In this article you will read about
- General situation in the markets where Alfa Finance group operates
- Recovery plan progress
- New phone number for Whatsapp and SMS communication with DoFinance support
General situation in the markets where Alfa Finance group operates
It seems that the second wave of COVID contamination in Europe has arrived as the number of cases is increasing in most countries across European Union. The chart below shows the most recent data about Poland. After the presidential elections Alfa Finance has carried out a survey with its partners in Poland and most of them share the view that Poland will get stuck with its current populistic internal and external politics. This means that the lending industry will remain as constrained as it is right now. Consumer lending has not changed much since the previous report and what we see is only the reduction in loan sizes issued. Currently limited interest rates can barely cover for the risks associated with lending. Alfa Finance is not considering resuming consumer lending in its previous form and currently is working on launching a new product that will carry much lower risk. However, it is still a work in progress.
Indonesia is also seeing the same pattern of increasing incidences of COVID-19, however not as steep as elsewhere.
Currently, there are no new restrictions imposed and there is a reason to believe that lockdown as it was from April up until June could not be renewed. Local small businesses are affected, however.
Movement within the country has been allowed, however that goes in line with increase in incidences of COVID in the country. Local neighborhoods are still very suspicious of aliens and security personnel is still restricting movement of people not belonging to the said neighborhood. Debt collection is still limited.
Recovery plan progress
Although loan issuing in Poland has not been resumed, operations in Indonesia are being scaled up with the help of owner’s additional investment. The reason is that quality of loans is improving, and loan originators see a potential to start scaling up the business in order to generate positive cash flow again.
Dofinance is considering resuming of accepting new investments, but currently the terms are being discussed in order to insure higher real returns to the investors and adapt the investment logic to events such as COVID-19 pandemic.
Dofinance is considering resuming its operations in full in September.
The work with Financial and Capital Markets Commission to receive a license of an Investment Broker Company is still going ahead.
Since the beginning of COVID19 crisis, DoFinance has recovered and paid our approximately 1,5m EUR to investors.
The next update is expected not later than in one month from now.
In a nutshell Alfa Finance group sees positive changes in its current operations that are in line with what was presented in webinars in the beginning of the summer. Hence, the company is starting to recover from the pandemic and investors are believed to benefit in the long term.
New contact information
We are kindly asking all investors to note changes in the phone number of our contact centre for Whatsapp and SMS messaging the new number is +371 28343947. The old number will still be operational for one month.
We encourage our investors to ask any questions to our client service personnel. We also encourage to check the validity of information should you get it from 3rd party sources as in some cases it may be misleading or imprecise. The best way to contact us is through email: email@example.com