of providing financing to an applicant, even in the absence of a traditional credit history. It will allow a financial institution to finance with confidence to aspiring entrepreneurs who might otherwise be sidelined from the financial system, particularly those in the Micro,
Small & Medium Enterprises (MSME) sector.
Bank Islam’s Chief Executive Officer (“CEO”), Mohd Muazzam Mohamed said, “This partnership between Bank Islam and Global Psytech is aimed at addressing the credit gap for MSMEs. It further improves the existing underwriting and credit-scoring models, as well as capitalising on the advancement of digital technologies in finance. GFI will contribute to bridging the financing gap that affects MSMEs and further catalyse MSMEs contribution to Malaysia’s economy. GFI has the potential to promote more equitable economic growth, financial inclusion and increased participation of young business owners. This partnership will also make Bank Islam a leader in utilising advanced risk- assessment technologies that will benefit MSMEs.”
Meanwhile, the CEO of Global Psytech, Dr Haniza Yon, said, “Global Psytech has leveraged its extensive experience in developing digital assessment solutions by offering a technologically advanced credit risk assessment system that can benefit financiers as well as MSMEs. This method will allow financiers to provide appropriately-priced credit efficiently and securely to foster the growth of the entrepreneurship ecosystem in Malaysia.”