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Fintech "Chanakya" Shibabrata Bhaumik smashes revenue estimates amid pandemic with "e-Loan"

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September 10, 2020 18:36 IST
MSME sector
“Shibabrata Bhaumik’s PayQ “e-Loan” program creates proprietary algorithms and tech-enabled processes to address the needs of the MSME sector”

During a turbulent year when crypto currencies have outperformed just about every other major investment category, traders in digital-asset markets are getting even greedier, the UK Fintech company PayQ beat analysts' estimates for quarterly revenue on Thursday and forecast similar growth ahead, as businesses tapped its quick “e-loan” despite an unprecedented boycott and the economic upheaval of the coronavirus pandemic.

The Covid-19 pandemic has brought the entire world to a standstill, affecting businesses across the globe. Technology has taken over our lives, broken old habits, and redefined the way individuals live today. One major area where it has cast its halo firmly is in digital payments and lending. The Government of India has given only a small extension in repayment of bank loans. Though even a single tablespoon of water is helpful, it won’t be able to save companies who face real prospect of insolvency. As an increasing number of digital-savvy, individuals open up to the idea of online transactions and seek digital credit, Fintech companies like PayQ befalls very obliging.

The Founder of PayQ, Shibabrata Bhaumik announced small ticket credit to PayQ Merchants like MSMEs and Small businesses and offering them a host of services, including loans and easy payment acceptance and settlement. Despite the wide reach, MSMEs and Small businesses have always struggled to get access to finance from large lenders. PayQ disrupted small business lending in India by providing loans without taking any land or property collateral.

Through PayQ’s technology platform; it optimizes cash flow by ensuring buyers can extend their payment terms to their suppliers and the MSME and SME (supplier) gets access to quick working capital from a range of lender.

Shibabrata was born in Kolkata, India in 1983 growing up in a humble Bengali Hindu family with an upbringing just like any other kid, he always dreamt of achieving bigger in life. He spread his wings in the European market providing financial services to nearly 35,000 clients, which resulted in transactional volume of $1.2 Billion stated on Forbes recently.

Shibabrata also aims to be a Neo-bank of the future offerings more Fintech services and tap into the emerging markets like India.

Bhaumik says, “This disparity, along with the explosion of mobile technology, it only makes sense that banking services can coalesce with other financial services. We are edifying integration kits with EU banks and bring in sectorial experts. It’s a long journey ahead and the company is well positioned for the ride. PayQ has done very well so far. I think we need to leverage technology to catch up with the developed in terms of digital penetration.”

The RBI is taking important measures to promote technology and new Fintech Start ups and some of the more important one’s are regulatory sandbox, and the first cohort has identified some specific technologies, however, unfortunately due to Covid-19 the testing has got delayed”, said T Rabi Sankar, Executive Director, Reserve Bank of India (RBI).

Apart from regulatory sandbox, the RBI is also taking a host of initiatives including working with Institute for Development and Research in Banking Technology that has identified certain technologies that can be used gainfully in the world of finance. And, it is also looking at creating ideas to evolve technology that could eventually translate into something useful in the world of finance.

Shibabrata states, “As regulators and state governments here in India has set up sandboxes for New Fintech entrants like PayQ and they are providing relaxation, we are working with them to open the sandboxes and operate within the guidelines”

If these experiments are successful and PayQ grows to a pre-determined scale, PayQ will soon exit the sandbox to operate in the open market under full regulatory supervision and will compete with the major UPI payment players like PhonePe and PayTm.

 

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Fintech "Chanakya" Shibabrata Bhaumik smashes revenue estimates amid pandemic with "e-Loan"

.

During a turbulent year when crypto currencies have outperformed just about every other major investment category, traders in digital-asset markets are getting even greedier, the UK Fintech company PayQ beat analysts' estimates for quarterly revenue on Thursday and forecast similar growth ahead, as businesses tapped its quick “e-loan” despite an unprecedented boycott and the economic upheaval of the coronavirus pandemic.

The Covid-19 pandemic has brought the entire world to a standstill, affecting businesses across the globe. Technology has taken over our lives, broken old habits, and redefined the way individuals live today. One major area where it has cast its halo firmly is in digital payments and lending. The Government of India has given only a small extension in repayment of bank loans. Though even a single tablespoon of water is helpful, it won’t be able to save companies who face real prospect of insolvency. As an increasing number of digital-savvy, individuals open up to the idea of online transactions and seek digital credit, Fintech companies like PayQ befalls very obliging.

The Founder of PayQ, Shibabrata Bhaumik announced small ticket credit to PayQ Merchants like MSMEs and Small businesses and offering them a host of services, including loans and easy payment acceptance and settlement. Despite the wide reach, MSMEs and Small businesses have always struggled to get access to finance from large lenders. PayQ disrupted small business lending in India by providing loans without taking any land or property collateral.

Through PayQ’s technology platform; it optimizes cash flow by ensuring buyers can extend their payment terms to their suppliers and the MSME and SME (supplier) gets access to quick working capital from a range of lender.

Shibabrata was born in Kolkata, India in 1983 growing up in a humble Bengali Hindu family with an upbringing just like any other kid, he always dreamt of achieving bigger in life. He spread his wings in the European market providing financial services to nearly 35,000 clients, which resulted in transactional volume of $1.2 Billion stated on Forbes recently.

Shibabrata also aims to be a Neo-bank of the future offerings more Fintech services and tap into the emerging markets like India.

Bhaumik says, “This disparity, along with the explosion of mobile technology, it only makes sense that banking services can coalesce with other financial services. We are edifying integration kits with EU banks and bring in sectorial experts. It’s a long journey ahead and the company is well positioned for the ride. PayQ has done very well so far. I think we need to leverage technology to catch up with the developed in terms of digital penetration.”

The RBI is taking important measures to promote technology and new Fintech Start ups and some of the more important one’s are regulatory sandbox, and the first cohort has identified some specific technologies, however, unfortunately due to Covid-19 the testing has got delayed”, said T Rabi Sankar, Executive Director, Reserve Bank of India (RBI).

Apart from regulatory sandbox, the RBI is also taking a host of initiatives including working with Institute for Development and Research in Banking Technology that has identified certain technologies that can be used gainfully in the world of finance. And, it is also looking at creating ideas to evolve technology that could eventually translate into something useful in the world of finance.

Shibabrata states, “As regulators and state governments here in India has set up sandboxes for New Fintech entrants like PayQ and they are providing relaxation, we are working with them to open the sandboxes and operate within the guidelines”

If these experiments are successful and PayQ grows to a pre-determined scale, PayQ will soon exit the sandbox to operate in the open market under full regulatory supervision and will compete with the major UPI payment players like PhonePe and PayTm.

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