Manama: Bahrain FinTech Bay (“BFB”) and the Fintech Consortium (“FTC”) have announced today a partnership with Sigma Ratings (“Sigma”), a U.S. based Fintech startup developing artificial intelligence (“AI”) driven non-credit risk rating services.
Sigma Ratings, first launched at MIT in 2017, provides new insight on non-credit risk vulnerabilities, with a focus on governance and financial crime risk such as money laundering, corruption and terrorist financing. Sigma uses deep domain expertise coupled with advanced algorithms and big data analytics technology to unlock new insights that help global corporates, sovereigns, emerging market companies and investors make better risk decisions. Utilizing both public and private data, Sigma dynamically tracks company-level non-credit risks across multiple jurisdictions.
Maissan Al Maskati, Chairman of Fintech Consortium, said: “AI technology in the realm of risk ratings offers investors something totally new in the form of real time and relevant ratings data which can be used to make more informed investment decisions and allow for the more efficient placement of capital. We are excited to team up with Sigma who are utilizing these advanced technologies to develop a true AI based non-credit ratings product. We believe innovative products such as this will drive more capital to the region by providing investors with better decision-making capabilities when assessing industry, corporate, and sovereign level risk.”
Stuart Jones, CEO and Founder of Sigma, said, “We are delighted to work with Bahrain Fintech Bay and Fintech Consortium to launch our AI non-credit risk ratings platform in the region. Normalizing non-credit risk is critical for building counterparty trust, strengthening business relationships and attracting new investment in an increasingly complex world. We believe our technology is deeply needed and uniquely positioned to transform the capabilities of financial institutions in the GCC and broader Middle East.”