Mobile handset maker Oppo has announced the launch of Oppo Kash, an app that will offer lending, insurance and mutual funds.
Oppo Kash will be pre-installed in all Oppo smartphones, in addition to being available for download on Google Playstore for all Non Oppo users. The app is currently in Beta stage and the company expects a live launch in roughly 6 months’ time.
Oppo currently has 50 million (5 crore) customers, according to Sumit Valia, Vice President, Oppo. It is adding 15 to 20 million customers every year, he said. In addition to the above facilities, the company is also targeting payments, financial education and a financial well being score.
In the mutual fund space, Oppo will offer regular plans. In addition, it has created a product along with ICICI Prudential AMC called Freedom SIP. This product will have tenures of 8,10,12 and 15 years and will allow customers to choose equity or hybrid schemes of ICICI Prudential AMC. Thereafter they will be switched into hybrid schemes. Oppo is targeting 10 million customers for its new fintech offerings. It has also set up a customer service team that would help users invest in mutual funds, take loans or solve any other queries, said the company in a Press Release.
In the lending space, Oppo has tied up with EarlySalary and will offer personal loans up to ₹2 lakh and free credit report. In insurance, Oppo has tied up with ICICI Lombard to offer mobile phone screen insurance.
Commenting on the launch, Zafar Imam – Lead, Oppo Kash, said, “We plan to offer a one stop solution for all financial services on the phone. All financial needs should be fulfilled when a user has an Oppo phone within few clicks and with a simple, mobile first experience. We are the first smartphone brand in India to launch mutual funds.