Dubai, 3 Sep 20
Qarar, a leader in risk decisioning and data analytics, announced today that MoneyTap has selected Qarar’s DecisionSmart platform to power its App-based credit services across India and Asia. In addition, Qarar is working on a holistic partnership with MoneyTap to collaborate on digital lending in the lines of Credit as a service “CAAS” in the region.
MoneyTap, a Singapore-headquartered AI-based Fintech is rapidly expanding its footprint across Southeast Asia. MoneyTap started operations in 2016 in India and is one of the largest and most sophisticated consumer lending platforms with an unsecured loan book of nearly $200M as well as $350M of card and line credit cash disbursements. It also recently launched in Vietnam in December 2019. MoneyTap has 10Million+ downloads and processes around 250K+ credit requests a month.
It partners with Banks and other financial institutions with a digital banking license, bringing in new digital customers as well as full-stack lending technology (onboarding to collections) from customer acquisition to Machine Learning-based risk management, Card Platform including contactless Tap & Pay, Loan Origination and Management and complete data analytics for customer life cycle management.
DecisionSmart was selected for its ability to support MoneyTap’s innovation plans and to empower the business to meet the increasing demand for simplified, digital banking experiences throughout the region. DecisionSmart, which brings data, artificial intelligence and machine learning together, bridges customer needs and back-end operations, delivering the optimum customer experience as well as optimal risk reward.
Bala Parthasarathy, Founder and CEO of MoneyTap said “To fulfil our core mission we needed to provide a simplified, fast and effortless experience for our customers. We are very happy to be working with Qarar. DecisonSmart allows us to be in full control of our risk strategy while powering real-time decisioning for our customers. With the speed and flexibility of the solution we will be able to manage and configure business and risk policy as the company grows. We look forward to extending our reach and supporting a growing customer base.”
Zaid Kamhawi, CEO of Qarar said “We are very excited to have MoneyTap using our DecisionSmart platform to deliver a real-time, world-class digital experience to its customers and we look forward to seeing them grow and expand in this exciting new lending sector.” He added “What is also unique about the project is the entire engagement was conducted remotely despite the constraints of the COVID-19 crisis. The new ways we are seamlessly connecting with and supporting our clients and partners during this current situation have proven to be a success.”
Qarar is also delivering a comprehensive DecisionSmart training programme which will enable MoneyTap to be fully self-sufficient in managing the configuration of their decisions.