OPPO on Monday announced its foray into financial services with 'OPPO Kash' that offers users to invest in mutual funds, along with free credit reports, personal loans up to two lakh, business loans up to Rs 2 crore and screen insurance.
Coming pre-installed in all OPPO smartphones, five products have been launched in the beta release with Freedom systematic investment plan (SIP) as a unique offer. With Freedom SIP, users can commence their mutual fund investments journey with as low as Rs 100 worth of investment, the company said in a statement.
"OPPO has over 50 million consumers and is adding 15-20 million new customers every year. We aim to leverage our over 60,000 stores, 30,000 sales promoters across India and our technology to provide simple and mobile-first financial services solutions," said Sumit Walia, Vice President, OPPO.
The platform aims to have six offerings in the next 18 months - payments, lending, savings, insurance, financial education and a financial well-being score.
'OPPO Kash' aims at partnering with customers across their life cycle and having a deep relationship with 10 million customers and an asset under management (AUM) of Rs 50,000 crore.
"We are the first smartphone brand in India to launch mutual funds and will continue to innovate across our 6 product lines. We are offering our services with the best partners in the industry and look forward to enabling 10mn dreams," said Zafar Imam - Lead, 'OPPO Kash'.
Smartphone players like Xiaomi and Realme have also forayed into the financial services sector in the recent past.
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