Dubai, United Arab Emirates; June 9, 2021: June 9, 2021 (GLOBE NEWSWIRE) – The Social Loan Company (TSLC), a Singapore-based, Singapore-based company based on a big data-based credit activation platform, has forged a transformational partnership. with Aafaq Islamic Finance to build a forward-thinking, forward-thinking non-bank lending platform to provide financial access to underserved digital native youth in the MENA region. At a press conference at the Waldorf Astoria Dubai International Financial Center, the two sides announced their intention to launch the industry-leading platform in select markets in the region to provide appropriate, affordable, accessible and financial solutions. differentiated to promote the inclusion of credit. thin everyday consumers, new to credit and no credit.
Rashed Mahboob Al Qubaisi, CEO of Aafaq Islamic Finance, said: âWe are delighted that Aafaq has been selected by TSLC as a strategic partner in the MENA region. This partnership enables Aafaq to connect more deeply with its customers by providing differentiated Sharia-compliant financial transactions in an end-to-end, safe and secure digital environment. “
Al Qubaisi stressed that “what sets this new partnership between Aafaq and TSLC apart is the new possibility of expanding our client base to include underserved young people and digital natives in this region”.
âTSLC seeks to usher in a new era of artificial intelligence-based financial services in the MENA region. There is no doubt that our current and future customers will reap rich benefits from the formidable combination of our legacy infrastructure with their proven expertise and support. record of success in financial technology, âAl Qubaisi added.
Deepak Saluja, Co-Founder, Group CEO and Board Member, TSLC said, âAt TSLC, we are focused on delivering strong in-house R&D and building a unique alternative, technology-driven, big-data-driven, mobile-only global financial services organization. To get started in the Middle East, we needed an ultra-progressive institution with an impeccable track record, connected with us on a common mission of bringing underserved everyday consumers into mainstream banking. Our partnership with Aafaq is testament to our global advocacy for a JV-driven win-win cooperation model between incumbents and challengers. Our hyper-inclusive proprietary platform, nuanced for this region, is designed to serve moderate-income, near-premium consumers. This transformational partnership is expected to result in a paradigm shift in the fundamentals of credit assessment and delivery, anchored on the common goal of building a more inclusive financial system.
He added, âWith Aafaq, we will redefine the financial landscape, transform the world of online lending in the Middle East, and fundamentally change the way ordinary people approach their relationship with money and banking in this region. We are proud to have partnered with Aafaq as a social lending partner, as we recognize a shared commitment to building a mission-driven business that can help transform traditional financial services for underserved middle-income consumers in this. region. Our alternative and innovative ML-based credit scoring engine will enable faster and better credit decisions, lower barriers to borrowing, and provide access to honest, affordable and transparent credit.
TSLC recently established Digital Collective Technologies Ltd., its wholly owned subsidiary in the Abu Dhabi Global Market (ADGM) for its centralized world-class technology and product leadership teams that operate from its regional headquarters at One Central, Dubai, United Arab Emirates.
TSLC is currently fully functional in India as a diversified, technology-based, integrated and fully automated end-to-end consumer finance company under the brand name CASHe – India’s leading consumer lending platform, backed by proprietary, AI-powered underwriting, and spanning the entire digital lending value chain, from in-app lending to integrated finance and BNPL. TSLC pursues ambitious global expansion, examining key markets in West, South and Southeast Asia, as well as Latin America and Sub-Saharan Africa.
Salouja added, âThe UAE’s regulatory framework is designed to foster innovation in this region. As the MENA region has one of the highest smartphone penetration and Fintech adoption rates in the world, the end-to-end digital switchover has gone from being a secondary spectacle to the front and center. as a necessary and key strategic imperative. to help achieve digital transformation in the most holistic way possible. We’re here for the long haul, determined to build a premier, centralized technological innovation and R&D hub in this region and to lead battle lines from the front lines to meaningfully contribute to the fintech landscape and help achieve a revolutionary growth in the digital transformation of this Region.
TSLC and Aafaq will activate personal loans, on-payments and virtual lines of credit in a single digital wallet. Bundled, split and consumable within minutes of origin, designed for middle-income borrowers who need help making essential day-to-day buying decisions, paying off and consolidating high interest debt, or coping unforeseen expenses. The partnership will commit to democratizing access to banking tools to ensure affordable credit, borrow and spend responsibly, create wealth and save smartly, all within a hyper-inclusive platform.
Salouja added, âWe are proud to partner with Aafaq as a social lending partner, as we recognize a shared commitment to create a futuristic, mission-driven, and open banking-ready platform that can help transform businesses. traditional financial services and improve economic freedom for the clear white space of middle-income and underserved consumers in this region. TSLC’s competitive advantage lies in our scalable and portable technology infrastructure, culture, talents, track record of sustained execution, and operational knowledge. Our mission is to democratize banking and credit and make it more inclusive by leveraging digital and AI. Traditional brick and mortar banks have left large segments of the population underserved. We aim to rewrite the relationship with money and banking for digital natives as longer-term partners on their path to financial independence. ”
TSLC is rethinking the fundamentals of banking, leveraging new alternative data sources to better predict credit risk and repayment behaviors, aiming to open up and deliver a near-complete banking experience to mainstream consumers. In India, he reinvented underwriting for millennials looking to access affordable credit through appropriately integrated in-package solutions. In the past 4 years since its inception, its flagship integrated lending brand, CASHe, has experienced a phenomenal upward trajectory.
Saluja concluded: âBy taking many of the same operating principles and DNA and applying them to a much broader set of financial products and targeted demographics in large, under-penetrated markets, we can now have a positive effect. more importantly on clients to help them change and improve their lives. ”
About Aafaq Islamic Finance
Aafaq Islamic Finance PJSC was established in 2006 and offers a wide range of high-quality Sharia-compliant banking products and services to businesses and individuals. It stands out as one of the most independent finance companies in the UAE. In addition, the company’s strategy focuses on exploring opportunities in different lines of business in order to achieve the highest levels of happiness for all stakeholders, including shareholders, customers, employees. , strategic partners and the community.
Aafaq depends on the strength of its strategic partnership with the main institutions of the United Arab Emirates, such as the Ministry of Finance, the Ministry of Human Resources and Emiratization, Dubai Economy, Emaratech, Trakhees, First Abu Dhabi Bank and many Tas-heel, Amer and Business Centers and others. Aafaq provides the clients of these entities with services such as e-dirham, labor guarantees, wage protection system, payment services for the economy of Dubai and recharging of Noqodi wallets. In addition, aafaq offers a wide range of financing solutions and smart payment tools for businesses and individuals.
About the Social Loan Company (TSLC)
TSLC is a Singapore-based, artificial intelligence-based neo-banking banking platform, currently operating as an integrated and diverse fintech company for millennial consumers in India under the brand name CASHe. By establishing its regional headquarters in the United Arab Emirates, TSLC brings its cutting-edge digital lending platform to underserved digital natives in select MENA markets.
Its proprietary AI / ML-based platform is safe, secure and ultra-efficient, leveraging data science and machine learning to automate underwriting and provide financial access to under-penetrated markets. Industry-leading TSLC’s hyper-inclusive and scalable portable credit platform has helped it secure integrated transformational partnerships with Google Pay, Amazon, Mastercard, WhatsApp and Walmart, among others.
The company’s mission is to become the neo-bank of choice for young digital natives and micro-entrepreneurs in select markets around the world by leveraging cutting-edge technologies and data science to unlock opportunities and make financial access possible for everyday middle-income consumers.
Since its inception in 2016, it has been committed to building a unique organization of alternative financial services based on technology, big data and mobile, offering a diverse range of digital financial products for the underbanked, as well as unparalleled user experience for underserved people. .
Leveraging its existing technology infrastructure and proprietary platform, TSLC aims to continue to innovate, connect to targeted digital native demographics, and grow internationally to create localized business models focused on l ‘IP with decentralized execution in underserved emerging markets, backed by a strong and trusted brand, and deliver on the promise of ESG and financial inclusion.