SEOUL, South Korea, June 25, 2021 /PRNewswire/ — 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 to the Southeast Asian market. The company has been delivering artificial intelligence (AI) finance models by integrating data based on its AutoML solution "ABACUS" specializing in finance. It has been successfully incorporating AI into various finance business processes, including a bank’s customer behavior predictions, digital strategies, credit card payment fraud detection systems with deep learning, and insurance underwriting claims. Moreover, it can be attributed to automating financial decision-making through data integration based on the AI finance solution ABACUS.
Recognized by Plug and Play Singapore, listed as a Gartner Cool Vendor, selected as one of the Top Ten Fintech Startups by Standard Chartered Bank, and placed first as the best solution provider during HK FinTech Week, AIZEN has constantly been bringing financial innovation into the Asian market.
Based on its powerful AI finance model ABACUS, AIZEN offers banking-as-a-service. In particular, in Southeast Asia, it has paved the way for the development of "CreditConnect," a type of banking service for nonfinancial platforms encompassing E-wallets, education, hospitals, and shopping. CreditConnect enables AIZEN’s clients in the nonfinancial sectors to use finance services easily and quickly. Furthermore, AIZEN’s focus lies in the "loan cycle," quickly calculating interest rates and loan limits for each client and offering the right loan services. Its banking service, which "connects" financial institutions traditionally through data integration, allows data platforms to launch finance services and financial institutions to secure customer loyalty quickly.
AIZEN has entered the Asian market after having raised USD 4.2 million from SEMA Translink Investment, a fintech innovation fund jointly established by K-Growth and other famous financial institutions in Korea for the revitalization of fintech. Using CreditConnect, it has expanded its banking services to Vietnam and Indonesia. With teams consisting of global IT and finance experts from IBM, SAP, Citibank Singapore, Standard Chartered Bank, and AXA, AIZEN continues to attract investment by incorporating AI into the core finance processes.
"We have been adopting data integration and AI to financial institutions, and our exclusive technology has been bringing innovation into banking services. Our AI-based banking services will flare well with platform operators in the ever-changing Southeast Asian market," said Jung Seok Kang, CEO of AIZEN.