Cairo 27 May 2025:
The Egyptian Credit Bureau, iscore, is pleased to sign an impactful partnership agreement with Modefinance International, a global provider of AI-driven credit rating solutions, to develop and implement a new smart MSMEs Grading System tailored for the Egyptian market.
The agreement was signed on behalf of the Egyptian Credit Bureau, iscore, by Mr. Mohamed Korayem, CEO and Managing Director, and on behalf of Modefinance International by Mr. Cristian Giacomini, CEO of Modefinance International.
The signing ceremony was attended by Eng. Sayonara El Asmar, Deputy CEO and Managing Director of iscore and Mr. Mohamed ElAshmawy, Scoring & Advisory Services Director of iscore alongside:
Mr. Gianfranco Sanseverino, Deputy CEO of Modefinance International
Mr. Mattia Ciprian and Mr. Valentino Pediroda, Co-CEOs of Modefinance
This partnership marks a significant milestone in advancing financial inclusion and supporting the sustainable growth of micro, small, and medium-sized enterprises (MSMEs) in Egypt.
Mohamed Korayem, CEO and Managing Director of iscore, commented: “We are proud to partner with Modefinance International to introduce a smart, AI-powered MSMEs Grading System that will serve as a game-changer for the Egyptian financial sector. This collaboration reflects our commitment to driving financial inclusion and empowering micro, small, and medium-sized enterprises with reliable, data-driven tools that enhance their access to finance. By combining iscore deep local market expertise with Modefinance advanced technology, MSMEs & credit risk rating strong proficiency along with management solutions, we are laying the groundwork for a more transparent, efficient, and inclusive credit ecosystem—one that supports Egypt national vision for sustainable economic growth.”
Cristian Giacomini, Modefinance International CEO, commented: “The partnership with iscore further consolidates Modefinance International’s role in Egypt, the North African region, and the entire GCC area, where we established a solid expertise. The Egyptian market is a particularly strategic business area as it is characterized by a widespread presence of micro, small and medium-sized enterprises. As a result, there is a high focus on the issue of financial inclusion and the need to benefit from advanced credit assessment systems, such as the solutions we have developed. Together with iscore, we aim at contributing to the growth of the country’s industry by facilitating local MSMEs to access credit.”
The core focus of the collaboration is implementing a newly developed MSMEs Grading system, powered by Tigran, Modefinance proprietary credit risk assessment tool. Tigran applies AI-driven models and big data analytics to precisely evaluate the creditworthiness of MSMEs based on their financial performance, management experience, and macroeconomic factors to enhance transparency and efficiency across the lending ecosystem. Leveraging this partnership, iscore will be able to offer more accurate and efficient credit rating services, reinforcing efforts to expand financial inclusion and promote sustainability in the financial sector.
Through this strategic partnership, we foster a sustainable and inclusive financial ecosystem by reinforcing iscore role as a key supporter for credit decision-making for MSMEs…This aligns with Egypt national priorities to strengthen the SME sector, which accounts for 98% of the private sector, employs over 47 million people, and contributes approximately 43% to the national GDP in FY2023–2024. Additionally, the agreement will support the introduction of cutting-edge, data-driven credit rating tools that are flexible and well-suited to local market dynamics, helping expand financing opportunities and enabling better decision-making for financial institutions.
Modefinance is a pioneering fintech rating agency, established in 2009, known for utilizing artificial intelligence and big data analytics to deliver advanced credit risk management solutions. It serves as the parent company of Modefinance International—led by CEO Mr. Cristian Giacomini—which was founded in 2021 to expand the group’s global presence. According to latest 2024 ESMA Market Share report, Modefinance is in the top 10 as market share among CRAs registered in EU.
This collaboration reflects iscore ongoing commitment to advancing its strategy of developing modern and effective credit assessment tools to mitigate risk within the vital MSME sector, which plays a critical role in Egypt economy.
This partnership is a significant step forward in unlocking opportunities for growth, supporting economic development, and enabling smarter credit decisions across the SME landscape.
Modefinance International is the global arm of Modefinance, established in 2021 to expand the company’s fintech solutions beyond Europe. Specializing in credit risk assessment and financial process automation, Modefinance International focuses on serving markets in the GCC Area -Middle East, Africa, and Asia.
By leveraging Modefinance expertise and own technologies -like the MORE® credit scoring, proprietary models and services such as the Tigran Risk Platform- the company provides AI-driven tools to credit bureaus, banks, financial institutions, and enterprises. These solutions enable clients and partners to evaluate over 300 million companies and more than 65,000 banks worldwide, facilitating banks’ informed decision-making and SMEs’ financial inclusion.
