Lankan Alliance Finance and CASHe Alliance Announce Lending App
Lankan Alliance Finance Limited (LAFL), the NBFI joint venture between Bangladesh and Sri Lanka, is to launch a new app-based product called “nano loan” for the unbanked population and low-income group in the country with the aim of accelerating financial inclusion in Bangladesh by transforming the consumer lending landscape.
LAFL has partnered with CASHe Alliance Limited (CASHe), a joint venture between companies based in Bangladesh and Singapore, and signed a memorandum of understanding with CASHe earlier to deliver the product, a press release said.
LAFL recently obtained approval from the Bangladesh Bank to conduct a pilot project. The partnership leverages world-class advanced artificial intelligence and machine learning technology to meet the growing needs of borrowers.
Once launched, the nano-loan app will provide affordable, instant credit to millions of digitally-first unbanked customers.
“This app-based lending product will represent a milestone in advancing the government’s broader vision for a ‘digital Bangladesh’ in which a cashless society, financial inclusion and, most importantly, amenities of all kinds of nano-borrowings will be secured,” Lankan Alliance said. Finance Limited Managing Director Kanti Kumar Saha after securing central bank approval in a small role.
“Our partnership with LAFL is tremendous and it gives me great pleasure and great pride to announce it. Our companies remain firmly committed to our shared mission: to provide consumers with affordable, accessible and differentiated credit products,” said Deepak Saluja, Vice President of CASHe Alliance. Ltd, co-founder and CEO of TSLC Group