WIAM Group Set to Expand Its Proprietary Neo-Financing Technology Globallyby Fintech News Singapore November 22, 2022
Fintech firm WIAM Group has set out to realise its international expansion plans to bring its proprietary “neo-financing technology” to empower consumers around the globe.
Having raised its own seed funding, WIAM’s founders plan to establish partnerships in other regions such as the Middle East and Latin America following successful ventures in Russia and expansion around the South-East Asia region.
Alexei Eroshenko, Founder of WIAM said,
”Such strategic development is not possible without developing our own proprietary technology.”
Underpinning WIAM’s expansion plan is the demand for lending amongst the unbanked populations in emerging markets.
Nonetheless, lending must be responsible and risk-controlled. As a technology-led group founded by experts in data science and artificial intelligence, WIAM currently employs over 30 developers from diverse backgrounds and nationalities, including aerospace engineers.
WIAM’s service platform is backed by a powerful back-office system known as a “loan conveyer”. It manages each step of the lending cycle, from marketing to client authentication, risk-assessment and scheduling of payments.
In line with this, WIAM has been working since 2019 to establish a peer-to-peer lending platform in Vietnam. The platform aims to automatically match borrowers to lenders according to pre-set parameters.
The company is also exploring cooperation opportunities in the “buy now, pay later” (BNPL) space to further distinguish itself in a highly competitive landscape.
WIAM says that it has achieved a Return on Investment (ROI) of 130% by Q2 2022 with its operating partner VayVND.
Collectively, they have processed over 2 million loan requests since their inception, with customer retention rates of over 88%.
WIAM’s innovative technology at the heart of its growth strategy
Founded in 2016, WIAM is looking to expand its innovative solutions in lending and risk management based on artificial intelligence, storage and processing of big data as well as deep biometrics technologies.
In fact, technological development is firmly at the heart of WIAM’s growth strategy and will remain so, in order to safeguard its customers’ interests as well as those of its operating partners.
WIAM has tapped into automation to reduce the cost of providing its services and increase the speed of transactions, accessibility and security.
Its system assesses customer credit risk, processing large amounts of big data from multiple online sources in seconds, while using artificial intelligence and neural networks to optimise automation.
Another critical area that WIAM is focused on is the use of psychological portraits and behavioral profiling to mitigate the risks of default and fraud, without any human decision-making or the need to meet the customer in person.
WIAM further deploys these technologies in a predictive manner, a step beyond traditional, with backward-looking methods of risk management. WIAM claims to have achieved accuracy rates of up to 92%.
“We aim to create powerful, secure and bespoke products that are innovative, streamlined and robust.”