Plug and Play Backs to Redefine Credit Risk Models in Saudi Arabia

Plug and Play Backs to Redefine Credit Risk Models in Saudi Arabia

By Staff Writer, 30 April 2024

Leading innovation catalyst, Plug and Play, has recently announced a strategic investment in, an emerging company focusing on smart financial technology solutions.

The investment aims to bolster's pioneering use of artificial intelligence-driven data to enhance credit risk models, particularly for non-banking customers and those in the informal sector.

By leveraging alternative data analysis,'s application offers sophisticated risk assessment and facilitates credit scoring, catering to the unique needs of clients in the Middle East, with a specific focus on Saudi Arabia.

Abdullah Alakeel, Regional Director for Plug and Play in Saudi Arabia, highlighted the significance of this partnership in supporting local entrepreneurs to redefine innovation within the kingdom.

He expressed confidence in's potential to make a substantial impact in pioneering financial technologies.

Azizjon Azimi, CEO and Founder of, underscored the transformative potential of the collaboration with Plug and Play.

He emphasized the acceleration of technology enhancement operations and expansion plans across various regions of Saudi Arabia, driven by the partnership.

Azimi also emphasized the pivotal role of artificial intelligence in revolutionizing loan processes, citing global experiences that validate the effectiveness of such approaches.

He credited Plug & Play's support through initiatives like the MISK accelerator for facilitating's swift entry into the Saudi Arabian market, marking a significant milestone in the company's growth trajectory.

Source: EntArabi

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