Last month, local telco redONE announced the launch of redCASH, Malaysia's first online money lending platform by a telecom operator.
IMAGE: redONE (Provided to Mashable Southeast Asia)
The platform will provide micro-loans ranging from RM1,000 to RM10,000, with attractive interest rates and a quick approval process. The loans are exclusively available to redONE subscribers.
In fact, redCASH is designed with distinctive features, specifically to cater to the needs of redONE's subscribers. Convenient payment methods are provided through online banking, JomPAY, and cash payments at participating redONE dealers.
Not only will this platform enhance the fintech market in Malaysia, it also marks a significant milestone for redONE, as it becomes the first telco to venture into this domain.
In a remarkable achievement, redONE has been officially recognized by The Malaysia Book of Records as the 'First Telco in Malaysia to launch an Online Money Lending Platform'.
This innovative platform is made possible through a strategic partnership with Experian Information Services Malaysia, the renowned credit rating agency.
IMAGE: redONE (Provided to Mashable Southeast Asia)
Experian will provide credit assessment of redONE's customers and determine their Debt Service Ratio (DSR) eligibility. Through the collaboration with Experian, redONE can leverage the agency's expertise in credit assessment to ensure responsible lending practices and better serve its customer base.
"Experian's data-driven credit-decisioning solution ensures that assessments are fast, fair, and affordable. Experian is delighted to support redCASH's automated decision-making platform which speeds up credit decisions by letting redONE quickly work out whether applicants can afford a loan.
"This determines that they are making sustainable lending decisions while safeguarding Malaysian consumers in making the right borrowing decision for themselves," said Dawn Lai, CEO of Experian Information Services Malaysia.
With digital lending via redCASH, redONE can now extend micro-loans to its underserved customer base.
IMAGE: redONE (Provided to Mashable Southeast Asia)
"We are thrilled with the launch of redCASH, which will greatly contribute to the fintech market in Malaysia. Being the first telco to offer this service is a significant milestone for us since the establishment of redONE 11 years ago.
"We understand that access to credit is a major challenge for many Malaysians. With redCASH, we can provide micro-loans to customers who may face difficulties obtaining loans through traditional channels," said Farid Yunus, CEO of redONE.?
redCASH is now operational and available to all redONE subscribers.
IMAGE: redONE (Provided to Mashable Southeast Asia)
You can apply for loans via the redCASH website or by downloading the redONE app.
With the launch of redCASH, redONE reaffirms its commitment to providing innovative and affordable services that cater to the evolving needs of its customers in the digital era.
Established in 2012, redONE is known for their affordable postpaid services and plans that start from as low as RM8 per month. Riding on a premier mobile network operator's widest mobile network, redONE subscribers can expect to enjoy seamless Internet connection and uninterrupted voice calls throughout Malaysia at budget-friendly prices.
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