Oppo India to Launch 5G lab & Financial Services

Smart device manufacturer, Oppo plans to set up a 5G laboratory in India, to expand the internet of things products portfolio. Alongside, the company announces its financial service invasion with Oppo Kash app in association with ICICI Lombard, Lendingkart, SBI and more to exploit with a target to obtain one crore users of the service in the next five years.

Elvis Zhou, President, Oppo India says, "With the development in 5G, smartphones and other smart devices will play an important role and become a part of our daily lives starting from personal, home, office to travel. This will make the ecosystem stronger with intelligent connectivity, centred around people’s needs for a smart and connected lifestyle."

He further states that in the next three years, Oppo would invest about $7 billion across the globe to develop core technologies in software, hardware and a communication lab for 5G in India. On the other hand, for Oppo's financial services business venture, it has initiated a pilot in select stores in tier I, II and III for six months after which it would launch the services all over India.

Commenting on the financial service, Sumit Walia, Vice-President-Product & Marketing, Oppo states, "With OPPO Kash, we will provide end-to-end financial solutions, available at the palms of our consumers. Our aim is to have 10 million consumers in the next five years on the platform having used either of our financial services worth 50, 000 crore."

He continues, "We want to be a one-stop solution for financial services. Oppo Kash app can be downloaded by any android phone user from play store. Now, Oppo Kash will come as pre-loaded on app on all our smartphones."

Oppo Kash app would provide free credit reports, personal & business loans up to two lakh, and screen insurance. Beginning with financial services business as a distributor, Oppo would opt for NBFC as the business expands. Currently, the company claims to have around 50 million customers and is accumulation 15-20 million customers every year banking on its customer base it could expand its financial services.

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