HonestAI, a financial AI transformation company, is seeking its first overseas market expansion since its founding. HonestAI said on Tuesday it has signed a memorandum of understanding with Mongolian financial IT company Nubisoft to supply AI-based credit solutions in Mongolia's financial market.

This is also the first time HonestAI has signed an MOU with an overseas company. HonestAI said Nubisoft is a financial IT solutions company that has led Mongolia's local financial and payment infrastructure market since it was founded in 2019.

It counts major local banks such as Golomt Bank and Khan Bank, as well as the largest telecoms company Mobicom, among its clients. Through its fintech subsidiary BONUM, it also serves as an official payment service provider for Apple Pay and Google Pay.

The agreement was arranged to export HonestAI's financial AI technology to overseas markets in the form of software licensing and to validate its business model in emerging-market financial sectors through local partnerships.

HonestAI will provide Nubisoft with core technology for its internally developed loan-focused AI solution, LendingIntelligence. Nubisoft will conduct proof-of-concept work for deployment at Mongolian financial institutions, and the two companies will jointly pursue market entry.

HonestAI CEO Sang-hoon Seo (서상훈) said, "This agreement is the result of HonestAI's financial AI solutions and technology being recognised for their technical competitiveness on the global stage beyond the domestic market." He added, "By combining Nubisoft's local financial IT network with our AI technology, we will present a risk management model optimised for Mongolia's financial sector and steadily strengthen our global sales pipeline."