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Sat, Dec 16, 2017 | Last Updated 10:19 pm IST

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CASHe Launches Fintech Industry's First Distributed Ledger Based Smart Contract Tokens at Global Entrepreneurship Summit

CASHe Launches Fintech Industry's First Distributed Ledger Based Smart Contract Tokens at Global Entrepreneurship Summit
CASHe Launches Fintech Industry's First Distributed Ledger Based Smart Contract Tokens at Global Entrepreneurship Summit
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Aeries Financial Technologies Pvt. Ltd., a fintech company promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar, today announced that it has built a Smart Contract-based Distributed Ledger Technology on its app based lending platform, CASHe. The formal announcement of the revolutionary platform was made this morning at the Global Entrepreneurship Summit India 2017 being held in Hyderabad. The Distributed Ledger Technology allows the platform to record transactions in a secure and transparent manner by creating an immutable audit trail. The platform has been designed to function as a shared infrastructure across customers, multiple external stakeholders, including regulators, credit bureaus and potentially other parties interested in participating in the distributed infrastructure.
CASHe Launches Fintech Industry

Smart Contract based Distributed Ledger records all lending transactions in an open and transparent manner, thus allowing CASHe and the borrower to execute a trusted lending transaction that is transparent and tamper proof. The key innovation also involves tokenising the loan amounts borrowed by the customers into Smart Contract Digital Tokens which are stored on the Ledger and accessible by the customer in the app. This means every rupee that is disbursed is automatically tokenized into a digital token. The user can now utilize the tokens in the following ways. 

  1. Monetize the digital tokens by transferring it to his bank account - This happens almost immediately

  2. Transfer the digital tokens to another CASHe customer or even a non CASHe customer who can, at their end, monetize the tokens with their respective banks 

All transactions are securely and accurately stored on the distributed ledger using advanced cryptography and can be accessed only by password protected crypto keys.Speaking during the launch at the Global Entrepreneurship Summit, Chairman of Aeries Financial Technology, Mr. V. Raman Kumar said, "We have created a disruptive and transformative blockchain based technology which will revolutionise our digital lending business by providing a compelling value to our customers. CASHe is uniquely positioned to offer its customers the ability to borrow, transfer and repay money by using the Smart Contract Enabled Tokens in a completely secure, safe and auditable way. This also makes CASHe India’s first full service lending company that has successfully harnessed three big emerging technologies - Big Data, AI and Blockchain. We expect this technology to enable our lending application to grow virally in the coming months”, he added.

 

Notes to the editor About CASHe

CASHe, India's fastest growing app-only lending company, provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm based machine learning platform.

 

In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its innovative technology-driven lending platform for the young, urban millennials. CASHe provides almost instantaneous loans on-demand. Its user-friendly digital interface enables faster loan application process and quicker loan disbursals. CASHe provides hassle-free loans with its app enabled documentation and loan disbursal/repayment process. Powered by its industry-first algorithm driven credit scoring platform, Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents. CASHe’s target audience is young working professionals in the age group of 23-35 years. CASHe offers loans from Rs 10,000 to Rs 2,00,000 payable over 30 - 180 days.

 

For more information, please visit www.cashe.co.in.

 

Key Highlights:

Launched – April 2016

Current active customer base – nearing 100,000

Over 725,000 app downloads on iOS and Android phones

Over 200 crores of loans disbursed since launch of operations

Loan products on offer – 30, 90, 120, 180 days

Average daily loan disbursals – Over 1.5 crore

Daily loan applications processed –  700 - 1000

Product availability – PAN India

Customer retention rate – Over 75%

New customer growth – Over 30% month-on-month

Technology platform – Social Loan Quotient (AI Algorithm & machine learning and now Block chain)

Typical customer age group – 22-34 years

Series A Funding: US $ 3.8 Million on April 1, 2017

Total Funding until now: USD 10 Million

Business operations: Mumbai, Hyderabad

 



CASHe Launches Fintech Industry's First Distributed Ledger Based Smart Contract Tokens at Global Entrepreneurship Summit
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