Cardiff fintech Agam, which provides an AI-based credit scoring service to people without a credit history or those looking to secure small loans, including for SMEs, has launched the first digital Sharia-based microfinance product in Bangladesh.
The startup has entered into a first-of-a-kind partnership with Bangladesh’s inaugural digital-only microfinance provider, SBK Foundation, to give entrepreneurs and gig economy workers access to loans.
The partnership will provide financial access to unbanked and underserved communities, such as garment workers, SMEs and entrepreneurs, who may not have the collateral or credit history for traditional loans. This will allow them to access credit to purchase essential groceries and access medical support.
