FINO eyes 25 mn microclients within 5 years

Mumbai, July 13 (UNI) Financial Information Network and Operations Pvt Ltd (FINO) was launched here today, aiming at bringing 25 million unbanked rural customers within its fold in the next five years.

Announcing the launch of FINO at a press conference here today, its CEO Manish Khera claimed, ''Through FINO, rural customers can now avail of the cutting edge technology at pay-as-per-use cost, without the burden of cost of the scale.'' The most striking feature attached to the FINO is the biometric-enabled multi function card that has been introduced for the first time in the country to enable unique identification and benefits to micro-clients in India, he added.

Mr Nachiket Mor, deputy managing director of ICICI Bank which will act as a facilitator in this novel project, said the industry required shared technology platforms to serve those unbanked people who do not have access to financial services. FINO will provide a standardised and shared infrastructure that would link clients and financial service providers across the spectrum and thus reducing the costs of capital for all participants in the value chain.

FINO's platform based cutting technologies include the smart card system, core banking system, ID management system and interfaces to third party systems, he added.

Founder chairman of CASHPOR, David S Gibbons who was also present on the occasion, hoped that the technology solutions provided by the FINO would greatly help build a strong technology backbone for the industry.

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