Oppo launches its financial services arm in India

NEW DELHI: Chinese mobile communications company Oppo launched its financial services arm Oppo Kash on Monday in the capital.

Oppo Kash aims to have six offerings in the next 18 months. This will include payments, lending, savings, insurance, financial education and for the first time in India a financial well being score.

“Our aim is to have have 10 million customers in the next five years. We also aim to have an Assets Under Management (AUM) of Rs 50,000 crore,” said Sumit Walia, VP, Product and Marketing, Oppo India.

Users of Oppo Kash will also be entitled to free credit reports, personal loans upto Rs 2 lakh, business loans upto Rs 2 crore and screen insurance.

Oppo Kash comes in the form of a mobile app and will be available in Google Play Store and Oppo App Store. It will come pre-installed in all Oppo smartphones.

The mobile company has partnered with 20 financial companies to power this platform.

Talking to ET Digital, Zafar Imam, Chief Business Officer, Oppo India, said, “It is the next 400 million internet users that we are targeting who are most likely to take the digital path for loans. And while we will be very happy to serve these customers, we are a mobile phone company which is used by people in every age bracket. Therefore, our main purpose is how we can make the life of every customer easy in terms of financial services.”

When asked if Oppo Kash’s long term vision includes a friendly approach towards SMEs and MSMEs, Imam said, “We have already been doing that. We have two kinds of lending products- one is the B2C to the outside world, one is within our own ecosystem. So within our ecosystem, there are distributors there are shopkeepers, who also require some loans to buy stocks. We are already funded a good amount by the SBI. We’ve had a dialogue with the bank, we’ve also had dialogues with microfinance companies, projects, and all these people have already started disbursements also.”

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The mobile communications firm has also set up a customer service team that would help users invest in mutual funds, take loans or solve any other queries. The customer servicing team has been trained in multiple Indian languages to cater to India’s regional customer segment.

The firm’s financial arm was launched along side its new smartphone Oppo Reno 3 at the event. The smartphone boasts of ultra night selfie mode, facial recognition and a 64 MP ultra clear main camera, among other features.


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