![]() ![]() Available both on iOS and Android smartphones, the app offers unsecured loans from 50,000 to 50 million kyats (Bt1,025 to over 1 million).Ĭurrently, the company provides two products – salary-based and short-term emergency loans – to individuals and small business owners who need money to buy goods and services such as education, tuition, healthcare, emergency funding, or working capital. With this in mind, her team of around 20 local staff with an average age of 22 managed to launch a mobile application in late July this year. We aim to get them engaged in the formal financial system rather than depending on informal lenders,” she said. “People need access to financial systems, including credit and all the opportunity credit brings. She established the company as a non-bank financial institution regulated by the Central Bank of Myanmar (CBM). She said local banks have little appetite or the expertise or infrastructure, partially due to regulatory restrictions of interest rates, to service the needs of the bottom-half of the pyramid, which happens to be the majority of the adult population in Myanmar.Īfter her graduation from Oxford University and Massachusetts Institute of Technology, Theta Aye returned to Myanmar in 2016 to get commercially involved in Myanmar’s finance industry. So, we try to tackle this market where we can serve the bottom part of the pyramid.” The segments of banks are primarily like upper income and middle-class people. “The market here is massive, and the demand for credit is so huge. At the same time, members will get better access to credit and an enhanced experience.“Our goal is to serve unbanked customers who are unable to access formal financial services such as credit, savings and deposits and who rely mostly on friends and informal lenders,” she said in an exclusive interview. Our AI-powered platform will enable Innovations Federal Credit Union to streamline its underwriting process, strengthen the lending portfolio, make faster decisions and reduce losses. Pankaj Jain, President of Scienaptic commented on the collaboration, “At Scienaptic, our goal is to empower credit unions and members alike. We are excited to be part of this disruption that will bring about better opportunities for Bay County.” “ The deployment of Scienaptic’s AI-powered credit decisioning platform will allow us to increase loan approvals, make quicker decisions and provide personalized financial assistance to our members. ![]() Southall, President and CEO of Innovations Federal Credit Union. “At Innovations FCU, we appreciate every member and pay heed to their individual needs and requirements, making them feel heard,” said David A. The credit union provides a suite of services and products including the Octane program to support entrepreneurial ventures and Green Path Financial Wellness initiative in addition to personalized services such as free financial counselling, debt management planning and education to its members. Innovations Federal Credit Union operates through six branches and offers a wide gamut of financial services for both individuals and businesses from Bay County. With an asset size of $346 million, the credit union has been servicing more than 22,000 members in the Bay County region for 70 years. ![]() Scienaptic’s platform will enable the credit union to streamline its credit underwriting process and make faster loan decisions for its members.įounded in 1952, Innovations Federal Credit Union is headquartered in Panama City Beach, Fla. Leading global AI-powered credit decision platform provider Scienaptic AI announced today that Innovations Federal Credit Union has chosen its AI-powered underwriting platform to provide an enhanced lending experience. Deployment to automate loan underwriting and increase credit access
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