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Commercial Bank International leads investment round in generative AI FinTech zypl.ai
Commercial Bank International (CBI), the Dubai-based corporate and retail bank, has announced its investment in zypl.ai, a FinTech startup pioneering the application of generative AI in lending.
The investment includes a post-seed bridge round investment into zypl.ai, alongside a group of global investors, ahead of the company’s planned Series A raise, which is due to take place later in 2024.
zypl.ai’s flagship software – zypl.score – enables financial institutions to optimise credit decision models across retail and SME portfolios through the generation of synthetic data. Over 35 banks across 12 markets in Eurasia have deployed zypl.ai’s proprietary AI-as-a-service software, underwriting >$100 million of credit portfolio at minimal default rates.
To power its credit decisions, zypl.ai has built proprietary generative adversarial networks (GAN) on a cumulative dataset of over 54 million traditional and alternative data points. This unique approach provides financial institutions with macro-resilient decisioning on dynamically trained AI models that factor in changing macroeconomic cycles.
When deploying zypl.ai, enterprise clients can fully customise zypl.score to their risk appetite with the goal of reflecting competitive market advantages. Through on-premises deployment, zypl.ai ensures full data privacy and confidentiality. Thanks to its interpretability features with embedded ‘weight-of-evidence’ for each credit decision, zypl.score is fully compliant with emerging regulatory conditions that require explainability of ‘black-box’ credit models.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said “Our partnership with zypl.ai, an innovative AI platform, signifies a strategic entry into using AI implementation for advanced credit scoring. By harnessing zypl.ai’s synthetic data AI powered algorithms, we’re confident we can further enhance our operational efficiencies to ensure a swift and seamless lending experience. Our work and investment with zypl,ai aligns well with our commitment to supporting innovation in the UAE and with our strategic ambition to partner with only the most innovative partners in the financial technology space. We look forward to supporting zypl.ai’s growth both regionally and internationally.”
Source: ibsintelligence.com
The post Commercial Bank International leads investment round in generative AI FinTech zypl.ai appeared first on HIPTHER Alerts.
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Azim Premji’s family office bets on Artificial Intelligence ventures for $10 billion Premji Invest fund, says report
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MERRILL LYNCH B.V. FILES ANNUAL FINANCIAL REPORT
AMSTERDAM, April 29, 2024 /PRNewswire/ — Merrill Lynch B.V. today informs its security holders that its Annual Financial Report for the year ended December 31, 2023, together with the audit report, has been filed with the Netherlands Authority for the Financial Markets (the “AFM”), the competent authority of the Netherlands, Merrill Lynch B.V.’s home Member State.
Merrill Lynch B.V. makes available free of charge on its website its Annual and Half-Yearly Financial Reports filed with the AFM as soon as reasonably practicable after Merrill Lynch B.V. electronically files these documents with the AFM. These documents are posted on Bank of America Corporation’s website at http://investor.bankofamerica.com/financial-information/subsidiary-and-country-disclosures#fbid=C0rA-iMt6oC under “Subsidiary and Country Disclosures / Subsidiary Information”.
The AFM maintains a website that contains reports and other information that issuers are required to file with it. These materials may be obtained electronically by accessing the AFM’s page at https://www.afm.nl/nl-nl/sector/registers/meldingenregisters.
Copies of the above referenced information will also be made available, free of charge, by calling +31-20-5925-606 or upon written request to:
Merrill Lynch B.V.
Amstelplein 1, Rembrandt Tower, 27 Floor
1096 HA Amsterdam
The Netherlands
View original content:https://www.prnewswire.co.uk/news-releases/merrill-lynch-bv-files-annual-financial-report-302130637.html
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