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RISQ Teams Up with Aion Digital to Boost SME Lending in MENA

A new partnership between next generation deposit mobilization platform Aion Digital and RISQ Intelligent Financial Software will bring integrated, AI-enabled digital commercial lending to banks in the MENA region.

“With Aion Digital we found a partner which enables us to fully digitize the commercial lending experience,” RISQ CEO and co-founder Michael Jesse said. “Most banks have already digitized their retail banking and the next step is to do the same for SME and commercial banking,” he explained. “Our combined platform is the right fit for the Middle East and the North Africa (MENA) market.”

An alum of FinovateAsia, FinovateAfrica, and FinovateMiddleEast, RISQ provides a variety of digital solutions for banks and financial services companies. The company offers banks a wholesale banking solution that supports treasury, FI, and corporate lending. Its partnership with fellow Finovate alum CRIF enables it to work with financial services firms to enhance their commercial credit assessment processes – from initial data collection through loan contract generation and reporting.

The new solution from RISQ and Aion Digital will leverage Aion’s portal to onboard SME loan applicants, and then use RISQ’s loan processing technology to conduct a comprehensive credit analysis. The entire process from data collection and scoring to loan approval and automatic contract generation is managed by RISQ, which also takes care of servicing the loan, providing annual reviews, collateral revaluation and, if necessary, loan extensions or termination.

A digital mobile platform for lifestyle banking, Aion Digital helps entrepreneurs in the GCC (Gulf Cooperation Countries) region build digital banks. With technology designed to work seamlessly with legacy core banking systems, Aion launched its borderless banking solution in April. Earlier this month, the company announced a partnership with the Open Bank Project to provide Bahrainian banks with an API management solution, API catalogue, and API portal with a sandbox environment to help promote fintech innovation and development. Aion Digital was founded in 2017, and is headquartered in Manama, Bahrain. Ashar Nazim is CEO.

Headquartered in Dubai, UAE, RISQ company won its first client, Emirates NBD, within six months of its founding in 2016. Emirates NBD went live with RISQ | FI, RISQ’s all-in-one solution for financial institutions, four months later, and has since rolled out the technology to all its global branches.