Following this announcement, Fingular is set to launch its fully digital financial services in the Indian market under the brand name TrustPaisa, following its partnership with the local non-financial partner licensed by the Reserve Bank of India.
TrustPaisa was developed in order to provide secure, efficient, and nationwide coverage to its customers and clients, aiming to ensure that financial stability is made accessible to every individual in the region of India. At the same time, the company’s users will be given the possibility to obtain fast cash loans of up to USD 1,206 (Rs 100,000), offered by its lending partners through the process of completing a digital loan application in a fast and safe manner. In addition, this will enable clients to receive the funds as subject to compliance with internal Know Your Customer (KYC) and other policies of its lending collaborators.
Fingular’s aim is to meet the needs, preferences, and demands of its customer base without the need for human interventions, with a target for the Indian market, which includes 300 million individuals. This is expected to encompass salaried people with irregular income, young professionals who just started their careers, as well as small business owners or entrepreneurs, low to middle-income individuals, and technology-savvy users. Currently, the company’s expertise and suite of products are available for multiple clients across the South Asian and Southeast Asian markets.
In addition, TrustPaisa will enable its lending collaborators to deliver loan approval decisions 30% faster and more securely, due to the use of AI algorithms. The company also leverages optimised technologies and deep expertise in the Indian market landscape in order to understand the ever-evolving needs of clients and the development of the industry.
Fingular will continue to utilise its solutions, such as machine learning algorithms and AI models, in order to design risk management systems and credit assessment processes. The system will be used to evaluate multiple parameters, including current credit history, data from partner companies and government agencies, as well as socio-demographic factors. This approach is expected to allow for real-time lending decisions, while also reducing the risks of fraud and default.
By 2025, TrustPaisa is set to expand its range of solutions in India by introducing Buy Now, Pay Later (BNPL) products, as well as enabling the opening of current account and savings accounts digitally for its partner banks and financial institutions.
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