HONG KONG, June 3 — The spring started out rosy for the Indian arm of ClearScore, a company that offers online credit scores and loans. Within weeks, the coronavirus pandemic had taken hold, drastically changing the picture for the online lending industry in Asia. “In the second week of March,...
Wednesday, 03 Jun 2020 09:29 AM MYT
“In the second week of March, we were talking about what a great quarter it would be and a month later I had to let go of the team,” said Hrushikesh Mehta, country manager for India at ClearScore. Online lending had been one of the hottest sectors in recent years, as new players bet that a digital approach meant they could lend profitably to entities that banks found too costly or bothersome.
But as economies across Asia went into lockdown to limit the spread of the new coronavirus, many borrowers defaulted. Small and medium-sized enterprises and workers in the informal economy have been particularly hard hit.
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