IBS Intelligence Podcasts Ep428: Credit where it is due in India, in credit scores and credit cards
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Mar 14, 2022 Anurag Sinha, Co-founder and CEO of FPL Technologies, shares insights from his FinTech startup focused on credit accessibility in India. He discusses the innovative OneCard and OneScore products aimed at improving credit scores for young consumers. The conversation highlights the swift shift in financial behavior post-pandemic and the untapped potential in India's credit card market. Anurag also unveils ambitious plans for issuing 15 million credit cards, emphasizing the importance of partnerships with banks to reach underserved populations.
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Financial Inclusion Vision
- OneCard and OneScore aim to improve financial literacy and responsible credit management in India.
- These tools address the needs of a young, aspirational population with limited financial awareness.
Discreet Financial Management
- Indians have a private relationship with money and avoid discussing finances openly.
- OneScore provides a personalized tool for managing credit privately without external discussions.
Mobile-First Credit
- Credit cards are high-touch products requiring ongoing engagement.
- Traditional call centers are outdated, making a mobile-first approach like OneCard more effective for managing credit.