The financial holding Robocash Group has recently stepped into the sector of Islamic finance. In close collaboration with the Indonesian partner Reliance Finance, the company launched a new fintech service providing personal financing in full compliance with the Shariah law. Together, the companies aim to contribute to the development of the Islamic fintech and enhance access to finance for the Muslim population in Indonesia following the Islamic Shariah principles.
Robocash Group has recently announced stepping into the industry of Islamic finance. The new fintech service named as “Reliance Syariah” has become the tenth for the financial holding since origination in Russia in 2013. It has been developed from the ground up in a strategic partnership with the financing company Reliance Finance and close consultation with Sharia Supervisory Board in Indonesia. The potential audience of the service amounts to millions of the Indonesian who live according to the Shariah principles and cannot access to standard financial services.
According to the Islamic Finance Development Report, the global Islamic finance industry largely supported by digitalization will reach US$ 3.8 trillion in assets by 2023 from US$ 2.4 trillion in 2017. At the same time, fintech ventures are considered as key to the industry growth. Comprising companies that provide financing, insurance, real estate and other types of services within the Islamic finance industry, the fintech sector is expected to reach US$ 188 billion in assets by 2023. However, most countries are lagging behind in Shariah adoption in fintech. For example, with the largest Muslim population in the world, Indonesia is only on the 6th place in the Islamic Finance Country Index 2018.
In the announcement on the launch of the new service, Sergey Sedov, Chief Executive Officer of Robocash Group said, “We are very positive about the future of financial technologies in Indonesia. The overall digital adoption and initiatives supporting the industry will surely allow the country to see further exponential market growth. At the same time, we are excited to bring in our technologies to the market of Islamic finance and contribute to its further development. Committed to our mission to quickly meet the financial needs of customers, we have strengthened our robotic solutions by the local expertise of Reliance Finance to provide the best user experience.”
To access the service, customers need to fill in a short application form and provide only an identity card (KTP) and a selfie. Altogether, the technology-enabled application process, artificial intelligence and fraud detection filters applied in scoring ensure offering advances up to USD 715 (IDR 10,000,000) in a few minutes after the application.
Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing lending to customers in Russia, Kazakhstan, Spain, the Philippines, Indonesia, Vietnam and India and operates its own EU-based investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.