redoNE launches redCASH, Malaysia's first telco-powered online money lending platform

KUALA LUMPUR - redoNE Network Sdn Bhd has launched redCASH, Malaysia's first telco-powered online money lending platform, in collaboration with leading MVNO provider.

redCASH offers micro-loans ranging from RM1,000 to RM10,000, with competitive interest rates, exclusively to redONE subscribers.

This groundbreaking initiative aims to revolutionise the fintech landscape in Malaysia and marks a significant milestone for redONE, a pioneer in venturing into uncharted territory within the telco industry.

redONE Chief Executive Officer Farid Yunus expressed his enthusiasm for the launch, stating that it is a major achievement for the company.

"redCASH is carefully designed to meet the unique needs of our loyal subscribers

"These loans are exclusively accessible to redONE customers, and the approval process is remarkably quick," Farid said at the redONE Media Launch Event at Glasshouse Seputeh, here today.

Convenient payment options, such as online banking, JomPAY, and cash payments at authorized redONE dealers, further enhance the accessibility of these loans.

The introduction of digital lending through redCASH represents a commendable effort to extend micro-loans to underserved customers.

"With redCASH, we can provide micro-loans to customers who may face difficulties obtaining loans through traditional channels," he added.

He also revealed that the realisation of the innovative platform is made possible through a strategic partnership with Experian Information Services Malaysia, a renowned credit rating agency.

Experian will play a pivotal role in assessing the creditworthiness of redONE's customers and determining their Debt Service Ratio (DSR) eligibility.

This collaboration empowers redONE to leverage Experian's expertise in credit assessment, ensuring responsible lending practices and enhancing customer service.

In a related matter, Experian Information Services Malaysia Chief Executive Officer Dawn Lai pointed out the significance of the partnership, stating that Experian's data-driven credit-decisioning solution ensures that assessments are both fast, fair, and affordable.

"With that, Experian is delighted to support redCASH's automated decision-making platform which speeds up credit decisions by letting redONE quickly determine whether applicants can afford a loan.

"This determines that they are making sustainable lending decisions while safeguarding Malaysian consumers in making the right borrowing decision for themselves," she said.

redCASH is now fully operational and accessible to redONE's loyal subscribers where customers can seamlessly apply for loans through the redCASH website at https://redcash.com.my or by downloading the redONE app.