Padma Bank and Shadhin Fintech signed an MoU on Monday to create a Nano Loan Product for Bangladesh. The signing ceremony was held at Padma Bank's Gulshan Corporate Head office, says the bank in a statement.
The two companies will work together to create a web and App-based platform where Customers can apply for Nano loans online. Borrowers will submit NID & other supporting documents online which will be verified from respective organisations.
Credit scoring and customer analysis will be done through Artificial Intelligence-based models which would help provide very quick decisions on all these applications.
The nano loan product will be launched after regulatory approval of Bangladesh Bank.
The MoU was signed by Zabed Amin, Chief Operating Officer from Padma Bank, and Kashfia Mahmud,CEO, Shadhin Fintech. Other senior officials of both the organisations were also present on the occasion.
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