Accel Funded finbots.ai Signs First Neobank in Mongolia – M Bank

Singapore-based finbots.ai has signed its first customer in Mongolia, a neobank called M-Bank.

finbots.ai is an Accel-funded Fintech that provides B2B software as a service (SaaS). finbots.ai’s  utilizes artificial intelligence (AI) to provide a credit modelling solution that aims to enable M bank to rapidly develop and deploy high accuracy application and behaviour scorecards. The goal is to help M bank accelerate new customer acquisition as well as effectively manage the risk.

fintech.ai notes that 93 percent of adults in Mongolia already have bank accounts and their service will help M bank to better penetrate its core target audience.

Sanjay Uppal, founder and CEO of finbots.ai commented:

“We see enormous potential in emerging markets like Mongolia for democratising access to quality credit. We are excited to embark on our journey here with a progressive Neobank like M bank. This client win is a further testament of capability of our solution to empower lenders of all types – tradition and digital – across diverse markets, for smarter, faster and inclusive lending.”

Soronzonbold Lkhagvasuren, CEO of M Bank, said the two firms share the same vision for financial inclusion.

“finbots.ai provides a robust AI-powered solution that can be easily deployed and it further enables us to reach an audience segment and improve profitability of our lending business.”

The company reports that this deal with M Bank follows finbots.ai’s recent announcement of signing their first client in Indonesia.

finbots.ai was recently recognized as one of Singapore’s Top 10 Finrechs by the Monetary Authority of Singapore (MAS) at the SFF Global Fintech Awards 2022.

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