BankBazaar.com ven­tures into in­ter­na­tional mar­kets with Sin­ga­pore en­try

The Pak Banker - - COMPANIES/BOSS -

A&A Dukaan Fi­nan­cial Ser­vices Pvt. Ltd, the com­pany that op­er­ates on­line fi­nan­cial ser­vices mar­ket­place BankBazaar.com, has ven­tured into the in­ter­na­tional mar­ket start­ing with op­er­a­tions in Sin­ga­pore.

The com­pany has ap­pointed for­mer global head of dig­i­tal bank­ing at Stan­dard Char­tered Bank, Aman Narain, as chief ex­ec­u­tive of its in­ter­na­tional op­er­a­tions to be based in Sin­ga­pore.

"In In­dia there's a 10x po­ten­tial to grow. In the Asian mar­kets, in­ter­est­ingly, the house­hold debt as a func­tion of GDP (gross do­mes­tic prod­uct) is ac­tu­ally fairly large. In dol­lar terms, they (Sin­ga­pore and other Asian mar­kets) con­sume more num­ber of mort­gages, more num­ber of credit cards than we do in the In­dian mar­ket in value terms," Ad­hil Shetty, co­founder and chief ex­ec­u­tive of­fi­cer at BankBazaar, said in an in­ter­view.

He added that both the Sin­ga­pore and Malaysia mar­kets (in dol­lar terms) are larger than the In­dian mar­ket. The Sin­ga­pore en­tity will be a wholly owned sub­sidiary of the In­dian arm, Shetty said. "The ra­tio­nale be­hind this move is that we built a lot of plat­form- based IP (in­tel­lec­tual prop­erty) which is ac­tu­ally ap­pli­ca­ble glob­ally. Be­ing a very IP-based busi­ness which is not re­source- or cap­i­tal-in­ten­sive, es­sen­tially what we are shar­ing with our Sin­ga­pore en­tity is our IP, our plat­form and our best prac­tices, based on which they're run­ning on at full speed in their own mar­kets."

As part of its plans, BankBazaar will roll out its flag­ship credit card ser­vices first and even­tu­ally ex­pand into per­sonal, home and auto loans, among other ser­vices. The com­pany has set a tar­get of around $10 mil­lion net rev­enue run rate (dol­lar terms) for its Sin­ga­pore mar­ket in the com­ing months. Shetty said the com­pany is con­sid­er­ing ven­tur­ing into other mar­kets like the Middle East, Malaysia, the Philip­pines, Viet­nam and In­done­sia within the next few quar­ters. BankBazaar will have close to 100 mem­bers work­ing on in­ter­na­tional mar­kets, both off­shore and on­site, Shetty said.

"Tech­nol­ogy is fun­da­men­tally al­ter­ing the way we live and work, and with new rules come new play­ers," Narain, the newly ap­pointed chief ex­ec­u­tive, said in a state­ment. In In­dia, BankBazaar has 950 em­ploy­ees; it re­ceives five mil­lion vis­i­tors a month and has con­cluded dis­pers­ing Rs.3,000 crore at the end of 2015, Shetty said. The com­pany has 12 prod­ucts on of­fer in In­dia rang­ing from credit cards and per­sonal loans to home loans and auto loans, among oth­ers from over 50 pub­lic and pri­vate sec­tor banks and non­bank­ing fi­nan­cial cor­po­ra­tions.

BankBazaar cur­rently of­fers ser­vices to non-res­i­dent In­di­ans in mar­kets like Sin­ga­pore and Dubai for cus­tomers in­ter­ested in buy­ing prop­erty in In­dia. BankBazaar raised Rs.375 crore in July 2015 led by Ama­zon Inc., Fi­delity Growth Part­ners, Mousse Part­ners and ex­ist­ing in­vestors Se­quoia Cap­i­tal and Walden In­ter­na­tional.

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