Chinese smartphone maker Oppo has made its debut in financial services space with Oppo Kash. The service is an app-based platform that comes with a bouquet of financial services, including mutual funds, systematic investment plans, screen insurance, and loans. The app, currently in beta stage, is available on Google Play Store and Oppo App Store for all supporting Android smartphones.
“Oppo has partnered with 20 asset management companies to offer bouquet of financial services, including SIPs and mutual funds. We aim to provide an end-to-end financial solution to around 10 million customers in next five years,” said Sumit Walia, Vice President – Product and Marketing, Oppo India.
He added, “the Oppo Kash platform is built on three core values – small and easy, data privacy and customer security. The app, currently in beta stage, comes with 5 products – mutual funds, freedom SIPs, personal loans, business loans, screen insurance. The most unique offering from the Oppo Kash is the freedom SIP, a product offering in collaboration with ICICI Prudential services – which can yield a return of 1.5 to 3 times of consumers’ investment.”
With the Kash app, Oppo becomes the third Chinese smartphone brand to foray into digital financial services. In 2019, Xiaomi and Realme announced the Mi Credit and Realme Paysa apps, respectively.
The Mi Credit is an app-based credit lending service with a limit of up to Rs 100,000 on personal loans. It is an online marketplace for lenders, which debuted with support from five non-banking financial companies (NBFCs) and fintech firms — Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. Apart from lending services, the company had partnered with Experian to provide credit score report free of cost on the Mi Credit app.
Like Mi Credit, the Realme Paysa app offers digital personal loans of up to Rs 1 lakh. However, it also offers loans of up to Rs 5 Lakh to small and medium enterprises. The platform also provides free credit report and free updates for three months. Besides, it also offers screen damage insurance for both old and new phones with an option of insuring 1 or 2 damages per year. Realme has entered into co-development partnerships with Early Salary (for digital personal loans), Lending Kart (For digital business loans) and Credit Mantri (for free credit report).