Their strategic alliance will aim to revolutionize the regional credit market, offering people an alternative to conventional bank financing. This is important given that securing bank financing has been particularly difficult for retail and SME customers of late.
With the new initiative by the two companies, traditional and challenger banks will now be better equipped to offer instant financing to customers.
For smooth implementation of the initiative, Qarar will deploy its award-winning risk algorithms alongside Aion’s intelligent banking platform.
For those out of the loop, Aion’s AI-powered banking platform has a sizable client-base comprising banks across Bahrain, the UAE, and Kuwait. These banks leverage Aion’s technological prowess to offer quality and reliable digital solutions to its customers.
Meanwhile, Qara’s deep analytics solutions empower banks to risk-managed, consistent business decisions by intelligently processing large amounts of data from multiple sources.
Speaking of the likely impact of the new collaboration, Zaid Kamhawi, CEO of Qarar, said: “Our partnership with Aion comes to support the digital transformation initiatives sweeping the market and to meet customer demand for fast, consistent and accurate digital lending decisions.”
Ashar Nazim, CEO of Aion Digital, chipped in by noting: “Our partnership with Qarar is aimed to change the basis of customer risk assessment by banks. Together, we are creating a smart, connected lending ecosystem so banks are able to more accurately assess the credit risk and hence reduce their cost of lending.”