Guwahati: Assam-based fintech group HookoluPay participated in the recently held Singapore FinTech Festival (SFF), which is recognized as the largest gathering of its kind globally. The event, which served as a vital knowledge platform for the fintech community, was held from November 6 to November 8, 2024.
HookoluPay founder Aziz Ali spoke to Business North East (BNE) about his plans to acquire a UPI license and how HookoluPay aims to make its services accessible to users not only in India but across countries.
"Our mission is to revolutionize the financial landscape of Northeast India, particularly in rural areas where traditional banking has often been limited. By obtaining the UPI license, we aim to offer a seamless digital payment experience to underserved communities," Aziz Ali said during the BNE interview.
HookoluPay Team at Singapore FinTech Festival (SFF)
"We are the only start-up from Eastern India who participated in the festival. We got the opportunity to connect with numerous investors," he further added.
Moreover, Aziz Ali emphasized the importance of forging business relationships on an international scale and ambitions to expand its product reach globally, attracting interest from potential collaborators in countries like Israel, China, Bhutan, and Taiwan.
Aziz Ali revealed that since its inception in 2020, HookoluPay has been dedicated to empowering rural populations through innovative financial solutions. Its flagship Minibank/VLE platform provides users with a wide array of services - from money transfers and cash withdrawals to opening bank accounts and utilizing the Aadhaar Enabled Payment System (AEPS). This comprehensive ecosystem fosters financial inclusion by integrating bill payment and merchant lending, ensuring that all financial needs are met conveniently across India's pin codes.
HookoluPay’s focus is not just on financial transactions but also on promoting economic growth within rural communities. By bridging the financial access gap, the company generates employment opportunities, cultivates local talent, and inspires entrepreneurship, ultimately contributing to the nation's economic fabric. HookoluPay is set to acquire a UPI license from the Reserve Bank of India (RBI) soon.
ALSO READ: Sensex Falls 200 Pts, Nifty Below 23,550, Bank Stocks Struggles To Gain Momentum
Meanwhile, fintech encompasses a range of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications like cryptocurrencies. Fintech companies include start-ups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.
Assam is experiencing an evolving fintech landscape, with a surge in digital financial services and microfinance adoption. The state has 38 microfinance institutions and 14 lakh borrowers operating under two models: SBLP and MFI. Financial inclusion has been achieved through the Pradhan Mantri Jan Dhan Yojana and the establishment of Financial Literacy Centres. VimoSewa, an organization working with farmers, provides financial services like credit, insurance, and financial literacy training. Fintech can be used for various applications, including payments, digital wallets, mobile banking, trading, capital markets, risk and compliance, security, financial advice, and insurance firms.
FIRST Business Portal addressing the potential of business capability of North East Region.
