Page 26 - Banking Finance April 2020

PRESS RELEASE

Finway empowering people to ‘Earn from Home’ during this time of

Lockdown and Job Crisis

One of India’s fastest growing financial services company, Finway has lent a helping hand to the aspiring entrepreneurs
by giving them an opportunity to become its business partners. They can register as Finway’s business partners digitally
via the company’s FLAP app – available on Android. The app brings borrowers, facilitators and lenders under the same
umbrella and makes the process of loan disbursement more transparent and seamless.
The partners or finpreneurs as the company likes to call them, connect the company with the potential customers looking
for a loan. Once the contact is made and the application is reviewed, the loan can be transferred digitally. The minimum
amount of loan that can be borrowed is Rs 30,000/- and the maximum borrowing limit has currently been set at Rs 10
lakhs. The interest rates vary depending upon the credit history of borrowers, and the repayment option starts from 6
months and goes up to 36 months.

Finway has tied up with a number of companies who are providing digital loans during this period of lockdown. Digital
loan transferring is especially beneficial during these times as the agents cannot go out to search for potential lenders.
Finpreneurs can search for money seekers on the “Finway Platform” and Finway can then deliver those potential
customers to the moneylenders – completing the chain. This is a win-win situation for all the parties as the people get
the loans that they desperately need in this time of crisis and agents get the commission for every successful loan transfer
– usually the commission 1% to 3% of the total amount disbursed.
“Unprecedented times call for innovative measures and we believe that by partnering with the agents, we have given
them an opportunity to earn for themselves from their homes during the lockdown period. Cooped up in their homes
during the lockdowns, many agents are worried about losing their job – which, in most cases, is their only source of
income. We have given them an alternate opportunity where they can continue earning and supporting their family
even if they end up losing their job. We are not keeping any commission for ourselves and whatever our finpreneurs
earn, is all theirs to keep. We have also created where people who are in desperate need of a loan during this crisis can
connect with the lenders who want to help them and have their problems resolved,” said Rachit Chawla, CEO, Finway.
“We are currently using artificial intelligence, machine learning, big data and various patented algorithms to make the
process as seamless and efficient as possible. We are also looking forward to adding a number of potential products in
the near future, which can be delivered through technology. Insurance and demat accounts are other products that may
soon become a part of the FLAP app. If the lockdown extends, the work culture is going to change and more and more
organizations will be shifting to a digital format. Those agents who accept this change sooner will have an edge over the
others as all things go digital,” he further added.

SIDBI set to launch India SME Services Platform

In order to ease credit access, Small Industries Development Bank of India (SIDBI) Shri Mohammad Mustafa, IAS, Chairman
& Managing Director, SIDBI is set to launch India SME Services Platform. This will be an initiative for digitising inclusive
access to enterprise ecosystem. As physical distancing shall continue along with business operations post COVID-19, Micro,
Small and Medium Enterprises (MSME) need to gear up to deploy and imbibe digital payment tools, digital lending
platforms and digital banking.
Shri Mohammad Mustafa, IAS, Chairman and Managing Director of SIDBI said, “SIDBI has shaped the design of India
SME Services Platform which shall be a single digital platform to educate, improve access and monitor all COVID-19
related initiatives. It shall have all MSMEs, stakeholders of the MSME ecosystem, financiers, corporates, government,
regulators, employees and associations converging on an interactive platform. This will be all at one place and one place
for all kind of initiative.”

24 | 2020 | APRIL | BANKING FINANCE