SEOUL, South Korea, Aug. 19, 2021 /PRNewswire/ -- AIZEN (AIZEN Global), ranked first at Hong Kong FinTech Week's Fast Track Demo Show, has recently revealed its plan to expand its banking-as-a-service in the Southeast Asian market. As a company, AIZEN has led innovation in financial artificial intelligence (AI) through Nobel Prize–winning economics theories. The central piece of AIZEN's leadership in the field of AI finance is its AutoML solution "ABACUS," which is a specialized solution for financial decision-making that is serving as the basis for the company's efforts in data convergence. Some of the processes that AIZEN has successfully applied AI techniques to include default prediction, digital strategy, credit card trade FDS (Credit Card Payment Fraud Detection System with Deep Learning), insurance underwriting, and claim sorting. These achievements represent how AIZEN is changing the finance industry: by establishing an Autonomous Financial Platform based on billions of real-time algorithms. Its recognition as the second placer of Singaporean MAS Global, belonging to the Gartner Cool Vendor list, and one of the Top 10 fintech firms selected by Standard Chartered Hong Kong, is a testament to its role as a steady innovator of the Asian financial market.
AIZEN's "CreditConnect" service is a pioneer of banking-as-a-service for nonfinancial platforms in Southeast Asia, including areas such as digital wallet, education, hospital operations, and e-commerce. CreditConnect links customers in nonfinancial data platforms with financial services easily and quickly. It focuses particularly on the "credit cycle," thereby providing timely calculation of interest rates and limits per customer for credit services. CreditConnect "connects" conventional financial institutions via data convergence, allowing data platforms to launch financial services and financial institutions to acquire loyal customers efficiently. Its AI lending service has also been launched in Vietnam and Indonesia to wide acclaim and use.
AIZEN is made up of experts from global information technology (IT) leaders and financial institutions, such as the International Business Machines Corporation (IBM), SAP, Citibank Hong Kong, Standard Chartered Bank, AXA, and Samsung. Their expertise has allowed the company to apply AI techniques to core financial processes and has won continued trust and investment from investors. The model provided by CreditConnect has also allowed the company to maintain its rapid expansion beyond the e-commerce market toward automobile battery, logistics, and other fields requiring financial services. "We have a superlative track record in providing AI services to the financial sector using our autonomous financial platform," AIZEN CEO Jung Seok Kang commented. "We strive to provide an easy and quick option for banking services to rapidly growing platform enterprises in Southeast Asia."