Only Indian startup to be featured among the finalists for 2021 edition
NEW DELHI, May 27, 2021 /PRNewswire/ — Yabx, a fintech venture in digital lending, today announced that it is the only Indian startup that has been shortlisted by GSMA for the GLOMO 4YFN (4 Years From Now) Impact Awards 2021.
The 4YFN Impact Awards is the GLOMOs category aimed to find the best digital startups around the globe that are making sustainable impact in the world, leveraging disruptive technologies to achieve the 17 Sustainable Development Goals.
Yabx was incubated by Comviva Technologies, the global leader in mobile financial services and one of the largest mobile wallet technology providers in the world. Yabx’s vision is to simplify financial access to the over two billion unbanked populations in the emerging markets of Africa, Asia, and Latin America. It leverages technology and analytics to reduce the cost of delivering financial services, thereby bringing banking services to the underserved. Its digital loan products range from $15 to $5000 and can be used by individuals and small businesses for payment of utility bills, school fees, smartphone finance, working capital need, etc.
Speaking on the nomination, Rajat Dayal, Founder & Chief Executive Officer at Yabx said, “Our nomination for GLOMO 4YFN Impact Awards 2021 is a testimonial of impact we have made. We have executed the credit score of over 150 million creditworthy, yet, underserved borrowers across 15 countries. We process in excess of 100 billion data records in a month across our partner networks.”
“Yabx has created new credit risk models, based on artificial intelligence and machine learning. Over the years, Yabx has built up a fairly extensive global footprint, spanning Asia, Africa and South America. We are enabling banks and microfinance institutions (MFIs) to create a profitable, unsecured portfolio in markets where credit bureau coverage is limited. Our focus is on innovating new products to ensure end-to-end management of the workflow pertaining to small ticket loans,” further added Rajat.
Yabx works with alternate data sources (Telecom, MFS, Merchant networks, PoS, etc.) to create behavior models which have accuracy similar to the output of the Credit Reference Bureaus. This helps banks under-write a new to credit population which did not have access to credit as a result of the traditional policies of banks.
Please contact:Sundeep Mehtapr@comviva.com