On 26th June 2020, New Street Technologies was invited as a strategic partner of Federal Bank on its Analyst Day 2020 event, at Trident Hotel, Mumbai.
While speaking on the impact of MiFiX [the pioneering blockchain ecosystem of New Street] on their microfinance loan portfolio, Mr. Mohan, VP & Head – Agri, Micro & Rural Banking at Federal Bank, stated that “This is a blockchain enabled solution with lot of flexibility to accommodate the changing compliance norms, product security, better credit decisioning and efficient portfolio management. We were able to successfully pilot during this Financial Year with a book size of 50 Cr covering almost 20,000 customers, and now we are ready to launch it at scale. The advantage of the platform is that it can be readily deployed with non-intrusive integration, where we can onboard multiple partners across geographies and scale up operations manifold….”
“We are building a robust microfinance portfolio with this technology. We have raised 50 Cr book with CASA balance of 3-4 Cr. We have been planning for a 1,000-2,000 Cr of book using this particular platform. This is going to be one of the levers of our growth and is going to substantially contribute to our bank’s ROA.”