Singapore-based microfinance company to set up office in India

Vastavam web: A Singapore-based microfinance company plans to open an office in India next year with focus on the unbanked market and farmers.MicroMoney International, which has raised USD 10 million earlier this month, is seeking a foothold in India’s microfinance business, a business still trying to move beyond the big lenders.An initial coin offering (ICO) is a way start-ups raise capital in crypto coins like Bitcoin and Ethereum, often creating their own digital money called tokens that gets used like a discount coupon for its own product.
However, Indian regulators consider ICOs highly speculative investments.”India has been a micro-lending hot spot for over a decade as one of the big four emerging markets that also includes Brazil, Russia and China. And has a large informal and rural economy in need of funding,” said Dzyatkovsky.Government policies – including doing away with large rupee notes – have made it harder for individuals to be fully informal. Most have opted to register as legal entities and are opening bank accounts.
In April, Unicorn India Ventures led a half-a-million dollar investment round in Bengaluru-based microlending startup SmartCoin.Comparatively, Unicorn’s short-term loans range from Rs 1,000 for two-week credit lines to up to Rs 50,000 for three- month credit lines, he pointed out.Microlending customers, also known as the “unbanked” in industry parlance, tend not to have any credit profile.