BEIJING: Finleap Financial Services, a subsidiary of the Shanghai-based Chinese Finvolution Group, secured a partnership with Khazana Cloud on July 9th in Islamabad to launch their Digital Nano Lending app, Daira.
Daira leverages Khazana Cloud’s robust infrastructure for a seamless and secure loan application experience for Pakistani users.
This partnership strengthens Finleap’s position in the Pakistani market by providing a reliable and trusted cloud solution.
“We’re proud to announce a strategic partnership with Finleap, Pakistan’s innovative digital lending platform. This MOU signifies Khazana Cloud’s commitment to supporting the FinTech revolution in Pakistan. Our secure and scalable cloud platform will be the foundation for Daira’s continued growth and success”, said Khazana Cloud in an official notification on Thursday.
Sheikh Omer Nasim, Country Manager at Finleap while talking to Gwadar Pro, said that Finleap Financial Services (Private) Limited, is a nano-lending startup based in Pakistan and is in the process of obtaining a license from the Securities and Exchange Commission of Pakistan (SECP), to operate as a digital-only non-deposit taking Non-Banking Finance Company in Pakistan.
He said, our parent Chinese company, FinVolution Technology, is a renowned financial technology firm and is listed on the New York Stock Exchange (NYSE) and has a rich history of establishing successful nano-lending businesses in various countries, including Indonesia and the Philippines.
Omer Nasim also highlighted that his company aims to significantly enhance financial inclusion in Pakistan by focusing on digital nano-lending, thereby offering affordable credit to the underserved population. “FinVolution Group also plans to make substantial foreign direct investments (FDI) in digital nano-lending in Pakistan”, he said.
Over the last two years, Pakistan’s nano lending industry grew from scratch to a user base of millions, with over a hundred billion rupees in disbursed loans.
The Securities and Exchange Commission of Pakistan (SECP) has introduced guidelines to regulate this sector.
Nano lending in Pakistan has seen significant growth, especially with the rise of instant credit apps.
These apps provide small loans, sometimes as low as Rs50, to individuals for short durations. The process is highly automated, using artificial intelligence to determine creditworthiness and disburse funds quickly. –Agencies
