In brief: Malaysia fintech savings platform launches in Africa

Malaysia-based fintech savings platform HelloGold is entering Africa, working with digital financial inclusion group Baobab as a partner. HelloGold will support Baobab in expanding its financial inclusion services through an integrated savings platform.

Source: Press release

The two companies will develop products for Baobab’s 800,000 customers across nine countries in Africa.

In addition, HelloGold’s gold-backed savings and loan financial products will be integrated with Baobab’s mobile app, which is slated to launch this year. “Users will be able to buy, save, and invest in gold on the app for instant and secure access to gold as an alternative savings product,” the Malyasian startup said in a statement.

Baobab is focused on serving individuals, micro, and small businesses in Africa and China. It operates 1,140 service points in Africa and has disbursed more than 940 million euros (US$1.06 billion) in loans to the underbanked and unbanked.

Currency converted from euros. Rate: US$1 = 0.89 euros