Key Takeaways:
- Chinese fintech group FinVolution has launched Daira, a new lending platform tailored for the Pakistani market.
- Daira offers low-interest, flexible loans with funds transferred to customer accounts in under a minute and no service fees.
- FinVolution secured a non-banking financial company (NBFC) license from the SECP to operate in Pakistan.
Chinese fintech group FinVolution has entered the Pakistani market with the launch of a new lending platform named Daira. Daira is designed to provide “secure and localized” financial services tailored specifically for the Pakistani market. Offering low-interest, flexible loans, Daira claims that funds are transferred to customer accounts in under a minute with no service fees. To get the project off the ground, FinVolution secured a non-banking financial company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP) earlier this year.
“Situated at a pivotal crossroads in South Asia, Pakistan has a large and youthful population. However, millions of individuals still lack access to basic financial services,” the company says. “With the country’s fintech market rapidly digitalizing, this gap presents significant opportunities for growth and innovation.”
Founded in 2007 and headquartered in Shanghai, China, FinVolution specializes in credit technology, offering products and services focused on credit risk assessment, artificial intelligence, big data, and fraud detection. The company was listed on the New York Stock Exchange in 2017.
Since 2018, FinVolution has been expanding its global footprint, with Pakistan now joining its roster of international markets alongside Indonesia and the Philippines. Alongside its SECP license, FinVolution has obtained several other financial licenses across various markets this year, including a multi-finance license from Indonesia’s Financial Services Authority (OJK) and a Special Accessing Entity (SAE) designation from the Credit Information Corporation (CIC) in the Philippines.
