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On September 17-18, The Milken Institute brought together about 400 CEOs, major investors, heads of sovereign wealth funds, philanthropists and other leaders for its second annual Asia Summit held at Singapore’s Four Seasons Hotel.
These leaders focused on some of the world’s most pressing challenges with a highlight on Asia. Panel topics included hyper-aging, financial technology, Indian Prime Minister Narendra Modi’s second year, Japan’s resurgence in the Asia- Pacific region, the AIIB and the evolving multilateral lending landscape, and China’s growing movie industry.
Mr. Piyush Khaitan (PK) Managing Director of NeoGrowth participated in The Asia Summit program as a panelist on FINTECH in Asia: What Comes Next?
The Subject included discussion on Financial Technology (FinTech) startups. What are the latest innovations in Asia’s rapidly growing FinTech sector? How are banks responding and should they be concerned? How will regulators adapt to these insurgent companies, and can they balance protection and progress?
Here are some of the key points made by PK:
• FINTECH is changing traditional banking by bringing widespread financial access to all segments of society
• The problem for small business in India is inadequate finance due to poor/no credit history, creating a challenge in getting loans from formal lending institutions
• Fintech companies like NeoGrowth are disrupting this space through digital lead origination, automated underwriting with data from alternate sources, flexible & automated repayments, automated portfolio management with easy renewals based on analytics and automated loan monitoring
• Customers have liked the NeoGrowth product, this is reflected with a Renewal rate of 85%, and customers in 4th & 5th cycle of lending within just 2 years of commercial operations.
• Focus has turned to win the “digital mind space” of the customer.
• Disruptive Innovation is changing the way customers interact & use financial services.
After the fruitful panel discussion, Mr. Piyush Khaitan was also interviewed by CNBC (Live from Singapore) on how NeoGrowth, a new age FinTech organization is providing a solution to the age old funding problem of small and medium-sized enterprises (SMEs).
All eyes were on one single question – Is this the answer to SMEs’ funding woes?
The interview focused on how NeoGrowth is ending the funding woes of SMEs without a fixed repayment schedule.
Please click here: http://video.cnbc.com/gallery/?video=3000422040 to view the interview.
The interview was part of the popular CNBC morning time show “The Rundown”. This is broadcast from CNBC Asia’s Singapore Exchange studios and is presented by Adam Bakhtiar and Pauline Chiou. The Rundown is an Asian pre-market business news program aired Monday through Friday on CNBC Asia, show provides information about all the buzz from Wall Street to arm its viewers for the coming Asia trading day.
Summary of the interview:
NeoGrowth lends to small businesses. These are businesses that find it difficult to get loans from banks directly. They could be a Grocery, Pharmacy, Café or a Salon. We give them a loan that does not have a fixed repayment schedule so they can actually pay us on the basis of how their business has done that very day, so if a business has done better they pay more money and if it has not been a good day they actually pay us less.
