Findi - White Label approval

Findi Limited's Indian subsidiary has received provisional authorization from the Reserve Bank of India to set up and operate White Label ATMs (WLAs)

Shot of an ATM machine at night.


Findi Limited's Indian subsidiary has received provisional authorization from the Reserve Bank of India to set up and operate White Label ATMs (WLAs), aiming to deploy Findi-branded ATMs across India, particularly in semi-urban and rural areas, as part of its strategy to create financial transaction hubs for the underbanked.

This move is aligned with the Indian Government's strategy to enhance financial inclusion and ATM penetration, especially in less serviced areas, and is contingent upon the subsidiary completing a System Audit Report within six months for final authorization.

Quotes:

Mr Nicholas Smedley - Chairman

"The granting of the provisional authorisation is a significant milestone in the delivery of Findi’s long-term strategy to create a complete financial ecosystem spanning traditional ATMs and digital payments."

"Securing a White Label ATM licence is also a key pillar for our strategy of becoming a full Indian transaction bank, as well as positioning us to participate in the long-anticipated industry consolidation and to complete well-advanced acquisitions."

"Subject to completing the formalities, the ability to deploy White Label ATMs would provide Findi with further opportunity to fast-track the delivery of a full suite of basic financial solutions to enhance the banking experience for the people of India, particularly the under and unbanked people in the rural regions."

ASX Code : FND