AsiaCollect, SEA leader in digital credit management services, expands to India through acquisition

Acquisition of CREDITSEVA®marks AsiaCollect's expansion to India to serve USD150 billion unsecured consumer NPL market

Part of AsiaCollect's goal to help banks and non-bank consumer lenders in Asian emerging markets manage their non-performing loan portfolios and unburden their debtors through digitisation

SINGAPORE,Oct.17,2018 -- AsiaCollect,a pioneer in providing integrated Credit Management Services (CMS) in Southeast Asia,has acquired India-based credit lifecycle management platform provider CREDITSEVA®[1]. The acquisition builds on AsiaCollect's plans to help banks and non-bank consumer lenders in Asian emerging markets manage their non-performing loan (NPL) portfolios through a technology-driven,customer-oriented debt collections approach driven by artificial intelligence (AI) and psychometric analysis.

The acquisition of CREDITSEVA® builds on AsiaCollect's core strengths in its unique position as an integrated CMS provider,ability to improve recovery rates for lenders,and strong presence in the Southeast Asian market. Going forward,the CREDITSEVA® team will operate in India under the AsiaCollect brand and offer AsiaCollect's integrated suite of digital CMS,including CMS Outsourcing and Advisory,NPL Purchasing,and Software-As-A-Service (SaaS).

Tomasz Borowski,CEO and co-founder of AsiaCollect,said,"I am excited to welcome Satya and his team to AsiaCollect. CREDITSEVA®has proven to be an industry leader in credit lifecycle management and brings to the team strong local industry know-how,network and IT capabilities. Together with AsiaCollect,we will leverage our synergies in consumer NPL management to transform what is still a traditional field-based collections sector in India to one of unparalleled levels of efficiency and innovation."

Satya Vishnubhotla,CEO and co-founder of CREDITSEVA® said,"We are thrilled to be part of a team with a proven track record in rapidly scaling across some of the largest emerging markets in Asia and backed by a strong team of consumer finance veterans and investors such as FORUM,SIG and Dymon Asia Ventures."

"Joining a company that brings with them such high international standards of technological efficiency,professionalism and ethics in their collections,will help us differentiate ourselves to serve the growing NPL market in India," added Vishnubhotia,who will assume the role of country manager for India call center operations,office administration,IT and quality control.

AsiaCollect's expansion to India is timely as it is estimated that unsecured consumer NPLs have risen 27 percent from 2014-15 to 2017-18 and is expected to continue to grow at 24 to 25 per cent till 2020-21. [2] India currently holds over $150 billion in unsecured consumer NPLs.

Launched in 2016 in Vietnam,AsiaCollect is led by an international management team with decades of experience in CMS and consumer finance in emerging markets. The company is backed by fintech venture builder FORUM and leading fintech investors Fintonia Group, Dymon Asia Ventures and SIG Asia Investments.

[1]CREDITSEVA®operates under the holding company,Icredizen Financial Technologies Private Limited

[2] https://www.telegraphindia.com/business/banks-see-surge-in-unsecured-loans/cid/1483821

About AsiaCollect

AsiaCollectis a pioneer in providing integrated world-class Credit Management Services (CMS) in the Asian emerging markets of India,Indonesia,Philippines and Vietnam. Focused on the $200 billion growth opportunity in non-performing consumer loans,AsiaCollect delivers maximum CMS efficiency for its clients through an integrated product offering,which includesCMS Outsourcing,CMS Advisory Services,Debt Purchasing,andSoftware-As-A-Service (SaaS).AsiaCollect ensures that every debt solution reaches an optimal outcome for debtor as well as creditor,and operates on a world-class Code of Ethics,backed by a stringent set of operational risk control processes. Headquartered in Singapore,AsiaCollect was seeded and developed byFORUM,the largest fintech venture builder in Emerging Asia.

About FORUM

FORUM is the largest fintech venture builder in the Asian emerging markets. FORUM identifies unique opportunities and builds market-leading fintech companies with seasoned CEOs/co-founders. FORUM's deep expertise in retail financial services enables a hands-on approach,providing its ventures not only seed capital but also ideation,strategic & financial planning,fundraising,recruitment,and communications. FORUM and its companies currently provide employment to over 600 people and serve more than 4 million B2C and 70 B2B clients across 18 countries. Founded in 2015,FORUM is headquartered in Singapore.

About CREDITSEVA®

Creditseva.com® (Managed by Icredizen Financial Technologies (P) Ltd)is a FinTech startup having its operations in India. Creditsevais a completecreditlife cycle management tool for consumers with an integrated real-time platform for digital collections,connecting banks,credit bureaus and consumers online. The company launched Asia's first creditanalytics tool and product marketplace for consumers and has been operational since mid 2015. Creditseva was seed funded in 2016 by Singapore government backed fund (SG Innovate),Pixvine capital and industry executives from Paypal,Alibaba,HSBC and Citibank. The company was featured among Asia's Top 10 Fintech startups in 2015 by Startupbootcamp,Europe's No.1 Startup Accelerator. Creditseva® was also shortlisted by IIM(A)-CIIE,NASSCOM 10k startups,Reliance GenNext Innovation Hub and Microsoft Ventures in 2015.

Media Contact

Keshia de Vries,PR Manager,FORUM

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Emailkdevries@forum-cap.com