Validus A Fintech Firm Adopts City Bank, A Singapore Based Firm to Improve Their Financial Technology
With a vision and aim to multiply the number of transactions within a year, Validus, a giant fintech enterprise, is planning to take a step towards the company’s expansion by stepping into the lending portfolio. Validus also forms one of the units among small to middle-sized enterprises of the Singapore CitiBusiness.
Just after the two months when the initiative was undertaken, CitiBusiness, a small to a medium-sized enterprise that facilitates credit facilities and cash management, was shut down in August last year.
According to the firm, now the customers would be able to avail themselves of several financing options. As per reports and analysis, it is expected that CitiBusiness loans would be soon replaced by loans that would be offered by Validus, a Singapore based fintech firm.
Validus kept away from giving any details about the dealings and their valuations as a gesture of respecting the enterprises’ privacy.
According to Vikas Nahata, co-founder and executive chairman of Validus, the existing customers of Citi would gain an advantage by becoming a part of Validus. In addition to that, he also said that the adoption of CitiBusiness would help Validus to expand and grow its loan services. He said that with the help of their advanced multimedia platforms, the customers would be able to use financing options that would help them to expand their business. According to him, the financing options available on their platform, like business account cards etc., would enable them to manage their cash and finances much wiser.
Last year Citi declared withdrawal of its services from 13 of its markets on account of unavailability of required scale. Mr Roy Phua, the head of the mortgage in Singapore CitiBusiness, said that their primary aim is to satisfy customers and provide reasonable loans. According to Validus, the adoption process is expected to complete within a month.
Last year KlearCard, a virtual fintech platform, came under the acquisition of Validus. It is also being reported that Validus is planning to launch some virtual services with the help of this platform.
Validus successfully provides 50000 loans to various big cities like Singapore, Indonesia, Vietnam and Thailand. It has also recorded $1.6 billion of distribution in loans with an average size of about dollar one lakh fifty thousand.