Iran’s private Sina Bank will launch an advanced artificial intelligence-powered neobank called Green Bank, Chief Executive Dr Ali Abdali announced, ANA reported on September 4.
The neobank has been designed based on an artificial intelligence architecture and incorporates all Central Bank of Iran (CBI) regulations, and is set to shake up the local market.
Green Bank is expected to facilitate access to supportive facilities through cooperation with the Alavi Foundation.
According to the press release, facility payments are expected to become operational from early October for eligible applicants in an initial trial.
Abdali told the meeting that the neobank will reduce administrative bureaucracy in supportive facility payments and improve Sina Bank's performance in social banking.
Sina Bank experienced 50% growth in resource mobilisation last year through staff efforts and development programme implementation, with a similar 50% growth expected by year-end to achieve targets set in mobilisation and allocation policies.
The bank achieved fifth place in the CAMELS rating system by the Central Bank, demonstrating its financial strength and stability.
According to Central Bank standards and guidelines, Sina Bank's capital will increase to IRR20,000bn ($19.7mn) from the current IRR5,000bn ($4.9mn).
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