Bengaluru, Karnataka, India:
Finahub Technology Solutions has selected MatchMove’s Embedded Banking platform to enable Banks & NBFCs in India to offer wallets & prepaid cards to customers for gold-backed lending, under the brand “Akshayous”.
Akshayous is a gold-backed BNPL product launched by Finahub that enables customers to deposit their gold jewellery with a partner NBFC and get a prepaid card, with an assigned credit limit based on the value of the gold deposited.
A recent study from KPMG shows that 97% of Indians use gold as a source of credit.[1] This presents a vast addressable market opportunity for Finahub and Akshayous is initially targeting existing customers of Gold Loan NBFCs who are the most immediate segment in need of credit. The product especially empowers salaried women to unlock the value of their gold jewellery while ensuring the safety of their jewellery in an insured NBFC locker.
Using a MatchMove-enabled Rupay General Purpose Reloadable (GPR) Card - both physical and virtual - the customers of Finahub’s partner NBFCs will enjoy seamless purchases online and offline. The MatchMove Just-In-Time (M-JIT) funding solution empowers the end-users to unlock the value of their gold jewellery in real-time. The unique advantage of these MatchMove enabled prepaid cards is that customers of NBFCs will be able to use the cards to make BNPL purchases (Buy Now Pay Later) and also withdraw cash against their credits using the MatchMove RupayCards.
With MatchMove’s full-featured Banking Operating System (“MMBOS”) solution, Finahub can now offer higher personalisation and efficiencies to their clients including prepaid cards linked to gold-backed credit line services. Matchmove issues co-brand cards for companies like Finahub in partnership with IndusInd Bank.
“Our initial focus will be to grow the portfolio and customer reach. In later stages, we will target low and medium salaried individuals, daily wage workers who have gold jewellery but do not have access to credit purchase channels. MatchMove with its cutting-edge technology solution supports and advances us in our mission. We value this partnership and believe that this collaboration will further accelerate our growth,” said Finahub’s Co-founder and CEO, Rajesh Sukumaran.
“MatchMove is committed to improving digital financial inclusion across the region, for individuals and businesses, and we are excited to partner with Finahub in taking this vision forward. The solution is uniquely tailored for Finahub’s clients to decide on the real-time funding requests originating on the MatchMove platform with the convenience of receiving and responding to these requests on their platform. We are confident that this solution will provide convenience and better access to finance for the underserved.” said MatchMove’s South Asia General Manager, Pranav Barthwal.
For more information on MatchMove’s services, please visit the company's website at www.matchmove.com.
About MatchMove
MatchMove is a fast-growing and disruptive fintech company in digital payments and banking. The company's proprietary Banking OS™ enables Embedded Banking and the capabilities of Spend.Send.Lend.Defend.Ascend™ within our clients’ existing apps. Envisioning a financially inclusive world, MatchMove's solutions help enterprise clients digitalise payments and give financially underserved segments the power to move their money anytime and anywhere.
MatchMove is licensed by the Monetary Authority of Singapore and authorised by leading card networks to issue virtual and physical cards along with virtual wallet accounts directly to users in approved jurisdictions, or anywhere else in the world with partner banks. MatchMove is one of the first NFI members of the FAST payments network in Singapore, thus authorised to provide faster and real-time payments to clients. The company is headquartered in Singapore with offices in India, Indonesia, Vietnam, Hong Kong, Malaysia and the Philippines.
About Finahub
Finahub Technology Solution (FTS) is a software technology solutions company based in Kochi, Kerala that provides technology solutions to financial market players in India. FTS is founded by a team of experts who have several years of experience in the financial software segment.
Finahub’s full-stack implementation of India stack for Indian enterprises enables their customers to easily integrate Aadhaar enabled services with their existing services. The solutions enable secure Aadhaar data storage and permission granular sharing of data with authorized fintech partners of their customers.
Some of their major customers are Federal Bank, South Indian Bank, Dhanalaxmi Bank, Ujjivan Small Finance Bank, Muthoot Finance, DMI Finance. For more information, visit www.finahub.com.
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