Many are interested in digital lending or electronic lending at the first-ever financial technology (FinTech) exhibition in Nepal. During the two-day exhibition, the stalls of companies providing digital lending services at Heritage Garden in Sanepa were surrounded by visitors.

On the first day, Friday alone, more than 2,000 observers learned about new technologies entering the financial sector such as digital lending, AI-based customer service, SIP phones, biometrics devices, mini-POS devices for payments, and stock analytics software.

Krijan Shahi of Lending Turbo, which has been providing technology to non-banking financial companies (NBFCs) to disburse loans digitally, says the service was launched to eliminate the hassle of manually filling out forms and other paperwork while taking out loans.

Shahi said that Lending Turbo has been serving hire purchase companies like Hulas Finserv, MAW Investment, Syakar, and Jagdamba for the past four years and that more than 200,000 loans have been disbursed through this system so far. The technology has been developed in such a way that the loan approval process, which used to take 4-5 hours, can now be completed in 20 to 30 minutes.

‘Until a few years ago, there was no EMI facility when buying items like mobile phones. The customer was forced to pay in full,' he says, 'This technology has been introduced to solve this problem and also to make it easy to apply for loans from the dealer point.'

There were a total of 86 slots at the exhibition organized by Fintech Alliance Nepal. Binod Pokharel, treasurer of the alliance, also shared his experience of focusing everyone's attention on digital lending at the exhibition. 'Nowadays, everyone is moving towards digitization and lending, everyone's focus was on digital lending,' he said. Looking at the atmosphere of the exhibition, the use of artificial intelligence (AI) in the financial technology sector was also seen as a major trend.

Prajwal Shrestha, Business Development Officer of 'Quick Connect', which showcased an AI-based customer support solution, said. 'Our AI addresses inquiries from various channels like Facebook, Instagram, Viber, from a single dashboard. It tries to solve problems without human touch,' he said, 'Currently, more than 30 large companies like Worldlink are using our solution.'

'Tally', which has been known in the accounting software sector for a long time, has also announced its presence at the exhibition. Tally's Managing Director Geeta Chhetri said that competition has increased due to the opening of 800-900 software companies in Nepal. 'Although there has been some competition due to the increase in manufacturers in the market, customers who understand Tally's brand value are still with us. We sold more than 1,600 packages last year alone,' she said, 'The specialty of Tally is that once you buy it, you don't have to renew it. Although the initial price seems expensive, it is cheaper in the long run. There is no obligation to upgrade versions.' She said that Tally currently has more than 50,000 customers.

The number of customers wanting to understand SIP communication and KYC solutions in the market has increased in Nepal, said Sanjay Timilsina, director of Bar Code Nepal, who has been working in biometrics and barcoding solutions for 25 years. SIP phones are a technology that helps in making and receiving phone calls using the internet instead of traditional telephone lines. ‘Even 20 years ago, the technology was more or less the same. But today's software, applications and AI have brought about a big change in it,’ he said, ‘With this change in technology, security challenges have also increased. We are working especially focusing on system security.’

Companies like Khalti IME Pay, Data World, Rapid, Synergy Tech, Sumo Ledger, Fintara, Source Code were participating in the exhibition. On the occasion, Khalti IME Pay also launched three of its new products. The ‘Cyber ​​Dog’ outside the exhibition hall was seen as entertainment for many. The exhibition not only showcases the brilliance of technology but also seeks to provide space for the debate on inclusion. Sarita Adhikari, a representative of the Nepal Blind Association, said that an effort was made to draw the attention of stakeholders to the accessibility and challenges of visually impaired people in financial technology through the booth of the Nepal Blind Association.