An Introspection Into Monexo & Mukesh Bubna07 August, 2015
Mukesh is the CEO and Founder of Monexo, an online Peer-to-Peer lending marketplace for Asia connecting borrowers with lenders against future cash flows.
Mukesh brings 20 years of consumer banking experience from Citibank. He has worked across geographies and lived in India, Singapore and Hong Kong. He has led diverse regional teams in his role as Regional Director for Product & Marketing of Citibank and was the CFO for Cards and Unsecured Lending for the Citibank APAC region. In his last role he was a Business Head for Western Union - Financial Inclusion Program for Asia.
Q: What inspired you to found Monexo Innovations Limited?
Monexo was founded under three major trends. First, technology and internet are enabling traditional business being more efficient, for example, traditional travel agency to online travel booking. Second, emergence of marketplaces. Finally, the global success of Peer to Peer Lending companies leveraging technology and marketplace adoption by consumer in other industries.
Q: So, how does it work?
Monexo makes borrowing and lending simple, fast and convenient. Borrowers apply online. They are then screened using Monexo’s proprietary screening system and given a loan offer. Once the borrower agrees on the loan offer, the loan is listed in the marketplace for approved lenders to view and fund them. After the loan is disbursed to the borrower, lenders receive monthly repayments from the borrower.
Q: You are a member of Cyberport Innovation Hub? What support have you received from the Hong Kong government?
We have received exceptional support from Cyberport Innovation Hub in the form of both financial and non-financial assistance which includes mentoring, office space, opportunities for networking and subsidies for marketing, technology and training.
Q: How do you attract customers to use your services against banks and other lending companies?
We have unique propositions, which attract customers to Monexo. Our online platform is easy to navigate, available 24/7 across all devices, thus customer do need to step out of their home or office and visit a branch. We also provides transparent information to customers, there are no hidden charges and customers can repay their loan anytime. We are the 1st P2P lending platform in Asia to offer 3rd party insurance protection through partnership with AIG. Banks pay almost nil interest to savers while on our platform lenders can make their own portfolio of loans earning better interest.
Q: What marketing techniques do you use to attract new customers?
We use a range of both online and offline marketing channels to attract new customers. Given that peer to peer lending is a new concept, we are focusing a lot on creating customer awareness and building trust. We are still in the early stages to explore various channels, which is more about building awareness rather than optimizing them.
Q: With over 20 years’ experience in financial industry, could you reflect on the evolution of banking sector in Hong Kong in the past 5 years?
Post 2008 financial crisis banking sector has been looking inwards. The crisis has forced banks to work towards reinvention on risk and cost dynamics. Banks have been on downsizing, for example HSBC has downsized close to 100,000 staff in last 5 years. This is an opportunity for banking to innovate and become more relevant to the upcoming generation Y & Z.
Q: To to finish up, how do you see the future of P2P lending in Hong Kong and China?
P2P lending is a sunrise industry globally. China has become an established market with a loan volume of over US$ 40 billion. Hong Kong is poised to see exponential growth in this space in the coming years as government policies drive Hong Kong to a fintech hub.