Finvasia gets licence to operate as NBFC

CHANDIGARH: Chandigarh-based Finvasia, a fintech company offering zero brokerage, has received the Certificate of Registration (CoR) from RBI to operate as a non-banking financial corporation (NBFC).

editorial@tribune.com

Vijay C Roy

Tribune News Service

Chandigarh, December 19

Chandigarh-based Finvasia, a fintech company offering zero brokerage, has received the Certificate of Registration (CoR) from RBI to operate as a non-banking financial corporation (NBFC). This extension will allow the company to offer loan-based products to retail and corporates alike. The company plans to develop block chain technology based P2P (peer-to-peer) lending platform.

Sarvjeet Singh Virk, co-founder and managing director, Finvasia, said, “Post-demonetisation, investors are actively managing their portfolios themselves. The licence by RBI will allow us to provide complete spectrum of financial services. We are also looking forward to build a P2P lending platform along with introducing few more disruptive Fintech products revolving around NBFC”.

Peer-to-peer lending, also known as P2P lending, is a practice of lending money to individuals or businesses through online services that match lenders with borrowers. Since peer-to-peer lending companies generally operate online, they can run with lower overhead expenses and facilitate funds at much cheaper rate than traditional financial institutions.

On upcoming products, Tajinder Singh, co-founder and CEO, Finvasia, said “The licence will allow us to offer more disruptive financial products to our clients to help them diversify their portfolios. Our focus will be to offer short to mid and long-term loans to individuals and MSMEs, using our analytical tools during evaluation and monitoring them post-disbursement. The investors will stay invested using our financial products and will spend using our payment e-wallet.”

“To facilitate decision making, the P2P platform will use artificial intelligence- based analytical tools, social presence and other key information touch points to constitute user profiles,” he said.

With offices in Chandigarh, Mississauga (Canada) and London, Finvasia is one-stop shop for various hedge funds, fund of funds, FPIs (previously known as FIIs) by providing pre/post-registration with DDP to clearing, trading, advisory, compliance and accounting services.

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