True Balance partners with Safegold to launch 'digital gold'
today Nov 13, 2019
Fintech firm True Balance, operated by Balancehero India, has partnered with Safegold to launch ‘digital gold', which allows the buying and selling of 24k physical gold.
With its digital gold offering, True Balance is looking to widen its customer base in metros and rural cities across the country. Customers will be able to buy gold at a minimum purchase price as low as Re 1.
The digital gold feature aims at providing investment options to Indians. True Balance sees huge potential for growth in India’s gold crazy market and expects strong sales during the upcoming wedding season.
Commenting on the launch, Charlie Lee founder of True Balance in a statement said: “India has traditionally considered gold to be a symbol of wealth. According to the World Gold Council, wedding purchases and other factors have helped increase India’s gold jewellery demand by 5 percent or 125 tonnes, year on year. It, therefore, made complete sense for us to bring India’s favoured choice of saving, gifting and wealth-building to our targeted 1 billion users across India.”
Gaurav Mathur founder & managing director at Safegold added: “We are delighted to partner with True Balance to bring a meaningful savings option to customers outside of metros, and believe that digital gold can usher in disciplined and efficient savings in an asset class that is widely understood and accepted by all customers in India.”
True Balance claims that its digital gold feature is seeing more than 2,000 transactions daily since its launch, especially from tier 2, 3 and 4 cities. It expects it to up to 5,000 in the coming fiscal.
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