“MyFinB Expanding into OIC Countries in The Next Two Years: Technology to Be Showcased in Madrid, Spain as A Launchpad”
Kuala Lumpur, Malaysia 21 December 2017 – The time is ripe now for the 57 Organisation of The Islamic Cooperation (OIC) countries to embrace A.I. technology to achieve financial inclusivity and higher productivity, according to MyFinB Group CEO, Nazri Muhammad.
MyFinB (M) was recently awarded as the winner in the Big Data Analytics and A.I. category as part of a programme organised by Islamic Development Bank (IDB). As part of the programme, it will have to showcase its technology to the IDB stakeholders in Madrid, Spain from 5 – 9 February 2018.
“Since MyFinB is a part of IDB’s portfolio of companies, this opportunity will place MyFinB closer to their consulting and investment arm as a potential investor. In addition, it will create more analytical solutions for Islamic Banking and Finance ecosystem via option such as licensing to 57 OIC countries, “explained M Nazri, Chief Executive Officer (CEO) of MyFinB.
Datuk Dr. Daud Bakar, a world renowned Shariah scholar and Chairman of MyFinB Malaysia commented, “Indeed, a very important development in financial inclusion is the use of big data and artificial intelligence – specifically machine learning. With the use of A.I., financial players in OIC countries will find it easier to finance profitably to underserved segments of the population, which in other words enhances the financial inclusion”.
Datuk Dr Daud further added that for Islamic financial institutions, “the adoption of AI is not an option anymore”.
“Customers’ needs are changing rapidly, and traditional banking methods won’t suffice anymore, especially with millennials and the new breed of SMEs. Everything has to be faster, accurate and integrated as much as possible,” he added.
Nazri alluded to this by asserting that, “by replacing older statistical-modelling approaches with AI and cognitive computing technology, Islamic financial institutions could see costs cut dramatically, along with improved operational efficiency by at least six times and enhanced overall profitability. AI can also solve and even anticipate complex financial problems. The suite of tools available in AI such as machine learning, deep neural networks, natural language processing are amongst the few of the tools bringing a whole new experience to the world of finance.”
MyFinB is pleased to be given this opportunity to showcase its A.I. – driven analytical solution and contribute to the development of Islamic FinTech ecosystem.
MyFinB sets out the vision of helping more than 100m businesses worldwide make sense of their financial statements using its proprietary Artificial Intelligence (AI) and Natural Language Generator (NLG) engines. As a virtual CFO and risk analytics platform that uses A.I. to conduct financial assessments, it also provides recommendations for enterprises and consumers on a web-to-mobile platform. With regional headquarters in Singapore, Malaysia and UK, it serves four segments (financial institutions, accounting and consultancy firms, government agencies and enterprises) globally – and help them achieve higher productivity, lowered risks and better shareholder value.
For more details, please visit www.MyFinB.com and email: corpcomms@MyFinB.com.