Fingular, a Singapore-based global neobank focused on serving emerging markets, is pleased to announce that it has achieved an industry-fast first month of profitability of its Malaysian business in just 9 months after launch.
A year ago, Fingular launched a business in Malaysia under the Tambadana brand, acquiring a local Malaysian company with a traditional “money lending” license, that requires compliance with mandatory offline procedures, such as the client signing a paper version of the agreement (which has long limited the development of digital online lending and the Malaysian fintech market as a whole).
In April 2024, in light of large-scale and ambitious business development plans, the company completed a license upgrade and became one of less than 1% of traditional “money lending” licensed companies that converted traditional licenses into advanced “digital lending” ones (a special type of license recently introduced by the Regulator for the purpose of broad digitalization the credit business that allows arranging the lending process completely online). Since Fingular's processes and technologies initially met the expectations and all requirements of the Regulator, the company successfully passed the required comprehensive audit by regulatory authorities in just three months. This is a unique case for the Malaysian financial market.
Tambadana (Malaysian brand of the global neobank Fingular) is one of the pioneers of the digital online lending business in Malaysia and the first player to launch a completely paperless digital product. This service allows customers to receive a loan in minutes rather than days. To apply, clients only need an ID card without proof of income, while traditional lenders require a number of additional documents, such as payslips, bank statements, employment certificates, etc. Tambadana's service also has a high approval rate.
According to April 2024 financials, Tambadana announces that it has reached a major financial milestone, turned first-ever monthly profit in just 9 months since launch in mid-2023. This is a unique case for the global credit-led fintech market as a whole - it usually takes at least 2 years to achieve first profitability.
«This achievement is the result of dedicated effort and exceptional teamwork. Our service is designed to help those who urgently need funds for a variety of purposes and offers the most convenient, friendly and truly digital fintech experience to all Malaysians», — said Harold Chen, CEO of Tambadana, - Our company is one of the most prominent market players today. Customers love us for the best credit experience, attractive pricing, convenient fully digital application process and best time-to-money».
«We have received a clear confirmation of the exceptional effectiveness of our distinctive online business model, unique in the Malaysian market, the demand and appreciation of our user-friendly, intuitive digital processes, and are strongly pursued to our unwavering commitment to the core mission of our business - to offer the best customer experience and absolutely convenient and honest customer-centric financial services to all Malaysians. We are actively working on expanding our business volumes at least tenfold within a year in this strategically important market and also launching new convenient and advanced products in the coming months», — added Maxim Chernuschenko, CEO of Fingular.
The company's target customer base in the Malaysian market is over 15 million people, including casual wage earners, young professionals who have just started their careers, small business owners and entrepreneurs, low to middle income customers, tech-savvy people.
Today, Fingular's services are available to more than 500 million financially underserved customers in the South and Southeast Asian markets.
Fingular uses proprietary solutions such as machine learning algorithms and artificial intelligence models to create robust risk management systems and credit scoring procedures. The system evaluates more than a thousand parameters, including current credit history, socio-demographic factors, data from partner companies and government agencies. This integrated approach allows credit decisions to be made in real time, while significantly reducing the risk of fraud and default. A team of experienced professionals consistently works to improve the quality of service in all countries of presence, introducing convenient innovations at every stage of interaction with clients.