RedONE Network Sdn Bhd, a Mobile Virtual Network Operator (MVNO) in Malaysia, announced the introduction of redCASH, the country’s first online lending platform initiated by a telecom operator.
Exclusively available to the telco’s subscribers, redCASH will provide micro-loans ranging from RM1,000 to RM10,000. The launch is a significant step for redONE, which has offered postpaid and prepaid plans for 11 years.
Farid Yunus, CEO of redONE, expressed that the platform aims to cater to customers facing challenges securing loans through traditional channels.
redCASH features a streamlined approval process, with various payment options such as online banking, JomPAY, and cash payments at select redONE dealers.
This initiative results from a partnership with Experian Information Services Malaysia, a credit rating agency. Experian will handle the credit assessment of the telco’s customers, evaluating their Debt Service Ratio (DSR) eligibility.
Dawn Lai, CEO of Experian Malaysia, highlighted the efficiency and fairness of their data-driven credit assessment system. The redCASH platform has also been recognised by The Malaysia Book of Records as the first telco in Malaysia to launch an Online Money Lending platform.
