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Kinara Capital Wins Global Recognition With Gold Award as Bank of the Year-Asia

Vlad Poptamas

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Kinara Capital, a fintech leader driving financial inclusion of small business entrepreneurs in India, today won the Gold award in the Bank of the Year-Asia category, and received an Honorable Mention in the Women-owned SME Bank of the Year category, at the Global SME Finance Awards ceremony held in Amsterdam, The Netherlands.

Organized by the International Finance Corporation (IFC), a member of the World Bank Group, and the SME Finance Forum, and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), the Global SME Finance Awards celebrate the outstanding achievements of financial institutions and fintech companies in delivering exceptional products and services to small and medium enterprises (SMEs) around the world. Kinara Capital was nominated by the Overseas Private Investment Corporation (OPIC) for this prestigious honor.

Kinara Capital pioneered small business lending without land or property collateral in India. The company offers fast and flexible loans to small businesses in the INR 2-25 lakhs range. Kinara Capital has disbursed INR 1400 crores across 40,000 loans for Asset Purchase and Working Capital needs of small businesses in the Manufacturing and Trading sectors.

Hardika Shah, Founder & CEO, Kinara Capital, said, “On behalf of my entire team, our partners and well-wishers, we are highly honored to win the Gold award for Bank of the Year-Asia category. It has been a labor of love and hardwork to build Kinara Capital and we remain motivated by our mission of transforming lives and livelihoods. Today, we are even further encouraged with the support and recognition by the IFC, World Bank Group, and the SME Finance Forum. We especially thank the OPIC team for nominating Kinara Capital.”

Kinara Capital won the distinction from a competitive pool of 144 international applicants. The company was recognized for innovating on financial inclusion techniques and thus impacting over half a million lives in India with income generation, new job creation, and job sustenance.

Approximately 90% of Kinara’s customers are new to business credit. In a 2019 report by IFC-Intellecap, the credit gap in India is valued at USD$240 billion where capital needs of more than 80% of SMEs are not served by traditional sources of formal lending. This is the ‘missing middle’ that Kinara Capital is effectively serving.

A panel of independent judges chose this year’s winners based on their Reach, Uniqueness and Innovation, Effectiveness and Impact, and Dynamism and Scalability.

The judges recognized Kinara’s credit risk management practice as a good combination of the old and the new – combining technology with personalized face-to-face interactions. Kinara Capital held a valuable distinction for building proprietary technology-enabled processes such as digitized underwriting, risk assessment, and the use of Artificial Intelligence (AI) in credit monitoring. The judges cited Kinara Capital’s ability to make longer-term loans to SMEs as a major breakthrough.

Attendees at this year’s Global SME Finance Forum in Amsterdam represented 80+ countries and over 250 companies.

Words From The Organizers

Paulo de Bolle, Senior Director, Global Industry, Financial Markets, Global Financial Institutions Group at the International Finance Corporation said: “The Global SME Finance Awards recognize and reward innovation in small business lending that can improve financing for SMEs, helping small businesses grow and create jobs. Innovations in lending technology and business models, can significantly reduce the cost of serving SMEs.”

Matthew Gamser, CEO of the SME Finance Forum said: “We hope the winners of the Global SME Finance Awards will inspire SME financiers all over the world to learn from their good practices. The Awards provide the winners an opportunity to showcase good practices on the global stage and foster learning amongst their peers.”

Natascha Beinker, Deputy Head of Division at the German Federal Ministry for Economic Cooperation and Development (BMZ) and Co-Chair of the SME Finance Subgroup of G20 GPFI said: “The Global SME Finance Awards put the spotlight on two key issues – responsible innovation and responsible financing, which are an integral part of the financial inclusion agenda. As demonstrated by this year’s and last year’s Awards winners, product innovations can lower costs and allow SME financiers to better serve previously underserved and unserved SMEs, particularly women-owned SMEs.”

 

SOURCE Kinara Capital

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Credify announces seed investment by BEENEXT and DEEPCORE

Vlad Poptamas

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Credify Pte Ltd is proud to announce it has successfully closed a USD 1M seed round investment with two leading Venture Capital funds: BEENEXT and DEEPCORE.

Credify provides Universal Identity and Trust System solutions to companies active in e-commerce and finance. Credify’s Universal Identity product acts as a personal data bridge, connecting consuming services like e-commerce marketplaces and lending platforms with institutions that possess valuable, yet untapped information like identity verification results and credit scores. In this way, Credify enables entirely new revenue streams for these traditional organisations in a completely secure and data privacy compliant manner.

On top of this powerful identity system, Credify is developing an innovative credibility mechanism that addresses issues inherent to the trust systems we rely on in e-commerce and digital lending, like fraud and manipulation, that lead to an estimated USD 1T in transacted value being negatively impacted every year.

Chosen out of 250+ companies around the world, Credify is one of the outstanding startups in Plug and Play Japan’s 2020 FinTech Accelerator program. Credify was also awarded the UK Tech Rocketship: Future of Financial Services Award 2019 by the UK’s Department of International Trade and Scottish Development International.

This funding round allows Credify to enhance the development of its suite of products, further localize its software development operations in South East Asia, and move ahead with its live client engagements. ASEAN nations represent the fastest growth opportunities globally in FinTech and E-commerce: USD 72B FinTech market with 72.5% CAGR by 2020, and USD 102B E-commerce market by 2025. At the same time, South East Asia fraud rates in finance and e-commerce are one of the highest globally. Credify aims to tackle these issues with its leading-edge technologies.

Credify CEO Makoto Tominaga expressed his excitement: “This investment from BEENEXT and DEEPCORE represents far more value than the capital that will assist us as we execute on our vision to elevate trust in digital economies. Both firms bring with them strong networks within our target markets and deep understanding of the strategic and practical execution necessary to transform early stage businesses to large-scale growth enterprises. Credify could not have asked for better partners in this early stage of our journey, and we are overwhelmed with appreciation to have this opportunity to work with both teams for many years to come.”

BEENEXT CEO Teruhide Sato shared his thoughts on the investment: “We were impressed by the quality of Credify’s multi-disciplinary team and the technology they have developed which provides great synergies with some of our portfolio companies. We look forward to supporting Credify in its business development and expansion in South East Asia and beyond.”

DeepCore commented: “We appreciate the Credify team’s deep understanding of the industry’s pain points and the ability to implement cutting-edge technologies, such as blockchain, into systems to solve issues. We hope that the excellent team that has developed the business at KERNEL HONGO will expand its business to the world by solving issues in areas where counterparty risk occurs.”

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Consumers Are Willing to Share Personal Data in Exchange for Better Customer Experience, Broadridge Study Finds

Vlad Poptamas

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Amidst a backdrop of increasing emphasis on data privacy via the introductions of the General Data Protection Regulation and California Consumer Privacy Act, nearly half of consumers in North America (45%) would be willing to share their data if it meant that it would enhance their customer experience (CX), according to a new study from global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR).

The annual study, which surveys the opinions of more than 3,000 individuals in North America on topics relating to consumer experience and essential communications, revealed that consumers’ desire for enhanced experiences coincided with an even stronger sentiment around the need for more data privacy legislation. In fact, more than 84% want more legislation that increases their ability to protect and control the personal data they provide companies, as well as greater transparency on how their data is used.

“Data privacy concerns are at a peak, and yet consumers are placing immense value on their experiences and are willing to share more of their personal data if it enhances the services they receive in return,” said Matt Swain, managing director and practice lead for communications consulting services at Broadridge. “Data is the bedrock of customer experience and providers of essential communications, like bills and statements, have a significant opportunity to modernize the way they customize consumers’ experiences. This can only be done if they are clear about what data is needed, how it will be managed and, ultimately, how it will improve the lives of their customers – on and offline.”

Demand for Paperless Communications Rises, and Companies are Missing Out

When it comes to essential communications, interest in going digital is growing. Compared to the 45% who prefer paper, two out of three respondents (67%) switched at least one bill or statement to paperless in the last year.

Although there’s increasing demand for digital bills and statements, the data suggests a missed opportunity for companies to grow paperless adoption, customer engagement and convenience at the onset of the relationship, while cutting costs. Only four out of 10 consumers were asked to go paperless when they opened a new account and 29% said that they were never asked at all.

In terms of motivations for going paperless, most respondents (72%) agree that reducing clutter was their primary reason for switching to online communications from their providers this past year.

Helping Consumers Take Financial Control with Advanced Features

Consumers making the leap to paperless are also increasingly looking to get more out of their bills and statements so they can take control of their finances. In fact, 72% would prefer advanced options, such as customizable dashboards, to control the look and feel of bills and statements. For those who have investment or retirement funds, insights and recommendations on their activities and spending relative to their financial goals are increasingly important (59%).

Interestingly, nearly one-third (29%) of respondents say they never review their bills or statements for reoccurring “zombie subscriptions,” which often hit consumers’ bank accounts unexpectedly.

Beyond customization of communications, consumers also want centralized delivery and storage options for bills and statements in the cloud (40%), particularly when it comes to accessing important and time-sensitive financial information. More than two-thirds (69%) of respondents say having all their financial documents in one archived location would make things like filing taxes much easier.

“Companies have the opportunity to transform the customer experience through bills and statements,” added Swain. “By reframing these household communications, companies can create more meaningful engagement with their consumers, helping simplify and organize their bills and statements, while also creating new layers of brand equity and additional revenue opportunities.”

To download the report, click here.

Methodology
Broadridge Customer Communications commissioned ENGINE to conduct a CARAVAN Omnibus Survey. The 45-question survey was administered between November 6-13, 2019, to 3,006 U.S. and Canadian residents ages 25 and older. The sample was weighted to current U.S. and Canadian Census data for age, gender and region. The figures are statistically significant at the 95% confidence level with a margin of error of ±2 percentage points.

 

SOURCE Broadridge Financial Solutions, Inc.

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Global Digital B2B Payments Market: Size, Trends & Forecasts (2020-2024)

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Dublin, Feb. 18, 2020 (GLOBE NEWSWIRE) — The “Global Digital B2B Payments Market: Size, Trends & Forecasts (2020-2024)” report has been added to ResearchAndMarkets.com’s offering.
This report provides an in-depth analysis of the global digital B2B payments market, with a detailed analysis of market size and growth. The report provides an analysis of the digital B2B payments market by value and by modes.The global digital B2B payments market has observed stable growth in the past few years and the market is further expected to rise at an affirmative rate during the forecasted period (2020-2024). The growth of the global digital B2B payments market would be bolstered by the growth drivers such as growing real-time payments, increasing adoption of cloud-based solutions, escalating smartphone penetration, emerging B2B e-commerce industry, swelling business process automation, rising urbanization, increasing cross border payments, etc.The major players dominating the digital B2B payments market are Alibaba Group (Ant Financial), American Express, Bottomline Technologies Inc., and Coupa Software Inc. The four companies have been profiled in the report providing a detailed analysis of their financial information and business strategies.Key Topics Covered: 2. Introduction
2.1 Payments: An Overview
2.2 B2B Payment: An Overview
2.3 History of B2B Payments: An Overview
2.4 B2B Payments End-User: An Overview
2.5 Digital Payments: An Overview
2.6 Process of Invoice to Payment Automation
2.7 Streams of Digital B2B Payments: An Overview
For more information about this report visit https://www.researchandmarkets.com/r/ejgrq0Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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