SalaryFits stands out with a solution to promote financial inclusion
India Soft IT Show, a Global B2B networking event, which brought together startups from more than 70 nations, was held in Hyderabad on the 13th and 14th of February.
SalaryFits, the platform which makes sustainable credit a reality, had the honor to be among the participants of this years’ conference. The event, which is focused on Innovation and Global Information Technology (IT), brought together 250 companies from India and 400 international companies from over 70 countries.
“During the Fair, we had the chance to present the eConsig, one of the most successful cases that disrupted the Brazilian credit market. The technology was developed by Zetra and consists of a platform that is capable of bringing financial inclusion and sustainability to the global economy. We already have activities together with the largest players in India and this was an opportunity to further expand our network to representatives from all around the world, ” mentioned Álvaro Amorim, CEO of SalaryFits India.
SalaryFits is introducing to the international market a platform that allows products or services providers to integrate their systems with payroll information of entities, providing access to a new risk assessment tool, as well as the possibility of deducting installments directly from one’s salary.
In India, the consumer credit market exceeds the $ 500 billion mark per year. And according to Amorim “This is something that really motivates us because we have a great potential to contribute to the reduction of bank’s interest rates as well as to stimulate the Indian economy. In favor of SalaryFits’ concept, we also count with a growing economy and the constant pursuit of bringing financial inclusion for the India population, which is currently un(der)banked”. In the country, the average default rate for the consumer credit market is 5.9%, and our expectation, based on our 15 years of experience in Brazil, is that with the use of the platform, we can bring this rate down to below 1%.
Amorim also highlights that the current demonetization initiative presents another great opportunity for the company which is even more emphasized by the “cashless” movement driven by the Indian government. “Such initiatives are in great synergy with SalaryFits proposal and we are confident that our digital platform will bring another great solution to the Indian market”.