powered by proprietary synthetic data to optimize loan underwriting for small and medium sized businesses (SMEs).

Flagship credit decision software from zypl.ai (the “zypl.score”) enhances CredibleX’s instantaneous risk assessment and pre-approval engine for SMEs. The uniqueness of zypl.score lies in a ‘no data’ AI approach centered on generation of synthetic data to complement other data sources for fintechs such as CredibleX.

CredibleX Co-Founder Ahmad Malik said “Data is at the heart of CredibleX’s strategy, to drive instantaneous and accurate credit decisioning, ensuring creditworthy SMEs can easily access the financing they need to grow their businesses. We are delighted to partner with zypl.ai to further enhance the value to our customers and the SME economy in the UAE.”

Founder and CEO of zypl.ai, Azizjon Azimi, commented, "Synthetic data is at the core of generative AI revolution sweeping through the world of finance. We are proud to go live with CredibleX to demonstrate the value of synthetic data in adapting scoring engines to 'black swan' conditions across macro cycles - ensuring seamless decisioning for SMEs at all times."

zypl.ai’s AI-as-a-service platform includes a three-part machine learning model consisting of future cash flow forecasting, simulation of macroeconomic scenarios and SME sentiment analysis through alternative data parsing. Over 35 banks across 12 markets globally have deployed zypl.score to unlock macro-resilient credit decisioning in an era of increasing economic volatility.

More than $100 million in a diversified portfolio of retail and SME loans has been disbursed through zypl.score at minimal default rates by financial institutions. To fuel its credit decisions, zypl.ai has built a proprietary generative adversarial network, zGAN, on a cumulative dataset of over 54 million traditional and alternative data points.

Rigorous backtesting and dynamic model training in production have demonstrated zypl.score’s capability to reduce the rate of nonperforming loans by up to two-thirds while increasing customer approval rates across both advanced and emerging markets.

CredibleX is addressing a critical sector of the economy in line with the UAE's National Agenda for Entrepreneurship and SMEs, with the number of SMEs projected to double by 2030 to more than 1 million across the UAE alone. CredibleX powers businesses to provide their SME customers and suppliers with instant access to regulated credit solutions at scale. During 2024, CredibleX is aiming to reach 20,000 SMEs with its easy-to-use, embedded finance  approach.

zypl.ai is pioneering generative AI in lending through application of proprietary synthetic data. Launched by a Stanford University and Forbes 30U30 alum in 2021, zypl.ai is moving its global headquarters to Dubai International Financial Centre (DIFC) after completion of FinTech Hive program. With a 50-person team of primarily machine learning engineers and an R&D lab in Tajikistan, zypl.ai is backed by global investors in its ongoing expansion across MENA, North America and Southeast Asia this year.

Interested in learning more about how your business can benefit from CredibleX? Reach out to us at hello@crediblex.io

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