Emerald Finance Limited to launch digital tech platform to offer short term loans

The Board of Directors of Emerald Finance Limited in its meeting held on 08.07.2023 has approved the development and launch of a digital tech platform to tie up with employers to offer short term loans to their employees as salary advance.

The company in line with its vision to expand its offerings and to serve retail customers at large has started working on a salary advance solution. This product entails tying up with employers to offer short term loan as salary advance. The amount lent is then collected through salary deduction.

This is a niche product in India. This product is in vogue in developed countries like US and Europe. The company feels that this can grow into a significant business in future. The company already has experience of this product due to its earlier partnership with Rainpay India Pvt Ltd.

This solution will be completely digital and will use the latest digital technologies to provide a seamless experience to both employers and employees. We are building this solution through internal resources. We hope to do a beta test launch in the coming months.

Shares of Emerald Leasing Finance & Investment Company Ltd was last trading in BSE at Rs. 22.86 as compared to the previous close of Rs. 23.47. The total number of shares traded during the day was 7378 in over 63 trades.

The stock hit an intraday high of Rs. 23.94 and intraday low of 22.80. The net turnover during the day was Rs. 169856.00.

Source : Equity Bulls

Keywords

EmeraldFinance INE030Q01015 DigitalTechPlatform ShortTermLoans