Karachi 27 OCT – JS Bank Limited & CreditFix Ltd have signed a Memorandum of Understanding to form a Digital Consumer Lending Partnership. Under the agreement, CreditFix will provide JS Bank credit scores of consumers and leads hence enabling faster and more efficient lending with less risk. The MoU signing ceremony was held at the AWT Plaza, Karachi and it was attended by the senior management from both Creditfix and JS Bank.
JS Bank & CreditFix intend to ensure innovation to maximize consumer’s banking experience. Through this agreement, users will be able to relish the perks of credit scoring and it would also help lenders to make more accurate credit decisions. Furthermore, this partnership would also save time for consumers as Creditfix uses social media and on-device data to provide consumer credit scoring which is much quicker and allow easier access to consumers.
Commenting on the occasion, Group Head Consumer Banking & Specialized Products JS Bank, Raja Abdullah said, “We believe this partnership is going to revolutionize credit scoring mechanism in Pakistan allowing us to widen our consumer credit products to a much larger population” Owais Zaidi, CEO Credit Fix commented that “We are very excited about the opportunity to make lending faster, easier and accessible to the masses in Pakistan while driving down the cost of acquisition and processing for our partner banks”.
CreditFix’ mission is to bring access to credit at fair terms to over 50mn Pakistanis left out by the formal lending institutions. It uses an AI based credit scoring model that uses behavioral data and financial indicators to risk assess borrowers. For more information, visit www.creditfix.pk
JS Bank is considered amongst the fastest growing banks within Pakistan’s banking landscape with 323 branches in 161 cities and one international branch. JS Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups. For more information, visit http://www.jsbl.com