redONE Introduces redCASH: Malaysia’s First Telecom Operator Online Money Lending Platform
In a groundbreaking move, redONE Network Sdn Bhd has unveiled redCASH, the country’s inaugural Online Money Lending platform offered by a Telecom Operator. This innovative platform is set to revolutionize the fintech market in Malaysia, offering micro-loans ranging from RM1,000.00 to RM10,000.00 at attractive interest rates, exclusively tailored for redONE’s loyal subscribers. This significant milestone marks redONE’s entry into the financial technology sector, making it the first telco in Malaysia to venture into this domain.
redCASH: Malaysia’s First Telecom Operator Online Money Lending Platform
redCASH represents a major achievement for redONE, a company committed to providing cost-effective postpaid and prepaid plans to its valued customers. With the introduction of digital lending through redCASH, redONE now has the capability to extend micro-loans to its previously underserved customer base.
We are thrilled with the launch of redCASH, which will greatly contribute to the fintech market in Malaysia. Being the first telco to offer this service is a significant milestone for us since the establishment of redONE 11 years ago.
Mr. Farid Yunus, CEO of redONE
redCASH is thoughtfully designed to cater to the unique needs of redONE’s loyal subscribers. These micro-loans are exclusively available to redONE loyal subscribers, and the approval process is streamlined for convenience. Payment methods are made accessible through online banking, JomPAY, and cash payments at participating redONE dealers.
Recognizing that many Malaysians face challenges in accessing credit, redCASH aims to bridge this gap by providing micro-loans to customers who may encounter difficulties when seeking loans through traditional channels. Mr. Farid Yunus emphasized, “We understand that access to credit is a major challenge for many Malaysians. With redCASH, we can provide micro-loans to customers who may face difficulties obtaining loans through traditional channels.”
redCASH’s innovative platform is made possible through a strategic partnership with Experian Information Services Malaysia, a renowned credit rating agency. Experian plays a pivotal role by conducting credit assessments of redONE’s customers and evaluating their Debt Service Ratio (DSR) eligibility. This collaboration ensures responsible lending practices and enhances the overall customer experience.
Ms. Dawn Lai, CEO of Experian Information Services Malaysia, highlighted the significance of this partnership, saying, “Experian’s data-driven credit-decisioning solution ensures that assessments are both fast, fair and affordable. Experian is delighted to support redCASH’s automated decision-making platform, which speeds up credit decisions while safeguarding Malaysian consumers in making the right borrowing decision for themselves.”
In a remarkable feat, redONE has earned official recognition from The Malaysia Book of Records as the First Telco in Malaysia to launch an Online Money Lending platform.
redCASH is now fully operational and available to redONE’s loyal subscribers. Customers can easily apply for loans through their official website or by downloading the redONE app. With this, redONE reaffirms its commitment to delivering innovative and affordable services that cater to the evolving needs of its customers in the digital era. Stay tuned to redONE’s official platforms for more updates and information on this groundbreaking initiative.
Pokdepinion: In this day and age, it’s all about convenience. It’s good to see this being an option but I hope people don’t abuse it to a point of no return. Remember, what is borrowed must be returned back.