Fingular, a Singapore-based global neobank, is getting ready to rapidly launch an innovative digital lending business in Bangladesh through a strategic partnership with a local licensed Non-Banking Financial Institution, with disruptive long-term goals in accelerating financial inclusion in one of the most financially underserved country around the Globe.
Fingular as a strategic investor will leverage its unique global expertise in financial technologies and in facilitating and advancing of digital financial enterprises worldwide, while a licensed Non-Banking Financial Institution will be its lending partner.
Fingular also reveals the brand name of the new business - DharDash - that means “Land of Loans” and highlights its unwavering commitment to building a neo-banking disruptor of financial inclusion and providing the most convenient and customer centric full-blown financial services to the entire country, to all Bangladeshis, to help those who urgently need funds for a variety of purposes.
Apart from DharDesh, Fingular was also among the first to apply for the newly introduced digital bank license in Bangladesh in August 2023 and is awaiting approval from the Bangladesh Bank. As per the digital bank guidelines approved by the central bank, the digital bank will operate without any branches, sub-branches or ATMs. Banking services will be provided to customers only through mobile and digital devices.
Fingular announced this expansion just a month after making waves by its entry into the Qatari market and reaching a major milestone of 4 million registered users in Southeast and South Asia.
Maxim Chernuschenko, CEO of Fingular, stated “With one of the world’s largest populations of over 170 million people and one of the fastest growing economies in the world, maintaining a GDP growth rate of over 7% after the global pandemic, Bangladesh is certainly one of the most attractive markets for financial services in the long term. We are honored to be among the first to enter this promising market and look forward to bringing the best practices of financial industry, both globally and from South Asia, where we are already present in Sri Lanka and India, to such an exciting market.”
“We are committed to our mission of building the first truly global credit-led neobank for more than 2 billion financially underserved people around the Globe, and Bangladesh is one of the most important market in that sense, not to mention the tremendous business potential in the long term. We will improve life quality of millions of people, that can be successfully passed only through continuous innovation and customer focus” - added Fingular strategic backer Vadim Gurinov, Cypriot investor and entrepreneur.