Emerald Finance Limited has announced a strategic partnership with Shreeja Diamond & Jewellery Manufacturing LLP to introduce an Early-Wage-Access program, marking a significant step in the company's expansion into retail customer services.

Key Highlights of the Partnership

• Program Objective: Provide instant financial relief to employees
• Mechanism: Allows access to portions of salaries throughout the month
• Repayment Method: Collected through salary deductions

Product Structure

The Early-Wage-Access program is structured as follows:

Strategic Alignment

This partnership aligns with Emerald Finance's vision to:

1. Expand its product offerings
2. Serve a broader retail customer base
3. Provide innovative salary advance solutions

Regulatory Compliance

Emerald Finance Limited has made this disclosure in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company Perspective

Amarjeet Kaur, Company Secretary cum Compliance Officer of Emerald Finance Limited, stated in the regulatory filing that this partnership aims to offer "instant financial relief to the employees by allowing them to access part of their salaries seamlessly throughout the month."

This innovative program represents a significant move in the fintech space, potentially addressing the growing demand for flexible financial solutions in the workplace. By partnering with Shreeja Diamond & Jewellery Manufacturing LLP, Emerald Finance is positioning itself at the forefront of employee financial wellness initiatives.

As the program rolls out, it will be interesting to observe its impact on employee financial health and its potential to set a new standard in the industry for salary advance solutions.

Emerald Finance Limited has announced robust financial results for the first half of the fiscal year, showcasing significant growth across key metrics. The Chandigarh-based non-banking financial company (NBFC) has reported a substantial increase in profitability and expanded its digital offerings in the Earned Wage Access (EWA) segment.

Financial Highlights

The company's financial performance for H1 and Q2 demonstrates strong year-over-year growth:

For Q2, Emerald Finance reported:

Operational Developments

1. EWA Platform Expansion: The company has successfully onboarded 145 corporates onto its Earned Wage Access platform, marking significant progress in this segment.

2. Mobile App Launch: Emerald Finance introduced the 'Emerald EWA' mobile app on Google Play, enhancing digital accessibility for corporate partners and their employees.

3. Gold Loan Syndication: The company's gold loan syndication business achieved disbursements exceeding ₹115 crore during Q2, demonstrating strong growth in this area.

Management Commentary

Sanjay Aggarwal, Managing Director of Emerald Finance Limited, commented on the results: "Q2 has been another strong quarter for Emerald Finance, reflecting sustained growth momentum across our key business segments. Our technology-led, asset-light model and inclusive financial approach position us well within India's evolving financial ecosystem."

Corporate Governance Updates

In a separate announcement, Emerald Finance disclosed changes in its internal audit function:

• Mrs. Navneet Kaur has resigned as Internal Auditor due to personal reasons.
• Ms. Shivangi Sharma, holding a Master's degree in Commerce, has been appointed as the new Internal Auditor.

Additionally, the company has constituted a Corporate Social Responsibility (CSR) Committee and approved its CSR Policy, demonstrating a commitment to social responsibility alongside its financial growth.

Outlook

With its focus on retail and MSME lending, coupled with its innovative EWA platform, Emerald Finance appears well-positioned to capitalize on the growing digital adoption and increasing formal credit penetration in India's financial sector. The company's asset-light model and technology-driven approach may continue to drive growth in the coming quarters.

Investors and stakeholders will likely keep a close watch on the company's ability to maintain this growth trajectory and further expand its digital offerings in the competitive NBFC landscape.