Very lucidly explained the Chit Fund concept. Thanks.
There are a few Fintech startups in India that are addressing this model. There is a startup working with the state government to monitor / regulate the Chit Fund industry through a blockchain platform.
Do take a look at TheMoneyClub, Kyepot, ChitMonks, Finlok.
Hi Abriram, thanks for reading the post and for your comment. Yes, these startups are working on formalizing this product by digitizing the whole process. However, given the popularity and prevalence of chit funds, there's scope for mainstream financial institutions to build scalable products on the same principles.
Hi Monami,
Very lucidly explained the Chit Fund concept. Thanks.
There are a few Fintech startups in India that are addressing this model. There is a startup working with the state government to monitor / regulate the Chit Fund industry through a blockchain platform.
Do take a look at TheMoneyClub, Kyepot, ChitMonks, Finlok.
Hi Abriram, thanks for reading the post and for your comment. Yes, these startups are working on formalizing this product by digitizing the whole process. However, given the popularity and prevalence of chit funds, there's scope for mainstream financial institutions to build scalable products on the same principles.