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Tag: robocash

  • Robocash Group reached the milestone of $ 500 million issued loans

    Robocash Group reached the milestone of $ 500 million issued loans

    Showing a 92% increase year-over-year in the volume of the issued loans in the first nine months in 2019, the company has targeted to hit $ 294 million by the end of the year. Meanwhile, the number of issued loans exceeded 6.5 million. With a preserved strong retention of customers, 75% of that amount has been obtained by repeated clients.
    In Q3 2019, mature companies of the group maintained their predominance in the overall loan portfolio. Thus, Russia had 63% of all loans issued, Kazakhstan – 15% and Spain – 4%. At the same time, the Asian markets that have been in focus for the group since 2017 grew their share from 16% in Q2 2019 up to 19%. Among the latter, the Philippines was leading with 15%.
    With the accelerated expansion, the number of customers of the group increased to 7.9 million. Following the huge demand for access to finance in the emerging markets, the highest dynamic was recorded in Asian countries. With a preserved upward trend in Q3 2019 in the Philippines (+16% QoQ), there was a significant increase in the number of served clients in Vietnam (+98%), Indonesia (+172%) and India (+333%).
    Commenting on the results, Sergey Sedov, Founder and Chief Executive Officer of Robocash Group noted, “Financial technologies are developing at a tremendous speed in Asia. Our case proves the need for relevant services. Take the recent estimate of Google & Temasek on digital lending in Southeast Asia: the loan book that is expected to grow from $23 billion in 2019 to $110 billion by 2025. These figures are not the limit. The growing use of digital solutions helps to narrow the gap in financial inclusion and benefits people in Asia already today. As a company, we are proud to be a part of that process and aspire to provide the fastest and most convenient access to finance no matter the country and any peculiarities.”
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  • Reliance Finance and Robocash Group launch a sharia compliant fintech service in Indonesia

    Reliance Finance and Robocash Group launch a sharia compliant fintech service in Indonesia

     Robocash Group announced the launch of sharia compliant service Penyaluran Dana Syariah (PDS), which is a sharia compliant funding facility. The service has been developed from the ground up in partnership with the financing company Reliance Finance and close consultation with Sharia Supervisory Board (Dewan Pengawas Syariah). Operated by the legal entity PT Usaha Pembiayaan Reliance Indonesia (REFI), the product falls under the supervision of the Financial Services Authority (OJK) and the Sharia National Board in Indonesia. The launched service PDS will provide access to fintech products for the millions of Indonesians following Shariah principles, or the Islamic shariah law. The fundamentals include sharing of risk, profits and loss and prohibition of interest (riba).

    According to the Islamic Finance Development Report, in 2023, the global Islamic finance industry is projected to grow to USD 3.8 trillion in assets from USD 2.4 trillion in 2017. However, considering that Indonesia has the largest Muslim population in the world, the country is only on the 6th place in the Islamic Finance Country Index 2018.

    Speaking about the start of the service PDS, Denny Karim, Reliance Group Marketing Director said, “When we looked at the personal financing market in Indonesia, we saw many attractive products, but a very low degree of Syariah adoption. We decided to make it our goal to ensure financial inclusion for this exciting technology to our millions of customers who follow Sharia principles. However, with powerful technology comes responsibility. We believe that all financial services are a partnership, which should benefit all parties. We are committed to offering a range of financial services and – where appropriate – financial education, to help our customers make the best possible financial decisions.”

    In the announcement of the expansion to Indonesia, Sergey Sedov, Chief Executive Officer of Robocash Group added, “We are very positive about the future of the Indonesian fintech market. The overall digital adoption and initiatives supporting the industry will definitely allow the country to see an exponential growth of the market volumes and attract more investments. However, the focus should always stay on customers and their needs. Strengthened by the local expertise of Reliance Finance, we have customized technologies of Robocash Group for the market so that they provide the best user experience.”

    The service PDS has combined technology-enabled application process, which requires adding only an identity card (KTP) and a selfie, with artificial intelligence applied in scoring and fraud detection filters to offer an advance up to USD 715 (IDR 10,000,000) in a few minutes. The advance can be paid directly to a bank account or e-wallet, or withdrawn as cash in one of the participating outlets.

    PDS is fully supported by Reliance Capital Management (RCM) as a holding company, which covers several financial services companies including PT Usaha Pembiayaan Reliance Indonesia (Reliance Finance). In 2014, PT Reliance Capital Management has received investment from Leapfrog Investment, a global investor company that has invested heavily in companies in Asia and Africa.

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  • Fintech helps the informally employed to access to finance

    Fintech helps the informally employed to access to finance

    The real scale of informal employment in developing countries is incomparably higher than the volume of goods and services produced in the informal sector. The longer traditional methods of assessing the real earnings of the population fall behind, the more customers alternative lending can expect, found Robocash Group.
     
    The share of the informal economy in Indonesia stated by the IMF in 2015 amounted to 14.8% of GDP, which was close to the level of many Western countries (e.g., Latvia had 16.6%). However, surveys of BPS-Statistics Indonesia showed that in the non-agricultural sector in 2017, there was 38.5% of the population informally employed in urban areas, and 54.8% in rural areas.
     
    There is a similar situation in the Philippines. According to the Philippine Statistics Authority, in April 2018, 56.2% of all self-employed worked in the service industry and 39.1% in agriculture. The number of family enterprises was 60.9% in agriculture and 30.3% in services.
     
    The utter lack of unemployment benefits across the region facilitates a high level of employment among the population. However, official earnings are often low that makes people look for an additional source of income. In turn, this situation brings forth a common problem for the entire lending industry in developing countries — a qualitative assessment of the real income of borrowers.
     
    The Philippines is a bright example where the underperformance of traditional banking methods has led to a decrease in bank lending and an increase in customers for alternative lending companies using new methods for assessing solvency.  According to Bangko Sentral ng Pilipinas, only 0.6% of the adult population had a bank loan in 2017 (2015 — 2.1%). At the same time, there was an increase in the number of clients of microfinance organizations, which include fintech firms providing alternative lending, to 7.6% in 2017 (2015 — 4.7%).
     
    Commenting on the findings, Sergey Sedov, CEO of Robocash Group said, “The experience of Robocash Group in Asia has shown that the use of algorithms based on artificial intelligence and machine learning serves as a bridge between the interests of business and society. We collect and study scattered information about customers to provide them with an opportunity to access to finance and accumulate credit history. In turn, this helps to overcome the paradox when people cannot borrow because of any credit history, which they cannot have due to the inaccessibility of loans. Speaking long-term, the expansion of fintech in Asia will significantly boost financial inclusion and thus accelerate subsequent economic growth by increasing the penetration of financial products into people’s lives.”
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