Malaysia’s HelloGold enters Africa through partnership with Baobab Group

Robin Lee

KUCHING: Fintech savings platform HelloGold is entering Africa with leading digital financial inclusion group, Baobab, as a partner.

Together, HelloGold and Baobab will develop products for Baobab’s 800,000 strong customers across nine countries in Africa.

Using its digital financial service infrastructure and experience, HelloGold’s backed savings and products will support Baobab in expanding its financial inclusion services through an integrated savings platform in 2019.

Users will be able to easily buy, save and invest in gold, directly on a mobile application, allowing instant and secure access to gold as an alternative savings product.

“We are pleased to announce this partnership, which will allow our clients to benefit from new digital services. The possibility to easily save and invest in gold is an additional key offered to our clients to unleash their potential,” said Arnaud Ventura, CEO and founder of the Baobab Group.

“This collaboration with HelloGold will allow us to integrate this savings offer in the nine African countries we are working with.”

Baobab operates 1140 service points in Africa and has disbursed more than 940 million euros in loans to the underbanked and unbanked (including micro entrepreneurs, youth and women).

The company provides a wide range of digital and mobile solutions for customers in Africa and to simply, quickly and safely manage their finances.

“Our partnership with Baobab demonstrates HelloGold’s capacity to provide financial solutions for our current and prospective partners,” said HelloGold chief executive officer Robin Lee, in a statement.

“While we bring financial products on our technology, we support our partners in the building of their own offerings, providing differentiated value and services on their platforms.

“We use blockchain technology to enable our customers to access affordable financial products and services, starting with gold.

“HelloGold’s mission is to democratize essential savings and lending products for the underserved and the unbanked in emerging markets through digitization. With this shared vision, Baobab is a perfect partner.”

HelloGold’s products revolve around a unique business model which allows users to buy and sell gold and eventually other financial assets through an app where the physical gold placed in secure, insured vaults in (and soon also in Dubai), can be used for both savings and as collateral for loans.

With a strong presence in Southeast Asia, HelloGold recently launched in Thailand and plans to expand into Indonesia and the Middle East in 2019.

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Source: Borneo Post Online

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