Dhaka Bank plugs into TSLC's global AI/ML platform to transform Bangladesh's consumer lending landscape
Dhaka Bank's revolutionary digital lending app eRin powered by CASHe Alliance's industry-leading technology, announced its commercial launch on March 12th, paving the way for category disruption and instant digital loans of up to BDT 50,000 for Bangladeshi consumers.
DUBAI, United Arab Emirates, March 14, 2023 /PRNewswire-PRWeb/ -- CASHe Alliance Limited (CAL) and Dhaka Bank Limited (DBL) announced on March 12th the commercial launch of the eRin app after receiving regulatory approval from Bangladesh Bank.
Dhaka Bank's eRin is the first and only digital lending app in Bangladesh to receive regulatory approval from Bangladesh Bank to deliver up to 50K BDT, demonstrating the confidence and trust that the Bangladesh Bank has in DBL and its partner CASHe Alliance's B2B credentials and solutions. The mass launch comes after a successful pilot phase and rigorous analysis by the Bangladesh Bank of its features like suitability, user-friendliness, and security. The app has reached a 40% monthly growth on monthly active users (MAU) by providing a personal loan within minutes.
Emranul Huq, Managing Director, and CEO at Dhaka Bank, said: "I am proud of our team for successfully piloting and launching the eRin app in collaboration with CASHe Alliance. Our ambition to serve underserved consumers came to fruition by plugging into CASHe Alliance's industry-leading AI/ML BaaS platform. We are thrilled to receive regulatory approval from the Bangladesh Bank to become the first to deliver up to BDT 50K and offer transformative BaaS services along with our technology partner, CASHe Alliance, to other financial institutions, creating a force multiplier effect. This historic approval confirms Dhaka Bank's commitment to innovation and financial inclusion. We are excited to offer our customers a new way to access financial wellness products and services seamlessly and affordably."
Deepak H. Saluja, Co-Founder, and Group CEO at TSLC, said: "We are delighted to see Dhaka Bank, our principal partner and anchor bank, secure a unique, landmark regulatory approval from the Bangladesh Bank. This paves the way for CASHe Alliance to become Bangladesh's leading AI/ML credit-led PaaS company and our first big foray outside India. This pivot reflects our shared vision of financial inclusion at scale and making a positive, tangible impact in the lives of underserved consumers in Bangladesh. We are confident that the eRin app and subsequent projects with Dhaka Bank and other financial institutions will unleash enablement of quick, easy, and affordable financial access, at scale, for Bangladeshi consumers and empower them to achieve their goals and aspirations."
The eRin app's launch is set to benefit millions of Bangladeshis and help address the more significant societal problem of financial exclusion, which is a government priority in Bangladesh and a mission that CASHe Alliance and its partners passionately advocate for.
About CASHe Alliance
CASHe Alliance (https://cashealliance.com/ ) is a joint venture between The Social Loan Company (TSLC), a Singapore-domiciled fintech, and Alliance Holdings, a leading conglomerate in Bangladesh. CASHe Alliance is an AI-ML-powered credit-enablement platform on a mission to expand credit access by providing hyper-personalized and affordable financial solutions to underbanked digital natives in Bangladesh. For more information about CASHe Alliance, please get in touch with Israr Khosru Chowdhury, Director CASHe Alliance Limited, at [email protected]
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About TSLC
Founded in 2016, The Social Loan Company or TSLC (https://tslcglobal.com/) is a global IP/ venture builder on a mission to make financial inclusion a reality for underserved digital natives in emerging and frontier markets. TSLC aims to revolutionize money for millions of credit-thin, new-to-credit, and credit-invisible consumers, by lowering the barriers to credit and bringing about a paradigm shift in financial access. Using a unique Al-driven technology, TSLC's embedded financing platform connects banks with borrowers across the entire value chain of credit, insurance and savings, offering a seamless and transparent multi-product experience. The company applies ML and automation to data sets leading to better decisioning, pricing, underwriting, and ultimately superior customer service. For more information about TSLC, please get in touch with Shagorika Heryani, Global Chief Marketing Officer , at [email protected]
Media Contact
Shagorika Heryani, The Social Loan Company, 971 502305117, [email protected]
SOURCE The Social Loan Company
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