“MyFinB sets footprint in Europe”
: Asian start-up expected to disrupt the SME lending sector globally
Singapore 1 September 2017 – Financial institutions can now engage their SME clients better with a smart platform driven by Artificial Intelligence (AI) called MyFinB, which will be showcased as part of a global fintech event. This global event is being organised by BBVA, the 39th largest bank in the world. Hosted in London in early September, the 9th BBVA Open Talent 2017’s organisers are aiming to find the most innovative and disruptive Fintech start-ups engaged in the fields of Identity, Artificial Intelligence and Fintech for Companies. MyFinB was specially selected across many applicants around the world on the basis of using A.I for the financial sector.
“We see that there is a universal, major pain point whenever SMEs apply for loans or any financing instruments: on average, 6 on 10 applicants will be rejected. There is a fundamental issue about dealing with those firms being rejected without being given explanation or alternatives to meet their financing needs,” said MyFinB Group CEO/Founder, M Nazri.
“As a result, no deep, trusting relationship ensues between financier and SMEs. Business owners constantly feel that banks only ‘lend an umbrella when there is no rain’.”
Nazri further adds that since loan evaluations “can take two to four weeks”, those who are eligible for funds and need them quickly to meet working capital needs are penalised.
Through MyFinB’s RoboBanker software, business owners are able to profile, benchmark and assess their financial health by looking at areas of weaknesses as seen from the banker’s eyes. The system generates a financial roadmap and analytical reports that would enable them to improve their creditworthiness. At the same time, bankers or financiers are able to obtain detailed financial assessment reports generated by the machine – in narrative form – and given recommendations on whether the SMEs should be financed.
This prestigious event is organised by BBVA, a global bank with over USD770bn in assets. MyFinB is the only Asian company competing in the fintech category, together with other start-ups from Germany, UK, Chile, Finland, Mexico, Sweden and Portugal.
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. 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.