Borrower demand in Asia has increased since the start of the COVID-19 pandemic, according to statistics by international fintech holding Robocash Group.
In a press release on Tuesday (19 Jan), Robocash Group revealed that the average amount requested by Asian borrowers has grown by 46 per cent since February 2020.
This result is due to coronavirus restrictions which have reduced people’s income, and increased the need for additional funds.
“The underconsumption has become an additional incentive to borrow,” said Robocash Group.
The statistics also showed an increase in the proportion of male applicants in the Asian markets – from 65.8 per cent in February to 66 per cent between March and October, and to 68.3 per cent in November – which indicates that men have been actively looking for ways to solve current financial issues.
The most noticeable trend is among the male borrowers in India, where there were 89 per cent of them between February and October. The percentage increased to 90 per cent in November.
This result is justified given the socio-cultural model of the society.
Vietnam, however, offers an exception, in which there was a decrease in the number of male applicants – from 72 per cent in February to 70 per cent between March and November.
This result can be attributed to changes in the structure of new and repeated borrowers.
“The share of new customers grows proportionally, whereas the group of repeated clients remains predominantly male,” said Robocash Group.
As for the age of applicants, on average, it has increased from 31.5 years in February to 31.9 in November, which corresponds to the natural ageing of the audience – a significant part of which are repeated customers.
The most obvious age increase can be observed in India – from 30.7 to 31.8 years – which emphasises that the older population there is becoming more involved in alternative lending than the youth.