Wiserfunding, a UK-based provider of credit risk assessment for SME lenders, has partnered with CrediLinq.Ai, a Singapore-based, AI credit platform. According to a company release, the partnership will seek to provide automated, fast, and credit risk assessment to Southeast Asian SMEs.
The companies point to an EY report on the Southeast Asian SME market indicating they needed funding to support the adoption of digital technologies to improve productivity and enhance the products and services they offer. The majority of businesses surveyed (68%) say they would be open to non-traditional lenders, the main appeal being the significantly faster loan approval process.
CrediLinq.Ai is expected to support the development of country-specific models in collaboration with Wiserfunding.
Dr. Gabriele Sabato and Prof. Emeritus Edward Altman, creator of the Altman Z-score, founded Wiserfunding with a mission to improve the SME credit risk space and become the market standard for SME risk assessment. Wiserfunding currently serves more than 60 customers across three continents.
Deep Singh founded CrediLinq.Ai earlier this year in response to the pandemic. The company’s mission is to disrupt lending in Asia by creating a more accessible, digital-first access to growth capital.
Sabato said there is a huge growth opportunity with fast-emerging economies creating new corporates that have internationally recognizable brands.
“The growing pains of economic development coupled with the economic difficulties of the pandemic have left smaller businesses without the same access to credit as peers in advanced economies. Our partnership with CrediLinq.Ai will provide access to underserved SMEs throughout the region, championing financial inclusion through accurate, fast and fair credit decisions that boost the whole economy, not just businesses at the top.”
Steven Nocka, Chief Risk Officer and Co-Founder of CrediLinq.Ai said they are proud to partner with Wiserfunding to build and implement credit risk models appropriate to the SME segment in Southeast Asia.
“Across the region, SMEs represent more than 95% of all businesses, and are historically and currently underserved by banks and other providers of capital. The key is in understanding these businesses and their needs, and to identify data sources that allow us to underwrite their risk accurately and efficiently. The partnership with Wiserfunding allows us to accelerate this work and to deliver much needed financing quickly and on far better terms than is currently available across Asia.”