Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won the ‘Best Digital Lending and Collections Implementation Award for the Most Impactful Project’ at the 4^th edition of the IBS Intelligence (IBSi) Global FinTech Innovation Awards 2022. The award recognizes the outstanding implementation of Azentio’s Kastle Universal Lending - Islamic solution at FinZey Finance, a leading provider of Sharia-compliant financing solutions in the Kingdom of Saudi Arabia (KSA).

Nikhil Gokhale, Head of Research at IBS Intelligence, said, “Azentio’s Kastle Digital provided FinZey Finance with a single solution for both web portal and mobile channels, thus providing a common UI, user experience, and multilingual support. Moreover, it solved the company’s requirements for a digital solution for customer onboarding, end-to-end loan processing and customer service with online payment options. Congratulations to Azentio for their well-deserved win in the category ‘Best Digital Lending and Collections Implementation: Most Impactful Project’.”

The IBSi Global FinTech Innovation Awards identify and honour technology players, banks and financial institutions for their excellence in driving impact through technology implementations and innovations using emerging technologies. The current edition of the awards program saw 151 nominations from 47 countries.

Azentio’s implementation made the cut at the IBSi awards primarily for an outcome-driven deployment, helping FinZey Finance centralize operations, automate core processes, integrate multiple service providers (including the payment gateway); in addition to accelerating speed-to-market, enhancing process efficiencies and delivering superior customer experiences.

Primarily, a technology solution for retail Tawarruq financing, Azentio’s FinZey Finance project also covered a range of other value additions, such as interfaces with Saudi National Digital Identity (Nafath), SIMAH enquiry & data reporting, the Nafith platform, Emdha digital signature, and Tahaqiq mobile verification. The project also included Azentio’s Amlock financial crime detection and management solution, and internet and mobile platforms for customer onboarding, among others.

Tony Kinnear, Chief Executive Officer of Azentio, commented, “It is an honour for Azentio to win the ‘Best Digital Lending and Collections Implementation Award for the Most Impactful Project’ from a globally reputed organization like IBS Intelligence. This award is a testament to our focus on ensuring that our full suite of Islamic banking solutions enhance our clients’ processes and productivity, while guaranteeing product and service innovation in Islamic finance with AAOIFI-certified products.”

It is worthy to note here that Azentio Software had achieved high rankings across multiple categories in the IBSi Sales League Table (SLT) Report 2022, securing the topmost positions at the IBSi SLT Industry Leader Special Awards in two categories, namely, Credit Scoring and Domestic Leader | ASEAN.