(i) Fino Paytech, founded on July 13, 2006, is headquartered at Mumbai, with offices across India. It is a business and banking technology platform combined with an extensive services delivery channel, whose vision is to fulfill every financial service needs of its customers, and thus become their universally preferred choice.

(ii) Fino Paytech is an institutional investor-driven company owned by international and Indian investors. The company has emerged as a thought leader, innovator, and implementer of technology solutions for institutions like banks, micro-finance institutions, government entities, and insurance companies. As an alternate banking channel, Fino Paytech enables seamless end-to-end customer sourcing and servicing.

(iii) FINO PayTech Limited Group is primarily engaged in providing technology-based solutions and services related to financial inclusion. It is a business and banking technology platform combined with extensive services delivery channel. The Group includes a Non-Banking Financial Company - Non-Deposit Accepting or Holding Company ('NBFC-ND') registered with Reserve Bank of India ('RBI'). It is engaged in providing finance to poor women in rural areas of India who are organized as Joint Liability Groups ('JLG'). Group services institutions like banks, microfinance institutions, government entities, and insurance companies. The Group includes a Bank which offers services such as current and savings accounts, remittances, business correspondent, mobile banking, bill payments and third party financial products distribution. The Bank is engaged in providing various types of financial services to the rural, poor, and underserved and unserved classes to help them be economically self-reliant.

What Does This Company Do?

A) Customer Enrollment Solutions

(i) Fino Paytech has developed applications that can be used to effectively acquire micro customers. (ii) Unlike a banking model that requires customers to physically visit a branch, Fino Paytech's Customer Acquisition System allows customers to be enrolled/acquired at the convenience of their doorstep. This process is quicker and simpler for customers as well as banks, while at the same time, it retains the core essence of banking as well. (iii) An enrollment station typically consists of a laptop connected to a web camera, a fingerprint scanner, and a signature pad (optional).

B) Hardware Solutions

(i) Fino Paytech provides a full suite of biometric products for enrollment, storage, and verification, while also maintaining all back-end system elements – thus enabling them to develop and offer exclusive financial inclusion applications.

(ii) This technology enables Fino Paytech's clients to offer a rich variety of simple and accessible solutions with a whole range of products - including handheld devices, biometric smart cards, backend switches, and micro deposit machines.

C) Operation Solutions

The operations solutions team manages data messaging to churn out the required information for day-to-day planning and management of operations. The principals may either utilize some of the pre-designed reports by Fino Paytech or ask for customized reports.

D) Services

(i) Consultancy Service

(ii) Financial Literacy

To whom they serve?

A) Banks

(i) Joint Liability Group Loans- In the banking system, JLG is a lending model that enables a group of individuals (usually five) to take loans for income-generating activity by forming a group, wherein group members guarantee each others’ loans. FINO has been doing JLG lending on behalf of various banking partners and on its own books since 2008. FINO’s solution provides a platform to source and service customers for group-based micro-finance lending.

(ii) Recurring Deposit - Recurring deposits are an ideal way to invest small amounts of money every month and end up with a large kitty on maturity. Fino Paytech is the first and only entity to provide a recurring deposit for micro customers, which becomes a committed savings product for this customer segment.

(iii) Money Transfer - They provide a fast, reliable, and convenient platform to transfer money domestically from the remitter to the beneficiary via Intra-bank (home bank), Inter-bank (NEFT), and the IMPS facility.

B) Government

(i) MNREGA- The Fino Paytech provides cards that function on a pan-India basis. The cards can be used to make domestic payments across 50,000+ villages in the country. The usage of biometric technology has largely reduced the possibilities and instances of misuse and malpractices as far as payments to citizens are concerned.

(ii) Social Security Schemes- Many State Governments are using Fino Paytech architecture, based on fingerprint usage as validation,  across the country to deliver social security schemes to citizens. This has to lead to substantial savings in terms of resources for the government.

C) Insurance Fino Paytech's cutting-edge technological solution has become a game-changer in India's health micro-insurance sector. The solution empowers insurance companies to reach out to customers at the bottom of the pyramid and cater to their particular financial needs, while at the same time maintain financial viability as well. Rashtriya Swasthya Bima Yojana (RSBY) is a cashless national health insurance welfare scheme introduced by the Government of India. The objective of this scheme is to protect the Below Poverty Line (BPL) households from the financial liabilities arising from health setbacks involving hospitalization.

Fact - Fino Paytech has enrolled over 25 million families under the RSBY. In 2016, they got a license for Payment Bank.