In a significant move to advance the Kingdom’s digital finance landscape, Saudi fintech company Jeel has signed a Memorandum of Understanding (MoU) with UAE-based zypl.ai. This strategic partnership will see the integration of zypl.ai’s advanced AI-powered credit scoring platform into Jeel’s digital banking services, aiming to enhance financial inclusion and modernize lending practices in Saudi Arabia.
A Strategic Push for Financial Inclusion
The collaboration between Jeel and zypl.ai is designed to address a critical gap in the Saudi financial market. By leveraging artificial intelligence, the partnership aims to provide more accurate and equitable credit assessments for individuals and Small and Medium-sized Enterprises (SMEs) that have traditionally been underserved by conventional banking systems. This includes customers with limited or no credit history, for whom zypl.ai’s technology can build comprehensive risk profiles using alternative data points.
Harnessing AI for Data-Driven Decisions
At the core of the partnership is zypl.ai’s no-code, AI-driven platform. The technology moves beyond traditional credit bureaus by analyzing a wide array of data to generate real-time, predictive credit scores. For Jeel, this means the ability to make faster, more informed, and data-backed lending decisions. The integration is expected to streamline the loan origination process, reduce risk, and ultimately provide a superior customer experience by offering fair and accessible credit to a broader segment of the population.
Aligning with Saudi Vision 2030
This initiative directly supports the ambitious goals of Saudi Vision 2030, particularly its focus on digital transformation and the development of a robust and diverse financial sector. By adopting cutting-edge AI technology, Jeel is contributing to the creation of a more sophisticated and inclusive financial ecosystem within the Kingdom. The partnership exemplifies the growing trend of cross-border collaboration within the MENA region to accelerate technological adoption and innovation.
About Jeel
Jeel is a Saudi Arabian financial technology company focused on delivering next-generation digital banking solutions. The company is committed to leveraging technology to enhance financial services, promote financial literacy, and provide innovative products tailored to the needs of the modern Saudi consumer and business.
About zypl.ai
Based in the UAE, zypl.ai is an award-winning FinTech that provides a proprietary, no-code AI platform for credit scoring. The company empowers banks, financial institutions, and other lenders across emerging markets to automate and improve their credit assessment processes, enabling them to expand their reach to unbanked and underbanked populations.
Looking Ahead
The MoU between Jeel and zypl.ai marks a pivotal step forward for digital lending in Saudi Arabia. As the platform is rolled out, it has the potential to set a new industry benchmark for how credit is assessed and delivered in the Kingdom. For the wider MENA tech ecosystem, this partnership highlights the power of regional collaboration in solving local challenges and driving the fintech revolution forward.
Source: Fintech News Middle East
