English
SalaryFits takes part in the Fintegrate Zone event in India
Mumbai / 1st March / 2017
From March 1 to 3, the event will gather more than 250 companies in Mumbai
SalaryFits (www.salaryfits.com), the fintech startup that promotes financial inclusion, will have the honor to present its solution during the Fintegrate Zone 2017 event, which will be held in March 1-3, at the Stock Exchange in Mumbai, India. The event, designed by Zone Startup, an Incubator and accelerator based on Ryerson Futures program in Toronto, Canada, will bring together more than 85 speakers from many countries and around 1,000 representatives from 250 international companies.
Asian investors, Indian-based entrepreneurs, financial players and startup entrepreneurs from India will be the main audience of the event. Álvaro Amorim, CEO of SalaryFits India, will join the panel ‘The challenges of an entrepreneurial immigrant in leading a project in India’, alongside executives from two fintech startups: Johnathan Bill, founder of CreditMate, which developed a lending platform focused on the used two-wheeler market in India; And Adam Walker of HummingBill, who developed an online accounting and billing system.
India’s economic potential, with a continuous rate of extraordinary growth, has called the world’s attention into this market. And the fintech market is no different in India: the consumer credit industry 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”.
“This is a very important moment to present our business. We will introduce a technology based on eConsig, one of the most successful cases that disrupted the Brazilian credit market. The solution was developed by Zetra, and consists of a platform that is capable of bringing financial inclusion and sustainability to the global economy. In the country, the average default rate for the consumer credit market is 5.9%, and our expectation, is that with the use of our platform we will bring this rate down to below 1%.”
With SalaryFits, financial institutions can 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. The solution relies on a successful business that has been improved for over 15 years in Brazil, and has now operational control of over US$ 17 billion in payroll loans for more than 2,7 million employees.
“The payroll deduction loans provides lower cost and more security during the transactions, leading banks to further reduce their interest rates. And this also results in reduced delinquency rates. Overall, it’s a more attractive cycle for the market, “says Amorim. The proof of this is the fact that the platform has been successfully adopted by many banks and financial institutions in other markets like Mexico and Europe.