At the end of 2018 LF TECH was launched Mintos to provide short-term consumer loans issued in Kazakhstan.
After the initial launch, the company suspended operations to adopt a new strategy and restructure the company to increase its scalability. LF TECH has confirmed that it has resumed its activities on Mintos. It will provide short-term consumer loans “as an investment opportunity for investors.”
As noted in the update from Mintos, LF TECH offers services in Kazakhstan, which is their domestic market, as well as in the markets in Russia and Philippines for several years. The company mainly offers consumer lending products.
On the Mintos platform, the company provides short-term loans issued by its brand. Money Click… In the foreseeable future, the company intends to provide car loans under its own brand. Auto Pledge…
The firm serves about 250,000 clients from Kazakhstan. The typical client is “male, married, 30 to 40 years old, in manufacturing and needs a loan for everyday needs.”
The company states that “the reason their customers choose their service is due to the variety of loan application options – online through the company’s website or mobile app, or offline through a branch office, or what is locally known as a loan machine “.
If the application is successful, the client can also “receive the loan in the same way as the application was submitted (online or offline),” the company explains.
As noted in the Mintos blog post:
“Credit machines are similar to ATMs for lending, and such machines are installed in several large cities of Kazakhstan. In addition, the company reports that their customers have positively assessed its loyalty system and quality of service thanks to the daily analytics of needs and behavior available to the customers themselves. “
LF TECH successfully “overcame the challenges the company faced during the pandemic thanks to the cash buffer created at the start of the business, which is still there,” it said in a statement, confirming that the company has revised its policies and “adapted them where it’s necessary. “
The company “reports that it is aware that many people in Kazakhstan have either lost their jobs, been laid off, or received pay cuts during the pandemic.” They ended up “trying to take out loans, so LF TECH revised its risk assessment to avoid lending to clients with a high risk of default,” it said.
(Note: To learn more about LF TECH loans on Mintos, see here.)
As mentioned in the update, LF TECH is implementing industry standards for credit scoring for its customers, which is “passing the mandatory biometric authentication (biometrics) procedure for all online applications, which the company has legislatively implemented since May 2021. … “
Before biometrics, the verification process was performed through a video call between the verifier and the physical client to confirm the identity. The essence of biometrics is that “when submitting an online application, the client must go through a certain verification procedure related to face recognition, along with an identity card or online passport,” the company explained.