Muthoot's Digital Platform To Introduce Insurance, Loans Within Six Months

Muthoot Fincorp Ltd (MFL), the flagship company under the Muthoot Pappachan Group, has announced the introduction of an innovative digital financial platform named Muthoot Fincorp One. This new platform aims to roll out diverse financial services such as insurance, personal loans, two-wheeler loans, and housing loans within the span of six months.

With a current record of over 20,000 daily transactions and more than 200,000 app downloads, Muthoot Fincorp One is planning to expand its reach significantly. In the coming six months, the platform envisions launching these new product offerings, targeting 80,000 daily transactions and a million app downloads.

Muthoot Fincorp One provides a range of financial solutions, including small business loans and gold loans, which can be accessed from the comfort of one's home or at Muthoot Fincorp branches. The platform also presents investment opportunities such as digital gold and non-convertible debentures (NCDs).

Chandan Khaitan, the CEO of Muthoot Fincorp One, expressed the company's ambitious goal of serving more than 1 million customers by the conclusion of the current financial year. Khaitan emphasised that Muthoot Fincorp One operates on a 'phygital' model, effectively blending the capabilities of the app with the extensive network of over 3,600 physical branches belonging to Muthoot Fincorp. He highlighted that the platform is founded on robust data analytics, harnessing the power of data science and advanced models for artificial intelligence and machine learning. Additionally, the platform places paramount importance on maintaining cybersecurity resilience.

This launch complements the existing physical presence of MFL through a 'phygital' ecosystem, as noted by Thomas John Muthoot, the Chairman and Managing Director of Muthoot Fincorp.