BENGALURU - The Indian central bank's ban in late August on easy credit given by fintech firms has led to a crash in an industry that had raised US$700 million (S$976 million) in the past year and registered millions of users.
Digital payment firms such as LazyPay, Slice, Uni Cards, Ola Postpaid and MobiKwik had ventured into digital lending, tying up with banks or non-banking financial institutions to offer credit against their prepaid cards or digital wallets.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
