WeCash to quit India Operations

Wecash the Chinese financial giant having global presence in China Indonesia, Brazil and Vietnam with 130 million users since 2014 with credential of US $7+ billion in loans, backed by over 60 Institutional lenders.

To start the operations in India in the last July 2018,Wecash has appointed two top executives Nitin Agarwal and Daman Soni as the COO and CMO in the organisation by taking an office in Gurugram .

WeCash the Beijing-based fintech start-up owned by George Zhengchun Zhi.32, as the founder and CEO has teamed up with Japanese financial firm ORIX and Hong Kong property developer SEA Group to apply for a virtual bank licence from the Hong Kong Monetary Authority, reflecting another international alliance seeking to enter the city’s online banking business.

Wecash has the technology to use big data and machine learning to assess various credit-based metrics to support banks to offer loans to customers and in the last year. Wecash makes about 20 million transactions in China annually, while ORIX has nearly 20 years of experience in running an online bank in Japan. SEA Group is a Hong Kong company which knows the local regulations and has a good network.”

With the new policy on the use of Aadhaar identification by private companies ,WeCash has wrapped up its plans of launching a consumer-facing lending product in the country and laid off its entire team in India and decided to move from the country . The sources said, Nitin Agarwal, COO and Daman Soni, CMO had left the firm in last month.