Tuesday October 15, 2019
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Samsung to Announce its Digital Lending Platform in India

After filling their personal details for a simple KYC verification and credit scoring, they will get an offer screen on various Galaxy smartphones

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To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Aiming to make it easy for consumers to buy Samsung Galaxy smartphones, the South Korean smartphone maker on Thursday launched its “made in India” digital lending platform called Samsung Finance+ in the country.

Samsung has partnered with New Delhi-headquartered DMI Finance to launch Samsung Finance+ in the country.

“Irrespective of the fact that a consumer has a history of credit or not, we will give an offer to him or her,” Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India, told IANS.

To begin with, the handset maker is launching Samsung Finance+ at 5,000 stores across 30 cities.

When asked about the expansion of the digital lending platform, Singh said: “We plan to reach up to 10,000 retail stores across 100 cities by the end of the year.”

Samsung Finance+ is currently available in Delhi, Mumbai, Jaipur, Chandigarh, Hydearabad and Surat, among other cities.

“It is not just the top cities. We’ve got a mix of all cities… In the second phase of expansion too, we will have a mix of cities,” Singh noted.

Samsung, Apple, Manufacturing, India
Apple and Samsung are very big players, they can change scenarios for private sector manufacturing. LifetimeStock

According to the company, almost all consumers applying for finance would get an offer on the Galaxy smartphone of their choice.

Samsung Finance+ was developed in India at the company’s R&D Institute India in Bengaluru.

“SRI-B engineers worked closely with SIEL from early 2018 in assessing market requirements, designing product features, running limited pilots to validate the concepts and building a data driven, scalable multi-sided lending platform which can meet the demands of a market like India,” noted Singh.

The platform is fully digital which means users will have a paperless journey with the in-store Samsung promoter assisting them customer through the entire process.

Also Read: New Initiative by YouTube to Support Women Creators in India

“We are honoured to have worked closely with Samsung over the past 24 months to deliver the first true partnership in India between an OEM and a lender,” said Shivashish Chatterjee, Co-Founder, DMI Finance.

The customers need to log into the in-store Samsung Finance+ application on a Galaxy Tab.

After filling their personal details for a simple KYC verification and credit scoring, they will get an offer screen on various Galaxy smartphones. (IANS)

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5G Carries Potential to Contribute to India’s GDP Growth by the Year 2025

AR, VR and AI will all come together to form ‘extended reality', it added

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"5G is the promise of a better quality of life for all and exceptional opportunities. It will allow to adapt life to our needs," he said. VOA

A KPMG report on Monday said that 5G technology has the potential to add 0.35-0.5 per cent to India’s gross domestic product (GDP) by 2025.

The report further said that India Inc has the potential to unlock $48.69 billion (Rs 3,408 billion) in four years through the deployment of 5G.

The government has set a target of becoming a $5 trillion economy by 2024-25. In 2018-19, the Indian economy stood at $2.72 trillion.

“We estimate that the 5G contribution to annual GDP will likely be in the range of 0.35-0.5 per cent by 2025. The absolute value unlocked is expected to be highest in the retail sector, followed by finance and then the technology sector,” said the report released at the India Mobile Congress 2019.

It further said that IT will be the “most immersive, intelligent and inventive of all technologies”.

Intel
Top Intel Executive said that India needs to roll out 5G faster in order to take advantage of the economic benefits it can bring to the nation. Pixabay

“Blockchain is a technology trend that has seen wide implementation during 2019 and its applications will continue to expand beyond cryptocurrency, it said.

The survey ranked artificial intelligence (AI), augmented reality (AR)/virtual reality (VR), cognitive computing and machine learning as the top technologies that will have the highest potential to generate immersive experiences, but noted that they are nascent in terms of their evolution and adoption.

AR, VR and AI will all come together to form ‘extended reality’, it added.

Also Read: Users Clueless on Snapchat’s Global Outage

Commenting on the report, Purushothaman K.G., Partner and Sector Lead for telecom at KPMG in India, said: “The future value that will be delivered through telecom operators is not by being the provider of ‘connectivity’ but as being a trusted partner and platform provider offering value and services and experiences to customers.

“We are living in exciting times where new technologies like 5G, IoT, AI and AR/VR promise to revolutionise connectivity and unlock value by creating better, more secure and personalised experiences for everyone.” (IANS)