AIZEN 'CreditConnect' is New Paradigm for AI Banking

(Asia) People can see the banking democratization trend, where big techs and fintech present a new form of threat to traditional banks. AIZEN, which ranked second in the Global Category of the 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 technology (fintech) company that has made artificial intelligence (AI) financial innovations in Korea, Singapore, and Vietnam within five years of its establishment by 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 won second place globally at the Monetary Authority of Singapore (MAS) FinTech Awards, first place 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 one of the Top Ten FinTechs for responsible AI companies, along with VISA Inc., the 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 non-financial industries with its 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 helping them make decisions through AI. The AI models are based on sales analyses such as scheduled payments (trade receivable), sales statistics, return rate, and sales 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 AI-based banking services 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 e-commerce and financial companies in securing potential clients and providing them with proper financial services.

One of the patent technologies from AIZEN is the technology that combines data from non-finance and finance fields and converts them into "credit" information. 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 of 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 to the largest Vietnamese drug distribution platform, called "Thuocsi (Buymed)." AIZEN has also been selected as the solution provider for the program for logistics prediction modeling of the Open Innovation Platform (OIP) by the Infocomm Media Development Authority (IMDA), a Singaporean government authority.

The chief executive officer of AIZEN Global Co., Ltd., Kang Jung Seok, 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.