Hardika Shah: My expectation is that fintechs bring forth new ways to service niche credit needs
FinTech BizNews Service
Mumbai, June 26, 2024: The World MSME Day is celebrated on 27th June, 2024. Hardika Shah, Founder & CEO, Kinara Capital, a fintech NBFC offering collateral-free loans to MSMEs in India, has shared interesting views on how tech enabled solutions can be a game changer for MSMEs and help them in their growth ahead. Kinara Capital has disbursed over INR 5,000+ crores to date across 91,000+ collateral-free business loans thereby propelling vast financial inclusion of India’s MSME sector.
Hardika Shah, Founder and CEO, Kinara Capital:
“MSMEs contribute 30% to India’s GDP, but we have the opportunity to take it up to 50% contribution. Easing access to formal credit is a key requirement; there is hardly a dent made to the burgeoning USD $400 billion missing middle credit gap faced by MSMEs in India. Tech-enabled solutions, especially with India Stack, can be the gamechanger at every step of the process - from creditworthiness evaluation, to speeding up the loan process, verification and timely disbursements. At Kinara Capital, one of our core priorities as a fintech was to advance the use of AI/ML to deliver credit-decisioning that removes human bias from the process for the underserved MSME entrepreneurs. We are also making a strategic long-term investment in our in-house tech to create Lending-as-a-Service (LaaS) set of customizable APIs in order to integrate with more partners in the future. On World MSME Day, my expectation is that fintechs bring forth new ways to service niche credit needs. As India charts its course towards being a USD 7 trillion economy, it is imperative to create an ecosystem that propels MSMEs.”
