Singapore-based Robocash to launch online lending operations in Sri Lanka – Business News

By Nishel Fernando
The leading Singapore-based alternative lending service provider, Robocash Group plans to launch an online lending operation in Sri Lanka during this quarter (third quarter).

“The launch is scheduled for late August. The decision on this will generally depend on how the situation develops in relation to the pandemic epidemic, ”Elena Basova, head of media and investor relations at Robocash Group, told Mirror Business by email.

The company has already established legal entities in Sri Lanka to start operations shortly.

Basova said that Robocash aims to facilitate the financial inclusion of creditworthy Sri Lankans who face limited access to finance. “The service is intended to provide quick and easy processing of short-term personal loans. Online services will be available 24 hours a day. Due to the use of in-house automated technologies, the loan will be issued within minutes of completing an application, ”she explained. With around 7.8 million of the country’s population considered unbanked, coupled with a high share of informal jobs and 7.9% growth in internet penetration, Robocash sees great market potential in Sri -Lanka. The Robocash Group is currently providing consumers with alternative loans and financing in the market in several European and Asian countries, including neighboring India.

Robocash Group’s revenue grew 152.5% year-on-year to US $ 144.4 million in the first half of the year, while its lending volumes grew 134% year-on-year for reach US $ 326.5 million during the period. Meanwhile, its customer base grew 40% year-over-year after attracting 2.8 million new customers during the period. By the end of this year, the Group aims to become the best player in each operational market, by expanding its customer base and maintaining the quality of its portfolio.

Currently, there are 4-5 local online loan service providers active in Sri Lanka.

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David A. Albanese