Verofax Wins Bahrain Islamic Bank Innovation Challenge Using Unified Lending Management Solution by TurnKey Lender


TurnKey Lender is happy to announce that Verofax in partnership with TurnKey Lender, has won the Innovation Challenge Award, held by Bahrain Islamic Bank.  Bahrain Islamic Bank is a leader in the Islamic banking sector through adopting innovative Islamic investment and financing products, supported by superior retail and corporate banking services.

The Innovation Challenge was run as part of the Bank’s partnership with the CBB Digital Lab “FinHub 973”. Verofax proposed a unique approach and emerged as the Fintech winner with the potential to build the solution sought by the Bank.

Verofax used TurnKey Lender ULM as the competing technology and assistance from the TurnKey Lender team as part of the partnership between the companies

Verofax, a globally recognized and enterprise-ready fintech, was selected after rigorous screening to ensure a solution with the requisite level of innovation, usability and security to maintain the confidentiality and security of customers’ financial data.

The judges were looking for innovative and tested solutions to enable better decision making through the automation of data extraction and analysis. The tools had to use innovative AI and machine learning to extract valuable information that offers efficiency, maximizes accuracy, and gives a clear vision while providing thorough reports and predictions.

TurnKey Lender’s Decision Engine used to meet the advanced scoring requirements in the challenge offers unmatched borrower evaluation accuracy, adjustment flexibility, seamless integrations, and business processes tailored to any operation’s needs.

The DMS uses comprehensive credit decision flows based on TurnKey Lender’s proprietary AI-powered decisioning algorithms and alternative scoring data. This allows the business owner to streamline and fully automate their credit processing and achieve almost instant lending decisions, no matter the credit product.

Panel judge Wesam Baqer, Chief Corporate & Institutional Banking of BisB reiterated support of the winning FinTech 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.”

Chief Executive Officer of BisB, Hassan Jarrar said, “The BisB Innovation Challenge and tech-focused Fintech Competitions of this nature are imperative for innovation in this day and age, 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-life issues, and encourage cross-industry collaboration, in order to offer a transformed customer experience.”

Dmitry Voronenko, CEO, and Co-Founder of TurnKey Lender congratulated Verofax, “We are 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 the judges for the solution we have delivered with our partner Verofax. It was a joint win and we look forward to continued and extended collaboration on new lending automation, credit scoring, and decisioning projects.”

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