The aim of the investment is to boost competitiveness in the small and medium enterprise finance market while also improving financial inclusion, creating jobs, and supporting the nation's climate goals. 

The FINNIX mobile app, which is regulated by the Bank of Thailand, was developed by MONIX and offers microfinance loans through a completely digital process from loan application to approval and disbursement.

The investment in the nation's recovering financial sector is part of a wider SME strategy, which aims to help spur a greater range of financial products and services such as psychometric scoring solutions and payment systems reforms.

The credit aims to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal's green, resilient, and inclusive development.

This collaboration will enable the last-mile consumers in Nepal to reap the benefits of an open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments in real-time.

The investment aims to support a resilient recovery by promoting business growth, creating jobs, and fostering financial inclusion.

Ongoing shifts toward e-commerce, digital payments (including contactless), and instant payments have all been significantly boosted during the pandemic with real-time payments surging by 104 percent.

The Bank of Thailand has been asked to review the ceiling of interest rates and supervise credit cards, personal loans and car loans, as the Thai government has vowed to tackle high household debt, incurred by credit card and personal loans.

Notwithstanding border restrictions, the region’s digital payments ecosystem is growing as countries collaborate to connect their domestic payment systems.

At a time when the world economy was hard hit by the ongoing pandemic, improvement in Nepal’s remittances inflow has made it easier for the government to operate.