21 June 2018, India:
Financial services provider Payworld has partnered with Reliance Mutual Fund. With this partnership, the company has announced a Mutual Fund Solution/ Scheme for its customers.
“The scheme has been launched with the aim to create a positive environment for financial inclusion of low-income households at the bottom of the pyramid. This partnership will empower rural households with the power of investment, which was once considered a service meant only for the middle & high-income groups. With this new vertical to their service bouquet, Payworld becomes the 1st Assisted Mutual Fund facilitator in India. The company intends to facilitate investment in liquid funds, which are risk-free and there is a facility of instant redemption,” the company said in a statement.
The statement further added, “Under this partnership, Payworld will facilitate the investments, whereas the partner asset management company – Reliance Mutual Fund will manage the investments garnered by Payworld. Payworld will also undertake an extensive training of their retailers on-ground as well facilitate the relevant National Institute of Securities Markets (NISM) certification for them, so that they are qualified and certified to provide mutual fund services to the customers. Initially, around 400 retailers will be trained and certified in the first phase. The scheme will target masses visiting their retail application point to invest in the mutual fund for an amount as low as Rs. 500. Initially, Payworld will initially target their 5 million consumers who already transacting through money remittance on their platform.”
Praveen Dhabhai, COO, Payworld said, “In keeping with our business philosophy of ‘Making Life Simple’, our partnership with Reliance will not just make investing in mutual funds easier but also cultivate the habit of savings amongst the low-income households. Through this initiative we aim to achieve about 30 lakhs folios with 1500 crore assets under management over the next 3 years.”
Payworld is an initiative from Sugal & Damani group of companies which Flagged off its operations in 2006. It is bringing marketplace closer to the semi-urban and rural consumers who are not using Smart phones and ATM.
(Image – Owler)