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MobiKwik Investment Key Part Of Strategy, Says Sanjiv Bajaj  

Bajaj Finserv is collaborating with other fintech and insurtech platforms for various projects.

Sanjiv Bajaj, MD at Bajaj Finserv Ltd speaks
at CII Insurance Summit in Mumbai, India.
Sanjiv Bajaj, MD at Bajaj Finserv Ltd speaks at CII Insurance Summit in Mumbai, India.

Bajaj Finserv Ltd.’s investment in digital payments company MobiKwik will give the company a bank equivalent for small purchases and cash requirements of its customers, said Managing Director Sanjiv Bajaj.

“We have lending and insurance, what we don’t have is a bank,” Bajaj said on the sidelines of a press conference in Mumbai. MobiKwik is an equivalent to a bank account as it provides a digital wallet to customers and forms a key part of our strategy, he said.

The company had bought a 12.6 percent stake in Gurugram-based MobiKwik for Rs 225 crore on Aug. 3 last year, according to an exchange filing. Under this partnership, the mobile wallet company has already launched an app ‘Bajaj Finserv Wallet’, to provide digital credit facilities to its customers.

The company is also collaborating with other fintech and insurtech platforms for various projects across its three companies — Bajaj Finance, Bajaj Allianz General and Life Insurance. "We are driving technology initiatives in blockchain, big data and machine learning with companies in the Silicon Valley (in California, U.S.), Tel Aviv, London, Singapore, Bangalore and Pune. So, it is a significant initiative," Bajaj said.