Fino Paytech Limited

Founded in 2006, Fino Paytech Ltd is a developer of banking technology software and hardware solutions to help its clients in enrolling customers, data storage and verification in unbanked areas which have limited connectivity and access. The company’s products are widely used by commercial banks, insurance companies, and government departments in extending loans, remitting payments, mobilizing deposits, government direct cash transfer and health insurance welfare schemes. Using Fino Paytech’s products, commercial banks and insurance companies can rapidly scale up their business to millions of unbanked customers located in remote and rural areas, using handheld devices. The company provides a full suite of handheld devices and biometric solutions to procure, store and verify data which helps in fast scaling up of the products and services of the commercial banks and insurance companies aimed at their financial inclusion programmes. The major shareholders of Fino Paytech Ltd are Bharat Petroleum Corporation Limited (28.61%), ICICI Prudential Life Insurance (11.4%), Blackstone GPV Capital Partners (7.56%), ICICI Bank (5.79%) and ICICI Lombard General Insurance (5.32%). Business Model Fino Paytech offers banking technology software and hardware solutions to the commercial banks, and insurance companies to enrol customers, data storage and verification in unbanked and rural areas which have limited connectivity and access. Besides, it also helps the Government in payments and remittances for its MGNREGA, social security and health insurance schemes using biometric technology. As a group, the Fino Paytech Ltd controls the following major subsidiaries: Fino Payments Bank Ltd offers the financial services like current and savings accounts, remittances, business correspondent, mobile banking, bill payment and third party financial products distribution. Fino Finance Pvt Ltd is a non-deposit taking NBFC. The company offers micro-credit facility to the women population and MSMEs located in rural and remote areas. The company is focussed on the agriculture and small business segments. Fino Fintech Foundation provides business correspondent (BC) services to the commercial banks and governments. The business of fino fintech Foundation is to create agent network, design new products, manage training and audit by banks. Fino Fintech is the largest business correspondent in India, with a network in 499 districts. The company also implements the government’s EBT scheme to its beneficiaries across India. Products Customer Enrolment Solutions enable the banks to acquire new customers in remote and rural locations in a quick and simple manner. Using its mobile kit based enrolment system, the banks can capture demographic details, photograph, biometric data and signatures of their clients effortlessly. Hardware Solutions offers a complete suite of biometric products for verification, storage and enrolment, and maintaining all back end system processes – thus enabling its clients to offer exclusive financial inclusion applications. Operational Solutions manages the data to churn out the required information and MIS reports for day-to-day planning and management of operations. The clients can utilize some of the pre-designed reports or ask for customized reports. Registered Address The registered office of the Fino Paytech Limited is located at Mindspace Juinagar, Tower 1, 9th Floor, TTC Industrial Area, Navi Mumbai. Symbol Fino Paytech Ltd. Face Value (₹): 10 ISIN: INE511I01011 Demat Status: NSDL & CDSL Lot Size: 100 Shares Board of Directors Mr. Ashok Kini Non-executive Chairman & Independent Director Dr. Anjana Grewal Independent Director Mr. Amit Jain Nominee Director of Blackston Mr. Alok Gupta Nominee Director of Hav 3 Holdings (Mauritius) Ltd. Mr. Ramakrishna Gupta Nominee Director of Bharat Petroleum Corporation Limited Mr. Sudeep Gupta Whole-time Director Key Business Highlights Niche business model, sticky & growing client base located in under-banked and remote locations, and having pan-India presence. Fino is the largest business correspondent in India. The company is a big beneficiary of the boom in the digital payments business. The digital payment industry is forecasted to grow at a CAGR of 27% in the coming 5 years. Fino Paytech doubled its consolidated revenues over the past 4 years, consistently reducing losses and on path to profitability. The company is de-leveraging its balance sheet by reducing its non-current liabilities by 60% over the last 4 years. Fino Paytech is a parent company of Fino Payments Bank, a listed company. Fino Paytech is further trying to unlock its value by obtaining a Small Finance Bank Licence. Backed by strong investors – ICICI Group, and Blackstone. “Fino Paytech unlisted shares price rise 20% after nod to its payments bank IPO” The unofficial market for unlisted shares is going gung ho on the shares of the holding company of Fino Payments Bank after capital markets regulator SEBI gave its go ahead to the lender’s plan for an initial public offering (IPO). Read more: https://economictimes.indiatimes.com/markets/ipos/fpos/fino-paytech-unlisted-shares-rise-20-after-nod-to-its-payments-bank-ipo/articleshow/86805384.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst