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Tag: True Balance

  • True Balance &Shopclues Come Together To Bring E-Commerce To 1 Billion Unbanked Indians

    True Balance &Shopclues Come Together To Bring E-Commerce To 1 Billion Unbanked Indians

    MUMBAI: Indo-Korean fintech leader, Balance Hero that operates True Balance and True Credits today announced their associations with ShopClues,the online marketplace that primarily caters to buyers and merchants in Tier II/III/IV cities and beyond, by signing an MOU for an exclusive partnership based on the synergy of their respective target audience. The move is intended to bring to True Balanceusers, unparalleled access to ShopClues’ products across categories such as fashion, electronic, home & furnishing, accessories and kitchen. ShopClues will offer the unbanked True Balance users access to more than 8mn SKUs ranging from INR 50 – INR 10,000 across categories such as fashion, electronic, home & furnishing, accessories and kitchen. True Balance users who do not have debit and credit cards to make payments for their purchases on ShopClues can now do so through the app on their phones. 

    Through the partnership, True Balance would like to bring to its users an expanded product line via e-commerce, clubbed with the EMI options payable across 3 to 6 months having monthly interest of upto ~6%. 

    Speaking of the partnership, Mr. Victor Choi, CEO Balancehero, India said, “At True Balance, we foresee great growth in the EMI space and firmly believe that we will be able to bring ShopClues to our strong reseller community and digital lending platform.Through this partnership, we will be able to acquire more commerce products while also generating robust growth in revenue. We strongly believe that additional product segment, especially Fashion and Home & Kitchen, should help accelerate the revenue growth.”

    “In this partnership, ShopClues will be handling the product portfolio and the logistics aspect whereas True Balance will be responsible for the Financial Solution”, Mr. Choi further added.

    “Both True Balance and ShopClues have a similar market focus. This association is a win-win for all parties involved. While more people from rural India will be encouraged to shop online using the True Balance app, we, at ShopClues, will be able to expand our customer base. We will be able to take our products to more consumers who are currently facing difficulty in accessing the formal financial system due to time-consuming and complicated banking processes,’’ said Sanjay Sethi, CEO, ShopClues.

    True Balance is a digital financial platform focusing on unbanked population bringing solution on last mile issues. Growing at a monthly rate of 30%, the company’s revenue is projected to grow by 10 times this year as compared to previous year.

  • Balance Hero India gets Victor Choi as new CEO

    Balance Hero India gets Victor Choi as new CEO

    MUMBAI:  Balancehero India Private Limited(BHI), the wholly owned subsidiary of Balancehero Co. Ltd., Korea which runs and operates mobile App True Balance has appointed Mr. Victor Choi as its new CEO. Choi has 18-year rich and diverse global experience in the business and mobile value-added sector. In his new role as the CEO, he will help drive growth and increased penetration for the company in a market that has significant untapped potential.

    "I am looking forward to this association with Balance Hero India. We have a huge possibility to make a mark here because of the tremendous untapped potential which we are excited about. The company’s strong brand recognition represents a compelling opportunity, both globally and in the Indian market. Having spent most of my career in the marketing sector, I believe strongly in the value proposition of the model and its relevance in emerging economies. I look forward to working with the team to capture these opportunities,” said Choi.

    Before he came on board Balance Hero, Choi worked in the Argentina, Seoul, and Singapore offices of LG Electronics and has also served as managing director for PT. Access Mobile Indonesia. In addition to holding key roles across regions handling functions including R&D, product planning and marketing, Choi’s core competency lies in managing skills at the corporate level and establishing strategy and managing organisation while also identifying skills for new opportunities. 

  • True Balance celebrates Christmas for a cause

    True Balance celebrates Christmas for a cause

    MUMBAI: Mobile wallet service provider, True Balance made Christmas merrier for the underprivileged this year as its team decided to celebrate the festival of joy with them.

    With the theme – “Christmas for a Cause, be a True Santa”, the team of True Balance gave warm food and blankets to the homeless and needy people on the streets.

    The brand mentioned in an official statement, “Christmas is all about spreading love and joy and what can be more joyous for somebody than giving. Aptly titled—Be a True Santa This Christmas—the initiative has been taken by Balancehero India. The movement urges people to go out and donate warm clothes, blankets and food to the homeless.”

    True Balance founder and CEO Charlie Lee said about the initiative, “The smiles it bought on the faces were priceless.”

    True balance has also launched its first creative video on the initiative to spread the word and make people bring out the Santa in them.