Singapore – People can see the banking democratization trend, where bigtechs and fintechs present a new form of threat to traditional banks. AIZEN, which ranked second in the Global Category of MAS FinTech Awards 2020 (Singapore FinTech Festival, MAS FinTech Awards) alongside Swiss Re (insurance) and BNY Mellon (banking), announced that it would provide banking-as-a-service for banks and data platforms.
AIZEN is a financial techonology (fintech) company that made Artificial Intelligence (AI) financial innovations in Korea, Singapore, and Vietnam within five years since its establishment by the financial and AI experts from global companies. AIZEN developed the finance-specialized, machine-learning automated solution called “ABACUS” to commence the digitization project for financial companies. AIZEN has been selected as the second placer globally at the Monetary Authority of Singapore (MAS) FinTech Awards, the first placer at the 2020 Hong Kong FinTech Week, the Top Ten FinTechs by Standard Chartered Hong Kong, and the cool vendor in AI for FinTech at the Gartner Cool Vendor 2018, accelerating its potential growth rapidly. Furthermore, AIZEN has been selected as 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 is expanding its businesses into Vietnam and Indonesia with the “CreditConnect” launch, an AI-based data-combined banking service that enlarges the business model.
AIZEN developed their AI models to provide nonfinancial industries with their AI lending platform, completing the banking infrastructure based on the patent technologies. AIZEN has especially expanded their banking services with individual online shopping businesses by focusing on the fields where finance and e-Commerce are yet to be connected and help them make decisions through AI. The AI models are based on sales analyses such as scheduled payment (trade receivable), sales statistics, return rate, and sale change to the revenue exceeding KRW 2.3 trillion, and the integration of the payment accounts from 20 banks. Moreover, AIZEN designed the automated infrastructure to connect the AI model and finance that are tailored for each online vendor. With this, AIZEN focused on providing an AI-based banking service to connect e-Commerce vendors and financial companies. Hence, financial experts said that the decision-making AI model based on e-Commerce vendors’ data is efficient for the e-commerce and financial companies in securing potential clients and providing them with proper financial services. The technology that combines the data of nonfinance and finance fields and converts them into the “credit” information is one of the patent technologies from AIZEN. Therefore, they can provide clients with their exclusive AI-based financial services. It is only possible to provide new clients with their “credit” information when the business understanding and necessary technologies are successfully combined with the entire credit process such as credit assessment, risk management, and loan package design.
In addition, AIZEN secured its 117 affiliated companies within eight months since the “CreditConnect” launch in Vietnam and partnered with six local financial authorities. AIZEN contracted the CreditConnect service with the Vietnam Maritime Commercial Joint Stock Bank (MSB) and expanded the service into the largest Vietnamese drug distribution platform called “Thuocsi (Buymed).” AIZEN has also been selected as the solution provider of the program for logistics prediction modeling of Open Innovation Platform (OIP) under Infocomm Media Development Authority (IMDA), a Singaporean government authority.
The Chief Executive Officer (CEO) of AIZEN Global Co., Ltd., Kang Jungseok, said, “We now supply our credit processes to data platforms that rapidly grow in the fields of distribution, medicine, and education. The CreditConnect of AIZEN will perform as the core part of a sophisticated lending platform,” he continued.
Brand: AIZEN Global
Contact: Hyeree Jang
Telephone: +82 070-7008-0020
Address: AIZEN 8F, 30 Eunhaeng-ro, Yeongdeungpo-gu, Seoul, Korea 07242
SOURCE: AIZEN Global