Verofax is the Winner of Bahrain Islamic Bank's 'BisB Innovation Challenge'
BAHRAIN, Jan 25, 2021 - (ACN Newswire) - Bahrain Islamic Bank (BisB), a leading Bank in the Arab Gulf region, has announced Verofax as winner of the 'BisB Innovation Challenge', a Fintech Competition run as part of the Bank's partnership with 'FinHub 973: CBB (Central Bank of Bahrain) Digital Lab', the Kingdom's open application programming interface (API) innovation platform. Verofax, a mature and enterprise-ready service provider, was selected after rigorous screening to ensure a solution with the requisite level of feasibility and security to maintain the confidentiality and security of customers' financial data.
Verofax, founded by Wassim Merheby, and technology partner Turnkey Lender proposed a unique approach in emerging as the Fintech with potential to build the most promising Proof of Concept (PoC) for the sought solution. Verofax offered a PoC for a Credit Scoring solution, incorporating alternative and unstructured datasets, to improve the Banks speed and breadth of its financial services to existing and new clients.
The Credit Scoring solution will constitute a platform that uses adaptive machine learning and sophisticated AI (Artificial Intelligence) to empower the Bank's financial advisory unit with advanced data insights to enable them to provide a more personalized banking experience for their clients, especially in the wake of a pandemic that is evolving the banking landscape.
14 challengers from around the globe participated in the BisB Innovation Challenge, which was powered as the FinHub 973: CBB Digital Lab by Fintech Galaxy. The appointed judging panel comprised of Osama Nasr, Chief Information Officer of BisB; Wesam Baqer, Chief Corporate & Institutional Banking of BisB; and Yasmeen Al Sharaf, Head of Fintech and Innovation Unit at the Central Bank of Bahrain (CBB).
Panel judge Wesam Baqer, Chief Corporate & Institutional Banking of BisB reiterated support for Verofax as the winner, stating, "We are confident that the Credit Scoring solution will bring a level of innovation to the banking industry that is both convenient and safe. The sought solution will ultimately simplify money matters for our customers' securely, and it will streamline internal operations while providing them with data-backed intelligence, allowing us to deliver an exceptional level of service, which was ultimately the determining criteria in our selection of the winning participant, Verofax."
Chief Executive Officer of BisB, Hassan Jarrar, said, "The BisB Innovation Challenge and tech-focused Fintech Competitions of this nature are imperative for innovation, especially considering the upcoming challenges facing the financial industry, both in the wake of COVID-19 and in order to effectively bridge the existent gap we have in the market when it comes to innovative Fintech solutions. We want to create better synergies between FinTechs and Banks, and harness the power of technology and AI to solve real issues, and encourage cross-industry collaboration, in order to offer a transformed customer experience."
Wassim Merheby, CEO of Verofax Limited, added, "AI-based credit scoring solutions are innovative services that draw intelligence from non-linear relationships across a plethora of unstructured and alternative datasets. The service powers banks with unmatched visibility and speed while helping reduce the probability of default and increase financial inclusion. We partnered with Turnkey Lender to provide BisB with exclusive solutions to secure its financial services with simplicity."
Dmitry Voronenko, CEO and co-founder of TurnKey Lender congratulated Verofax, "We're extremely excited about helping larger audiences in the Middle East extend fully digital affordable credit to their clients locally and worldwide. We are happy and delighted to be selected by our partner Verofax. We look forward to continued and extended collaboration on new lending automation, credit scoring, and decisioning projects."
For details, please visit BisB at www.bisb.com or email callcentre@bisb.com. For technical matters, visit Verofax at www.verofax.com or contact info@verofax.com
About BisB
Bahrain Islamic Bank (BisB) was established in 1979, the first Islamic commercial bank in the Kingdom of Bahrain. The Bank has maintained its leading position in the Islamic banking sector through adopting innovative Islamic investment and financing products, supported by superior retail and corporate banking services. The Bank is listed on the Bahrain Stock Exchange and operates under the supervision of the Central Bank of Bahrain (CBB). Please visit www.bisb.com.
About Verofax
Verofax Limited is an automation, optimization and validation solutions provider for enterprises and financial institutions with a presence in Asia, the Middle East and Africa. The Verofax platform allows enterprises to share operational datasets with Banks to boost their credit scoring. Please visit www.verofax.com.
About TurnKey Lender
TurnKey Lender is an Award-winning AI-based Loan Origination and Management Software firm for Banks and Non-bank Lenders with offices and operations across 50 countries. Turnkey lender's Unified Lending Management platform delivers innovative and automated credit scoring solutions to minimize risk, increase efficiency and make lending easier for banks. See www.turnkey-lender.com.
About FinHub973
FinHub 973: CBB (Central Bank of Bahrain) Digital Lab, is the region's first cross-border, digital innovation platform that connects and facilitates collaboration between financial institutions and Fintechs. Powered by Fintech Galaxy, FinHub 973 enables Fintechs to connect seamlessly with Bahrain's financial institutions and to explore, test and prototype on a centralised digital sandbox. Visit www.finhub973.com and www.fintech-galaxy.com.
Source: Bahrain Islamic Bank (BisB) Sectors: Daily Finance, Blockchain Technology, Banking & Insurance, Local Biz
Copyright ©2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
 Fujitsu and ARYA develop high-precision AI solution for instant detection of suspicious behavior Oct 08, 2025 14:39 JST
|  Toda, JTB and Fujitsu kick off NFT-powered digital transformation project to boost international tourism to Japan Oct 08, 2025 13:39 JST
|  Fujitsu and Sony Bank partner to integrate generative AI into core banking system design and development Oct 08, 2025 13:02 JST
|  Eisai and Biogen Announce U.S. Availability of LEQEMBI(R) IQLIK(TM) (lecanemab-irmb) Subcutaneous Injection Maintenance Dose for Treatment of Early Alzheimer's Disease Oct 08, 2025 12:03 JST
|  Sharp's 5G NTN-Compatible LEO Satellite Communication User Terminal Wins the Minister for Internal Affairs and Communications Award at CEATEC AWARD 2025 Oct 08, 2025 11:28 JST
|  Anime Tokyo Station Celebrates Its 2nd Anniversary Oct 07, 2025 11:30 JST
|  Olympus Launches SecureFlex, a Single-use Fine Needle Biopsy Device Oct 06, 2025 15:00 JST
|  NEC Security to Provide Cybersecurity Services for GREENxEXPO 2027 (International Horticultural Expo 2027,Yokohama, Japan) Oct 03, 2025 23:01 JST
|  Honda Announces New Investment in Motorcycle Plant in Brazil
Oct 03, 2025 22:36 JST
|  Mitsubishi Heavy Industries Thermal Systems Has Launched "ETI-W" Oct 03, 2025 22:15 JST
|  Fujitsu expands strategic collaboration with NVIDIA to deliver full-stack AI infrastructure Oct 03, 2025 21:24 JST
|  MHI Starts a Study on Optimizing the Decarbonization Value Chain Using Green Hydrogen and Ammonia Exported from India Oct 03, 2025 18:34 JST
|  Eisai Highlights Breadth of Oncology Research at ESMO 2025 Oct 03, 2025 18:01 JST
|  Mazda Ranked Highest in J.D. Power 2025 Japan Sales Satisfaction Index Study for Second Consecutive Year in Mass Market Domestic Brands Segment Oct 03, 2025 17:38 JST
|  MHI and QST Complete the First Outer Vertical Target of the Divertor for the ITER Project in Southern France Oct 03, 2025 16:57 JST
|  MHI Signs Memorandum of Agreement with University of the Philippines to Consider Decarbonization Strategies in the Philippines Oct 03, 2025 16:30 JST
|  JCB launches strategic guide for European merchants looking to tap into Asian travellers' spending power Oct 02, 2025 12:00 JST
|  Fujitsu showcases AI technologies for human augmentation at CEATEC 2025 Oct 01, 2025 23:09 JST
|  DOCOMO and PaMeLa Develop World's First Technology to Share Pain Perception Tailored to Individual Sensitivity Oct 01, 2025 22:18 JST
|  Strategic Partnership and Investment with Eagers Automotive Ltd., Including Investment in Unique Independent Used Car Business Across Australia and New Zealand Oct 01, 2025 21:26 JST
|
More Latest Release >>
|