# Prime Bank and AGAM spark lending revolution for individuals and business Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-12-09 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Revolutionising Lending with Award-Winning AI Platform Meta Description: Prime Bank and AGAM launch first-of-a-kind credit platform in Bangladesh, powered by AI, revolutionising lending to individuals and businesses. URL: https://financedigest.com/prime-bank-and-agam-spark-lending-revolution-for-individuals-and-businesshtml - **Launch of commercial roll out of its award-winning AI platform** - **Millions set to get access to “first-of-a-kind” credit** A digital platform which is [set to revolutionise lending to both individuals and businesses](https://www.financedigest.com/finalised-pan-european-data-protection-laws-set-the-new-standard-for-a-privacy-friendly-business-environment.html "Finalised Pan-European data protection laws set the new standard for a ‘privacy-friendly’ business environment") is being launched by Prime Bank, a leading private commercial bank in Bangladesh with the system powered by AGAM, a next generation UK Fintech. The commercial roll out follows a successful pilot of the digital nano loans service platform – called PrimeAgrim, which was facilitated by the Bank, Swisscontact and UK headquartered AGAM, with the aim to provide smarter access to finance through [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "Types of artificial intelligence"). Approved by the Bangladesh Bank, the central bank of Bangladesh, PrimeAgrim won the Bangladesh Innovation Award in the Finance Category in March 2022 and the prestigious global EFMA-Accenture [Banking Innovation Award 2021 under the Analytics & Artificial Intelligence](https://www.financedigest.com/artificial-intelligence-in-banking-magazine.html "Artificial Intelligence in Banking Magazine") Category. The Regulator, in support of the roll-out, has [developed new rules](https://www.financedigest.com/crypto-firms-will-develop-offshore-without-clear-us-rules-coinbase-chief-says.html "Crypto firms will develop ‘offshore’ without clear US rules, Coinbase chief says") to enable this type of product innovation. AGAM, which means ‘advance’ in Bangla, has a mission to enhance both lives and livelihoods. Its platform provides a smart access to digital finance, empowering individuals and [businesses without a credit score](https://www.financedigest.com/5-ways-to-grow-your-business-despite-a-bad-credit-score.html "5 Ways to Grow Your Business despite a Bad Credit Score"), with the prospect of demonstrating their credit worthiness via a novel dynamic credit scoring system. This system is based on AGAM’s ‘LARC’ AI algorithm (Literacy, Access, Resilience, Confidence – AGAM’s scoring technology) allowing a decision to be made on a [customers’ credit](https://www.financedigest.com/credit-chameleons-lenders-must-tune-in-to-changing-customer-attitudes.html "Credit Chameleons – Lenders must tune in to changing customer attitudes") worthiness based on behavioural analysis and AI. The platform also allows borrowers to improve their [credit score](https://www.financedigest.com/1-in-5-uk-adults-have-no-idea-what-a-credit-score-is.html "1 in 5 UK adults have no idea what a credit score is") through financial education modules. The AGAM AI driven platform, which is integrated into Prime [Bank’s infrastructure, meaning lending decisions for the bank’s customers](https://www.financedigest.com/how-will-open-banking-impact-the-customer-experience.html "How will Open Banking impact the customer experience?") can be taken in under five minutes. AGAM recently secured international [backing from the Development Bank](https://www.financedigest.com/banking-turmoil-means-recession-fears-are-creeping-back.html "Banking turmoil means recession fears are creeping back") of Wales in an oversubscribed investment round. Passionate about innovation in [fintech services](https://www.financedigest.com/britain-seeks-to-boost-banking-services-from-fintechs.html "Britain seeks to boost banking services from fintechs") and education to improve lives, founder and CEO, Shabnam Wazed, of Bangladeshi descent, set up AGAM in 2019 in the UK. With the support of senior entrepreneurs, [tech and banking](https://www.financedigest.com/how-can-banks-overcome-the-tech-trust-gap.html "How can banks overcome the tech trust gap?") experts, Wazed aims to make a difference for the people in Bangladesh and then to roll out the repeatable model to other countries. Speaking about Prime Bank-AGAM collaboration, Shabnam Wazed, said: “The pilot with Prime [Bank has delivered a first-of-a-kind credit](https://www.financedigest.com/explainer-what-are-credit-default-swaps-and-why-are-they-causing-trouble-for-europes-banks.html "Explainer-What are credit default swaps and why are they causing trouble for Europe’s banks?") with very high levels of adoption, customer satisfaction and repayment rates. I founded AGAM to revolutionise lending and empower lives – to create credit histories to provide better [futures for Bangladesh and beyond](https://www.financedigest.com/beyond-the-hype-metaverse-and-the-future-of-financial-services.html "Beyond the hype – metaverse and the future of financial services "). I am very proud to be [bringing the expertise I have learnt studying digital inclusion at Kings College in London back](https://www.financedigest.com/trump-charges-bring-new-york-zombie-case-back-to-life.html "Trump charges bring New York ‘zombie case’ back to life") to Bangladesh.” Prime Bank Deputy [Managing Director and Chief Business](https://www.financedigest.com/four-reasons-whycloud-based-inventory-management-is-important-for-your-ecommerce-business.html "Four reasons whycloud-based inventory management is important for your ecommerce business") Officer, Consumer Banking ANM Mahfuz said: “We are excited to grow our partnership with AGAM. As a pioneer of digital innovation, we have the mission to continuously deploy game-changing [solutions to ensure](https://www.financedigest.com/vias-cloud-based-solutions-ensure-painless-office-move-for-insurance-body.html "VIA’S CLOUD-BASED SOLUTIONS ENSURE PAINLESS OFFICE MOVE FOR INSURANCE BODY") better services to our customers. As we move to full commercial roll-out, this will [enable](https://www.financedigest.com/dash-blockcypher-combine-forces-to-drive-cryptocurrency-adoption-partnership-enables-faster-and-more-cost-effective-enterprise-integration.html "Dash &BlockCypher Combine Forces to Drive Cryptocurrency Adoption Partnership Enables Faster and More Cost Effective Enterprise Integration") us to move further and faster.” Currently operating in Bangladesh with plans to expand into India, AGAM was supported by international NGO Swiss Contact in 2021 to launch this first pilot with Prime Bank, with the objective of [creating a digital lending platform powered by Prime Bank’s products](https://www.financedigest.com/4-tips-for-creating-a-calm-workspace-to-boost-productivity.html "4 tips for creating a calm workspace to boost productivity") and AGAM’s digital platform. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---