Aion Digital has partnered with Qarar to drive digital banking growth in the Middle East and GCC, media reports said. The partnership will allow traditional and challenger banks to offer instant financing to customers in the region.
Under the terms of the agreement, Qarar will combine its risk algorithms with Aion’s intelligent banking platform. The integration aims to transform banks’ customer risk assessment.
Currently, banks in the UAE, Bahrain and Kuwait use Aion’s banking platform to offer digital financing solutions to customers. The platform with AI capabilities will help banks to make better decisions. Also, Qarar’s deep analytics engine will allow banks to make risk-managed business decisions by processing large volumes of data from various sources, media reports said.
Qarar CEO Zaid Kamhawi, told the media, “Digital platforms are the next natural step in the future of financial institutions and will allow banks to onboard, assess and process lending applications in real-time using state of the art cloud-based technology. 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, who is the CEO of Aion Digital said that the partnership is a huge opportunity for banks and challenges at this point. In his view, the GCC’s data economy is extensively growing with a value of more than $5billion. With that, Qarar and Aion aim to transform the lending ecosystem for banks to accurately assess credit risk.