HELLOGOLD ENTERS AFRICA VIA TIE-UP
Company in partnership with Baobab to jointly develop products for 800,000 customers across 9 countries
MALAYSIA’S financial technology (fintech) savings platform HelloGold is partnering leading digital financial inclusion group Baobab to enter the African market.
HelloGold and Baobab will jointly develop products for the latter’s 800,000 customers across nine countries in the continent.
Using its digital financial service infrastructure and experience, HelloGold’s gold-backed savings and products will support Baobab in expanding its financial inclusion services through an integrated savings platform.
The companies said users would be able to easily buy, save and invest in gold directly via a mobile app, allowing instant and secure access to gold as an alternative savings product.
“We are pleased to announce the partnership, which will allow our clients to benefit from new digital services. The possibility to easily save and invest in gold is an additional key offered to our clients to unleash their potential.
“The collaboration with HelloGold will allow us to integrate this savings offer in the nine African countries we are working with,” said Baobab Group chief executive officer (CEO) and founder Arnaud Ventura.
Baobab operates 1,140 service points in Africa and has disbursed more than €940 million (RM4.33 billion) in loans to the underbanked and unbanked, including micro entrepreneurs, youth and women.
The company provides a wide range of digital and mobile solutions to customers in Africa and China to “simply, quickly and safely” manage their finances.
“Our partnership with Baobab demonstrates HelloGold’s capacity to provide financial solutions for our current and prospective partners,” said HelloGold CEO Robin Lee in a statement.
Lee said HelloGold supported its partners in the building of their own offerings with differentiated value and services on their platforms.
“We use blockchain technology to enable our customers to access affordable financial products and services, starting with gold.
“HelloGold’s mission is to democratise essential savings and lending products for the underserved and the unbanked in emerging markets through digitisation. With the shared vision, Baobab is a perfect partner.”
HelloGold’s products revolve around a unique business model, which allows users to buy and sell gold and eventually other financial assets through an app where the physical gold placed in secure, insured vaults in Singapore and soon in Dubai can be used for both savings and as collateral for loans.