AI-Powered Credit Assessment: WeLend in collaboration with Tamweely Financial Services Joins the FRA Sandbox.

AI-Powered Credit Assessment: WeLend in collaboration with Tamweely Financial Services Joins the FRA Sandbox.

The Financial Regulatory Authority FRA has granted initial approval for WeLend in collaboration with Tamweely to join the FRA Sandbox, introducing an AI-powered credit assessment solution for Small and Medium-Sized Enterprises (SMEs), in collaboration with Tamweely.

The solution leverages AI and alternative data to analyze bank statements, electronic invoices, and business reports, providing a more comprehensive assessment of SMEs’ creditworthiness and repayment capacity. Its customizable weighted scoring methodology enables financial institutions to align assessments with their credit policies and risk appetite, while maintaining human oversight of AI-generated outputs.

The project aims to improve credit assessment accuracy, expand the use of alternative data, reduce processing time and costs, and support more informed lending decisions, ultimately contributing to greater access to financing for SMEs.

Highlighting the significance of the project, H.E. Dr. Islam Abdel Azim Azzam, Chairman of the FRA, emphasized the role of the FRA Sandbox in bridging innovation and practical implementation by providing a flexible and secure regulatory environment for testing technology-driven solutions, particularly those leveraging artificial intelligence to enhance customer experience and improve the quality of financial products and services, while ensuring market stability and consumer protection.

Eng. Ahmed Khalifa, Executive Director of the FRA Sandbox, highlighted the importance of fostering financial innovation and leveraging technology to develop financial solutions that better serve businesses and strengthen financial inclusion.

Mr. Peter Ramzy, Co-founder & CEO, commented: “This initial approval marks a significant milestone, not only in WeLend’s journey but also for the SME lending industry as a whole. It brings the market one step closer to building the infrastructure needed to enable financial institutions to finance SMEs at scale.

The announcement was made in the presence of:
Dr. Rehab Taha— Assistant to the Chairman of the FRA
Mr. Hatem Nour — Deputy Assistant to the Chairman of the FRA
Eng. Ahmed Attia — Deputy Assistant to the Chairman of the FRA
Eng. Ahmed Khalifa — Executive Director of the FRA Sandbox

From WeLend
Mr. Peter Ramzy — Co-founder & CEO
Mr. Youssof Sakr — Co-founder & Chief Credit Officer
Eng. Hossam Nabil— Co-founder & Chief Technology Officer

From Tamweely Financial Services
Mr. Ahmed Khorched Fayek — Chief Executive Officer, Managing Director and Vice Chairman
Mr. Sameh Koraiem — Chief Business Officer (SMEs)
Mr. Mohamed Darwish— Business Development Director
Mr. Amr El gemei — Business Development Manager

Through the FRA Sandbox, this project marks a step toward fostering a more data-driven and inclusive financial ecosystem by enhancing SMEs’ access to financing and supporting their growth.