Which Tech Majors Are Vying For India's $1T Digital Loan Market?

Author: Anusuya Lahiri | August 31, 2021 09:14am

• Bloomberg reports that the Indian digital loan market seems to be an attractive bait for companies ranging from Facebook Inc (NASDAQ:FB) to Xiaomi Corp (OTC:XIACY).
• Boston Consulting Group projects the market to reach $1 trillion in the five years since 2019, subject to impending government regulations.
• Facebook announced its small business loan program ranging from ₹500,000 ($6,720) - ₹5 million with collateral-free interest rates of 17%-20%. Xiaomi also teamed up with Indian banks and digital lending startups to offer loans, credit cards, and insurance products.
• European investment firm Prosus NV's (OTC:PROSF) (OTC:PROSY) PayU unit recently agreed to acquire Indian online payments service BillDesk for ₹345 billion ($4.7 billion). The deal aims to create a digital payments powerhouse with a total volume of $147 billion, reaching an investment of over $10 billion in the country. 
• Amazon.com Inc (NASDAQ:AMZN) also recently participated in a $40 million round by fintech startup Smallcase Technologies Pvt.
• Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google collaborated with small Indian lenders for opening time deposits after successfully offering wealth management products on its Google Pay platform.
• Price Action: FB shares traded lower by 0.36% at $379.30 in the premarket session on the last check Tuesday.

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