Oppo Kash finance platform announced, features SIPs, mutual funds, and more
Oppo joins smartphone companies such as Xiaomi and Realme to enter the financial segment.
Along with the Reno 3 Pro, Oppo on Monday laid out its strategy roadmap for 2020. The plans include a fintech foray in the Indian market. The company announced an "Oppo Kash" financial platform which includes services such as personal loans, mutual funds, and business loans among others. Oppo joins smartphone companies such as Xiaomi and Realme to enter the finance segment.
The Oppo Kash platform is currently in the beta stage. The official app will be available starting today on Google Play Store and Oppo's own App Market for all smartphone users. It will feature five services - mutual funds, SIPs, personal loans, business loans, and screen insurance.
Oppo said the company plans to have 10 million customers in the next five years and using its services worth ₹50,000 crore value. Oppo has partnered with 20 asset companies including ICICI Prudential, Kotak Mutual Fund, UTI Mutual Fund, and SBI Mutual Fund for the new Oppo Kash platform.
"With Oppo Kash, we aim to become the biggest disruptor in the financial services by building a sustainable enterprise based on three core values - start small and easy, data privacy, and customer security," said Sumit Valia, VP Product and Marketing Oppo.
Oppo's new financial service comes after the likes of Xiaomi and Realme entered the space. Realme last month announced its Realme Paysa had hit 1,00,000 users in India. Xiaomi, which offers Mi Credit, plans to extend the coverage to 100% pin codes in India by March, 2020.