Emirati bank CBI invests in Tajik fintech zypl.ai


Commercial Bank International (CBI), an innovative bank based in Dubai, has announced an investment in fintech startup zypl.ai, which applies AI algorithms in lending.

CBI's major shareholder is Qatar National Bank (QNB), the largest bank in the Middle East region with assets of $326 billion. Commercial Bank International's loan portfolio in the UAE market is $3.3 billion.

CBI began working with Tajik startup zypl.ai in the summer of 2023 to test 'zypl.score' software for automated retail loan disbursement. Using synthetic data and generative artificial intelligence (AI) models, zypl.ai enables financial institutions to implement adaptive scoring that includes analysis of macroeconomic indicators.

The results of the pilot were impressive: with minimal loan application data with no credit history information, zypl.ai's AI algorithms were able to reduce CBI's historical level of non-performing loans by two-thirds, while retaining 90% of non-defaulting customers.

And in the fall of 2023, the CBI began commercial implementation of 'zypl.score' with enhanced functionality including textual interpretations of credit decisions based on large language models (LLMs).

The bank has now moved to fully implement 'zypl.score' in its retail lending by signing a contract for licensed use of the software with zypl.ai.

CBI was the lead investor in zypl.ai's latest round. With this round, zypl.ai raised $1.2 million in capital at a $25 million valuation from a group of investors from the UAE, the US, Luxembourg and Kazakhstan.

As part of its investment in zypl.ai, CBI will get a seat on the company's Board of Directors to support the next phase of global growth.

Commenting on the investment in, zypl.ai, CBI Chairman Ali Sultan Rakkad Al Amri said:

Our partnership with zypl.ai, an innovative artificial intelligence platform, is a strategic step in utilizing AI for advanced credit scoring. By utilizing artificial intelligence algorithms based on synthetic data from zypl.ai, we are confident that we will be able to provide faster and improved

Previously, zypl.ai raised $2 million in previous funding rounds from Tumar Venture Fund (a joint fund of the World Bank and the Government of Kazakhstan), European fund Presto Ventures, US fund Battery Road Digital Holdings, leading regional banks including Jordan Ahli Bank (Jordan) and Alokabank (Uzbekistan), as well as a group of angel investors from the Middle East and Central Asia.

Read more about zypl.ai

This startup was founded in 2021 by Azizjon Azimi, a graduate of Stanford University and Harvard University.

Currently, zypl.ai is based at the AI & Web3 campus of the Dubai International Financial Center (DIFC) and has offices in Tajikistan and Uzbekistan with a total of 50 employees. The startup initially developed its AI solutions in the Tajikistan market, where to this day zypl.ai cooperates with a number of leading financial institutions in the country.

Over 35 banks in 12 Eurasian markets have implemented the 'zypl.score' software, originating over $130 million of loan portfolio with default rates of less than 1%.

What makes 'zypl.score' unique is the proprietary development of generative-adversarial networks (GANs) based on over 54 million traditional and alternative data.

By implementing 'zypl.score', financial institutions can autonomously customize their level of risk appetite to reflect a competitive advantage in the market. When installed locally (i.e. within the bank's systems), zypl.ai guarantees complete confidentiality and data protection. By providing detailed analytics on each credit decision, 'zypl.score' is fully compliant with regulatory requirements.

О Commercial Bank International (CBI)

CBI is a UAE-based corporate and retail bank with a growing Islamic banking business. The bank was incorporated in 1991 in the Emirate of Ras Al Khaimah and is headquartered in Dubai. CBI's shares are listed on the Abu Dhabi Securities Exchange (ADX).

The bank's major shareholders are Qatar National Bank and the royal family of the Emirate of Ras Al Khaimah. CBI has pioneered partnerships with fintech startups in the UAE market through the Banking-as-a-service' (BaaS) model. The bank has assets of more than $5 billion.