Business Wire IndiaFingular, a Singapore-based financial group that focuses on serving the aspiring population of the developing markets, is pleased to announce the launch of its fully digital financial services in the Indian market under the brand name TrustPaisa in partnership with its local non-banking financial partner licensed by the Reserve Bank of India.
TrustPaisa provides round-the-clock, nationwide coverage, ensuring that financial stability is accessible to every individual in India. TrustPaisa clients can effortlessly obtain fast cash loans of up to Rs. 100,000 offered by its lending partners by completing a digital loan application within minutes and receiving funds within moments subject to compliance with internal KYC and other policies of its lending partners.
TrustPaisa is committed to empowering individuals with fast and secure financial solutions, specifically catering to those who require instant loans for emergency situations as accessing loans through traditional banks would be time-consuming and will involve extensive paperwork.
Fingular launches digital loan services in India in partnership with its local non-banking financial partner licensed by the Reserve Bank of India. The company's target customer base for Indian market is over 300 million people which encompasses salaried individuals with irregular income, young professionals who have just started their careers, small business owners and entrepreneurs, low to middle income individuals, technology savvy individuals. As of today, Fingular’s services are available for 100 million clients across South Asian and Southeast Asian markets.
“We are very honored to have this amazing opportunity to bring our fully digital, seamless and life-improving services to millions of people in India, a truly technologically advanced and rapidly developing nation,” said Vadim Gurinov, a Cypriot entrepreneur and the co-investor in Fingular, the financial group that owns TrustPaisa.
“We anticipate the number of our clients in India to at least triple this year as people become accustomed to a superior level of service. TrustPaisa is designed to assist those in need of immediate funds for any purpose,” added Maxim Chernushenko, Fingular’s CEO.
TrustPaisa enables its lending partners to provide loan approval decisions 30 % faster than those of its competitors, due to its advanced AI algorithms. According to Fingular, as its technology continues to advance, the team believes that the decision-making process will soon be the best in the market, aligning with the commitment to providing swift and efficient services to TrustPaisa's clients.
The main advantage of TrustPaisa services lies in the utilization of top-notch technologies and a deep expertise in the Indian market landscape. Fingular's team of experienced professionals is consistently working on improving service quality across all the countries where it operates, incorporating convenient innovations at every stage of client interaction.
Fingular utilizes its in-house solutions, such as machine learning algorithms and AI models, to create robust risk management systems and credit assessment procedures. The system evaluates more than a thousand parameters, including current credit history, socio-demographic factors, and data from partner companies and government agencies. This comprehensive approach allows for real-time lending decisions, whilst substantially reducing the risk of fraud and default.
By 2025, TrustPaisa plans to expand its range of services in India by introducing BNPL (Buy Now Pay Later) products and enable opening current account savings accounts digitally for its partner banks.
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