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  • Launching of UPI app from Flipkart backed Super.money

    The super.money app, which is a credit-first UPI (Unified Payments Interface) payments gateway app developed by India’s eCommerce giant Flipkart, intends to rapidly transition into a secured lending role in the next months.

    According to a press release issued by the fintech, the app had about one million downloads during the test phase, which resulted in more than ten million transactions. National Payments Corporation of India reports that monthly credit transactions on UPI exceed INR 10,000 crore.

    As a First Offering, Super.money Offers a Rupay Credit Card

    The RuPay credit card, which functions similarly to an interest-bearing wallet on the UPI platform, is the initial offering from super.money. Already, Super.money has released an additional product—unsecured personal loans—in partnership with leading banks in India.

    “The retail credit industry is booming and offers a lot of potential,” according to Prakash Sikaria, founder and CEO of Super.money, who spoke with a prominent media outlet. “Secured credit products have not been developed further and have not experienced the proper level of adoption,” he opined.

    According to Sikaria, the Tier II and III markets in India are where the credit on UPI opportunity lies. From the standpoint of the user, it presents a three- to fourfold potential compared to conventional credit cards. Specifically, he emphasised how the beta phase shaped the super.money experience and how they innovated at the forefront of UPI credit in a press statement.

    However, Super.money will have to distinguish itself through its products rather than relying just on UPI-backed transaction volumes if it wants to stand out in the still-growing but highly competitive lending industry, which is dominated by banks and NBFCs.

    Secured Vs Unsecured Loans

    The fast growth of unsecured loans in India’s retail loans segment over the past two years has been brought to the attention of the Reserve Bank of India in both informal meetings with banks and the formal publishing of the Financial Stability Report, which is done half yearly.

    The risks associated with certain categories of unsecured loans were given a higher weightage by the regulatory body in November of 2023. The intended outcome has already been achieved. Following the RBI’s action, the growth rate of credit card portfolios dropped from 30% to 23%. In a same vein, bank lending to NBFCs fell to 18% from 29% previously. 

    Secured loans (vehicle, home, loan against property) are safer bets than unsecured loans (personal loans, credit card loans, and other types of consumer durables and student education loans), which do not require collateral. Lending system vulnerabilities increase when combined with a regime of still-high interest rates.  

    Many fintech companies in India compete for customers in the secured lending market by offering digital loans collateralised by precious metals and fixed deposits. Banking institutions and non-bank financial companies (NBFCs) have a greater branch network and street fleet, allowing them to dominate other products like home and vehicle loans. 

    Sikaria has faith in the possibilities of the cosmos he intends to serve. According to his polls, a mere fifteen to twenty percent of individuals who apply for a credit card actually receive one. Financial product cross-selling is super.money’s goal in the unsecured lending market. 

    The plan is to attract and keep users with greater average revenue per user (ARPU) by offering them greater incentives. The goal for Super.money, similar to other fintechs, is to increase the percentage of users who purchase additional financial products through cross-selling.

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  • PayU Collaborates With Amazon Pay Later to Provide Immediate Digital Credit

    A strategic alliance between PayU, a provider of digital financial services, and Amazon Pay Later will increase the availability of digital credit to millions of customers in India. The integration of Amazon Pay Later, a popular buy-now-pay-later (BNPL) service, into PayU’s checkout infrastructure will allow online retailers to give customers fast and flexible credit lines.

    Among India’s 220 million people who could be eligible for credit, only about 77 million (or 35% of the total) are actually making use of various forms of credit, according to data compiled by TransUnion CIBIL.

    The goal of this collaboration between PayU and Amazon Pay Later is to help more people get the fast, genuine credit they need to shop online.

    “In our opinion, this cutting-edge approach has the potential to greatly improve merchants’ bottom lines and revolutionise the way fast credit is used by Indian consumers” stated Nikhil Mehta, PayU’s Senior Vice President of Payments Strategy and Partnerships.

    PayU to Introduce Amazon Pay Later on Its Offers Engine Platform

    Amazon Pay Later will be introduced on PayU’s Offers Engine Platform, in addition to the integration that will take place during the checkout process. This platform gives merchants the ability to make personalised offers throughout the checkout process, which further improves the consumer experience and strengthens customer loyalty.

    As a result of the incorporation of Amazon Pay Later, customers will have the opportunity to obtain quick credit, which is anticipated to result in an increase in the average ticket size for businesses.

    The Director of Amazon Finance, Vikas Bansal, also mentioned that this relationship is a step towards improving customers’ access to credit and simplifying their financial transactions. This is something that is being done for customers all around India.

    About PayU

    Prosus is an investor in PayU, a prominent digital financial services provider in India. PayU’s companies are governed by the Reserve Bank of India, and the company provides cutting-edge solutions to fulfil the digital payment needs of the Indian market. The organisations that make up PayU India are working towards a same goal: to build a digital financial services platform that can meet all of their customers’ financial demands, both those that have been met and those that have yet to be.

    Through its innovative and award-winning technology, PayU has enabled 5 lakhs+ businesses, including some of India’s most prominent organisations, eCommerce giants, and SMBs, to accept payments online. With it, companies may accept digital payments through more than 150 different online payment options, including EMIs, pay-later, QR codes, UPI, wallets, and more. It provides easy-to-implement connections across card-based EMIs, pay-later alternatives, and new-age cardless EMIs, as well as comprehensive issuer coverage, making it a favoured partner in the affordability ecosystem. PayU guarantees a smooth checkout process and offers eCommerce firms the best success rates in the market.

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  • For $244 Million, Zomato Purchased Out Paytm’s Entertainment Ticketing Division

    Zomato, a platform for foodtech and rapid commerce, is going to buy out Paytm’s movie and ticketing division. The deal has been in the works between the two businesses for three months now. Following Blinkit in June 2022, this is the first significant acquisition for the Gurugram-based startup.

    An announcement was made to the Bombay Stock Exchange (BSE) stating that Zomato has agreed to purchase Paytm’s entertainment ticketing business for INR 2,048 crore (about $244 million) in cash.

    Details of the Deal

    Zomato will receive full ownership of Orbgen Technologies (TicketNew) and Wasteland Entertainment (Insider), two subsidiaries of Paytm’s parent company One97 Communications, according to the terms of the agreement.

    Along with the two subsidiaries, 280 current employees from TicketNew and Insider will also be a part of the agreement. Paytm, which is headed by Vijay Shekhar Sharma, purchased Insider in May 2017 and TicketNew in 2018 for a total of $40 million.

    In FY24, the company reportedly made INR 297 crore in sales and INR 29 crore in adjusted EBITDA.

    During the transition time of up to 12 months, the entertainment ticketing business—which includes movie, sports, and live event ticketing—will continue to function on the Paytm app. Assuming all agreements are met, the transaction is anticipated to finalise this quarter.

    Why Zomato So Keen About This Acquisition?

    As per market experts, the last quarterly results showed a fall in gross order value, which is bad news for stock market investors because it indicates that the Zomato’s primary food sector is slowing down, even though the reduction was small. Although some may see the decline as a temporary setback, others worry that the meal delivery sector is reaching its peak as it expands into more and more locations.

    Therefore, many analysts and broking companies expect Blinkit, Zomato’s quick-commerce branch, to surpass Zomato’s primary meal delivery operation, and industry observers’ attention has recently shifted to Blinkit.

    They should be able to satisfy investors’ appetite for growth with Zomato’s main food company making profits and Blinkit offering growth, right? Yeah, but that’s only for today.

    It is unclear if Blinkit will be able to sustain Zomato’s growth in the future, even though it is currently driving it. This is because it is unclear if quick-commerce will gain traction in tier-2 and tier-3 cities after they have penetrating metro cities to their full potential.

    So, for Zomato to continue its growth trajectory in the future, it needs a fourth engine, in addition to its online food ordering, Hyperpure by Zomato, and Blinkit industries. One possible candidate for the fourth engine is Zomato’s “Going-out” vertical, which includes eating and live events. This makes this deal a perfect combination for Zomato, considering its future growth.

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  • PM Modi Has Announced That India Will Integrate UPI With Malaysia’s PayNet

    After a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim in New Delhi on August 20, Prime Minister Narendra Modi of India announced intentions to link the Unified Payments Interface (UPI) with PayNet.

    Modi announced the partnership at a joint news conference, where he also highlighted plans to connect the UPI and PayNet systems in India and Malaysia, respectively. The goal of this integration is to increase UPI’s global presence and strengthen financial connection. In an effort to expand its quick payment network globally, India has launched UPI in a number of countries, including Nepal, Bhutan, Singapore, the United Arab Emirates, France, Mauritius, and Sri Lanka.

    The efforts of the Indian government and the Reserve Bank of India to expand UPI’s global reach were further underlined by Minister of State for Finance Pankaj Chaudhary.

    Strengthening the Ties Between the Two Nations

    Both Modi and Anwar Ibrahim had a fruitful discussion at Hyderabad House, which led to the statement being made about collaborating on the payment gateway. The two heads of state talked on a variety of issues, including the strengthening of bilateral ties and the cooperation between regional organisations. The Prime Minister of India, Narendra Modi, reaffirmed India’s dedication to the centrality of ASEAN. He also expressed his support for Malaysia’s chairmanship of ASEAN in 2025 and the timely review of the Free Trade Agreement (FTA) between India and ASEAN.

    In addition to this, Modi highlighted efforts to improve educational and training possibilities for Malaysian students who are participating in Indian programs. There will be one hundred spots available for Malaysians to apply for scholarships under the Indian Technical and Economic Cooperation (ITEC) programme. These seats will be available in advanced disciplines such as artificial intelligence (AI) and cybersecurity. Not only did Modi announce the establishment of a Thiruvalluvar Chair at a Malaysian university, but he also announced the establishment of an Ayurveda Chair at the University of Tumko Abdul Rahman in Malaysia.

    Enhancing Trade Through Mutual Agreement

    A number of potential areas of collaboration were named by Modi, including semiconductors, financial technology, the military industry, and artificial intelligence. He also mentioned that Malaysia had made an investment of $5 billion in India over the course of the previous year.

    In his statement, Anwar stated that his nation would revitalise its connections with India in every aspect, and that the potential of these relations had not been fully realised over the past few years.

    At a press conference, an official from the Indian Ministry of Foreign Affairs named Jaideep Mazumdar announced that the country will issue a one-time export of 200,000 metric tonnes of non-basmati rice to Malaysia. This would be an exception to the embargo that prohibits such shipments.

    According to Mazumdar, India is also interested in selling Malaysia aircraft built by Hindustan Aeronautics Ltd., as well as other types of military equipment.

    Additionally, the two nations reached an agreement on a framework for the welfare of Indian workers who are going to be employed in Malaysia. Malaysia is a country that obtains labour from approximately 15 countries, including India, for its palm farms and other sectors.

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  • The Union Minister to Visit Bengaluru to Officially Launch the Electric Vehicle Testing Facility

    On August 22, 2024, Pralhad Venkatesh Joshi, Union Minister of Consumer Affairs, Food and Public Distribution, and New and Renewable Energy, will lay the foundation stone of the Electric Vehicle (EV) Testing Facility at the National Test House (NTH) RRSL Camp in Bengaluru.

    A regional centre is being established in Bengaluru, Karnataka, at the RRSL Jakkuru campus in an effort to broaden its operational reach in southern India and to provide testing facilities in emerging fields such as electric vehicle (EV) battery and charger testing. As the electric vehicle (EV) sector grows, this new testing centre will be an invaluable asset, helping to meet industry standards while also advancing greener practices and cutting-edge automotive technology.

    The Centre Will Be Equipped With State-Of-The-Art Facilities

    Electric vehicle (EV) battery testing equipment in the lab will be able to perform a range of tests, such as electrical safety, electromagnetic compatibility (EMC), functional safety, environmental factors (IP test, UV radiation, corrosion), and mechanical and material tests (flammability, glow wire).

    It will help the electric vehicle industry grow and is a huge benefit to the manufacturers in southern India. In keeping with India’s dedication to environmentally friendly energy solutions, the country has taken a significant stride forward in strengthening its electric vehicle infrastructure with the construction of this cutting-edge EV testing facility. The centre will be a one-stop shop for electric vehicle (EV) quality control, with tests covering everything from battery life to safety features to performance indicators, to guarantee that EVs are up to par before they hit the market.

    National Test House

    A leading scientific organisation that has been at the forefront of testing and quality assurance in a variety of sectors, the National Test House operates under the direction of the Department of Consumer Affairs, which is part of the Government of India. The NTH is a testing and quality assurance agency that has been empanelled for a variety of notable national projects, including the Jal Jeevan Mission, the Bullet Train project, the Metro projects, fertiliser testing, and energy projects, amongst others. Additionally, it is the only government agency in India that offers certified certification for drones. In the cities of Kolkata, Mumbai, Chennai, Ghaziabad, Guwahati, Jaipur, and Varanasi, NTH has testing laboratories that are equipped with the most advanced technology.

    For the purpose of testing and calibrating weighing and measuring instruments, the Regional Standards Reference Standards Laboratory (RRSL) in Bengaluru is one of the Regional Standards Reference Standards Laboratory of Legal Metrology (Weights & Measures). One of the manufacturers of dispensing units (Petrol Pump) will be presented with an OIML-approved certificate that is recognised all over the world on the event. This certificate will be presented to M/S Tatsuno India Pvt. Ltd., Mumbai.

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  • E Scooter S1 X Gets Domestic Value Addition Certification for PLI Scheme

    To participate in the Production Linked Incentive (PLI) programme for vehicles and auto parts, Ola Electric’s S1 X escooter models (3 kWh and 4 kWh) have earned the domestic value addition certification (DVA).

    According to a media report, the business has announced that their escooters have achieved the 50% localisation requirement set by the Ministry of Heavy Industries.

    The electric scooter manufacturer that went public earlier this month has already gotten DVA certification for its S1 air model in January and its S1 pro model in March.

    Ola S1 Pro supposedly makes the most money for the company. Certification is granted by the Automative Research Association of India (ARAI).

    Incentives under the PLI Scheme can be claimed by Ola for a maximum of five consecutive years beginning in the fiscal year 2024. The percentage of product sales that goes towards incentives will range from thirteen percent to eighteen percent.

    How This Development Will Help in Further Expansion?

    According to a representative for Ola, who was quoted in a media report, the scooters S1 X 3 kWh and S1 X 4 kWh collectively contribute to approximately half of the total revenue that Ola generates. According to him, the company will be able to further improve its bottom line now that the PLI has been implemented by the corporation.

    In addition, the spokesperson stated that the fact that Ola has received PLI certification for both its luxury and mass-market goods is evidence of the company’s vertically integrated manufacturing strength. This success is a key step forward in the development of India’s electric vehicle vision.

    Over the last week, Ola presented its electric motorcycle portfolio, which is referred to as “The Roadster series.”

    Rebranding of Ola Cab

    The rebranding of Ola Cabs to Ola Consumer was revealed by Bhavish Aggarwal, the CEO of Ola, during the annual event known as “Sankalp,” which is held by the Ola group.

    Rebranding will allow the company to provide a wide variety of consumer services, including eCommerce, financial services, ride-sharing services, and other similar offerings, according to the company’s statement.

    During the fiscal year 24 (FY24), Ola Electric reported a net loss of INR 1,584.4 Cr, despite having an operational income of INR 5,009.8 Cr.

    As of the June quarter of the fiscal year 25 (FY25), Ola Electric’s consolidated net loss increased to INR 347 crore, up from INR 267 crore. In the same quarter, the company’s operating revenue reached INR 1,644 crore, representing a year-on-year rise of 32%.

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  • A New Era in Co-Lending: L&T Finance and CRED Join Hands to Offer Unsecured Personal Loans

    A renowned non-banking finance company (NBFC), L&T Finance, has just announced its strategic push into the co-lending industry. This foray is being made possible by a significant partnership with the technology powerhouse CRED.

    With the help of this partnership, L&T Finance will be able to expand its operations into the realm of digital lending by providing CRED members with the opportunity to get unsecured personal loans.

    The CRED Cash product, which is being enabled by L&T Finance in cooperation with Newtap Finance Private Ltd., will now provide members of CRED with access to credit, as stated in the official statement.

    A speedy access to credit is promised by the new arrangement, which will enable members to obtain loans in a matter of minutes. Additionally, the new arrangement will provide members with flexible repayment terms and competitive interest rates.

    Sudipta Roy, the Managing Director and Chief Executive Officer of L&T Finance, expressed his excitement about the company’s entry into the co-lending industry by saying, “We are excited to announce our partnership with CRED.”

    This affiliation represents LTF’s entry into the co-lending area, which will harness the power of LTF’s considerable experience in the financial services industry, CRED’s large wealthy client base and excellent reputation for trustworthiness, and NewTap’s competence in digital lending and risk assessment. This association will mark LTF’s introduction into the co-lending field.

    The Partnership and Its Future

    L&T Finance is currently going through a period of tremendous expansion, which coincides with the formation of this collaboration. The loan book of the company experienced year-on-year growth of 11 per cent, eventually reaching INR 6,667 crores in the first quarter of fiscal year 25.

    The total disbursements for the quarter amounted to INR 1,178 crores. It is anticipated that the Personal Loans business at L&T Finance will continue on its upward trajectory, which will be driven by strategic alliances, development into new geographical areas, and initiatives to retain customers.

    Within the field of co-lending, this relationship between L&T Finance and CRED is well-positioned to establish a new standard of excellence. This platform will provide A sophisticated audience with a simplified and customer-focused loan experience.

    Regarding the future of the partnership, Roy stated further that L&T believes that this partnership will further enhance the company’s presence in the digital lending space with a focus on customer experience.

    Additionally, the firm thinks that this partnership will provide CRED’s customers with loans in a couple of minutes with flexible repayment tenures, at competitive interest rates, thereby providing customers with a borrowing experience that is both unique and seamless.

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  • A Subsidiary of Jio Financial Services Is Established to Distribute Financial Products

    In response to the announcement that it has formed a subsidiary to market financial goods, Jio Financial Services Ltd.’s stock increased by more than 1.6% in Friday’s early trades, August 16.

    In a stock filing on August 15, JFSL shared the news that the company has formed a totally owned subsidiary called Jio Finance Platform and Service Limited on August 14, 2024.

    This new enterprise, which will have its headquarters in Mumbai, will provide a comprehensive suite of banking and related services.

    Jio Financial Services is going to put up INR 1 lakh to buy 10,000 equity shares, having a face value of INR 10.

    The new subsidiary’s certificate of incorporation was received on August 15 from the Ministry of Corporate Affairs.

    Shares of Jio Financial Services started the day on the up at INR 324 on the NSE and continued to rise, reaching an intraday high of INR 325.5.

    Company’s First AGM

    The first annual general meeting (AGM) of z will be conducted on Friday, August 30, as announced on August 5, by the firm.

    For the sake of convenience and accessibility, the conference will be held by Video Conferencing (“VC”) and other Audio-Visual Means (“OAVM”).

    Compared to the same period last year, when it was INR 332 crore, Jio Financial Services’ consolidated net profit for Q1FY25 was INR 313 crore, a year-on-year fall of 5.7%.

    In the reviewed period, total revenue rose to INR 418 crore from INR 414 crore in Q1FY24, a slight rise of 0.97%.

    Decline on Total Interest Earned

    The overall interest earned for the quarter fell at INR 162 crore, a 20% year-over-year and 42% sequential fall.

    The net benefit from increases in fair value increased substantially, climbing by 25% annually and 101% quarterly, to INR 218 crore.

    About JFSL

    In July of 1999, JFSL was initially established as Reliance Strategic Investments Private Limited, which was originally constituted under the Companies Act of 1956. In July of 2023, Jio Financial Services Limited was officially established as a company.

    The Reserve Bank of India (RBI) has registered JFSL as an NBFC-ND-SI. The company is a holding company, and it will run its financial services business through its consumer-facing subsidiaries, which are Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL), as well as through a joint venture that is called Jio Payments Bank Limited (JPBL).

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  • BharatPe, a Prominent Fintech Company, Has Introduced Secured Loan Offerings

    One of the leading financial technology companies in India, BharatPe, is now providing its merchant partners with secured credit options. The two-wheeler loan and the Loans Against Mutual Funds (LAMF) are the newest offerings from the financial technology company.

    With this launch, BharatPe is expanding into secured lending for the first time, building on its recent success with unsecured loans.

    Facilitating Easier Access to Capital for Businesses

    The continued dedication of BharatPe to empowering merchants through innovative financial products was highlighted by Nalin Negi, the CEO of the company.

    In 2018, BharatPe set out to provide millions of traditional retailers with cutting-edge financial technology solutions. “We have made tremendous strides in the past few years and have enabled our merchant partners to receive unsecured loans totalling over INR 15,000 crores,” Negi stated.

    He said that the firm’s credit portfolio and relationships with merchants would be strengthened even more by the use of secured loans.

    Connecting With OTO Capital, Volt Money

    The new loan opportunities are made possible by BharatPe’s partnership with OTO Capital and Volt Money. Loans for two-wheelers would be made available to BharatPe businesses through OTO Capital, an online marketplace and lending platform. There are a variety of payback periods available, from 12 to 48 months, and the maximum loan amount is 2.5 lakh rupees. Users may rest assured that their experience will be smooth because the entire procedure is digital.

    With Volt Money’s Loans Against Mutual Funds (LAMF) service, businesses can borrow up to one crore rupees.

    The goal of the service is to make it simple for merchants to get the money they need to run their businesses.

    Borrowers can rest easy knowing that OTO Capital and Volt Money will handle the loan distribution and repayment on BharatPe’s behalf.

    According to Sumit Chhazed, the Chief Executive Officer of OTO Capital, “Our mission is to make ownership of two-wheelers accessible and affordable for every aspiring entrepreneur in India. Collaboratively, we are dedicated to delivering mobility solutions that are easily accessible and will contribute to the success of organisations.”

    Bharat Lamba, the co-founder and chief business officer of Volt Money, made a similar statement: “We are uniquely positioned to meet the short-term liquidity and working capital needs of micro, small, and medium-sized enterprises (MSMEs) by providing instant loans against mutual funds.” This enabled and empowered MSMEs financially.

    Expanding the Range of Products

    BharatPe’s goal is to broaden its product offerings and generate new revenue sources, and the introduction of secured loans is a component of this larger strategy.

    It is the intention of the company to introduce additional secured loan solutions in the future months in order to meet the requirements of a wider variety of merchants.

    The company entered the gold loans market in 2022 for its merchants by forming partnerships with non-bank financial companies (NBFCs) and issuing loans of up to twenty lakh rupees against a gold commitment.

    There are currently more than 13 million merchants who are a part of its base.

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  • Jinko Solar’s State-of-the-Art Solar Factory Collaboration in Saudi Arabia

    Jinko Solar, the world-renowned supplier and manufacturer of solar panels and energy storage systems, recently announced a joint venture with Renewable Energy Localization Company — a wholly owned subsidiary of the Saudi Arabian Public Investment Fund — and the Saudi green energy investment company Vision Industries Company.

    This venture will invest around $1 billion to construct a 10-gigawatt solar factory producing high-efficiency TOPCon cells and modules. Commissioned for 2026, this factory will be located in Saudi Arabia’s developmental city of Oxagon and run entirely on locally sourced renewable energy.

    “We are excited to partner with Jinko Solar on this groundbreaking joint venture. By leveraging Jinko Solar’s advanced N-type technology and our local expertise, we are confident that this facility will drive innovation and set new benchmarks in the solar industry,” commented Mohammed AlBalaihed, head of MENA Energy and Utilities Sector of PIF and chairman of RELC, in a press release.

    With Saudi Arabia’s Vision 2030 set to move the country away from its dependence on fossil fuels, this factory will help satisfy the demands of a burgeoning solar market. Its construction will also help Jinko Solar meet its ever-growing global demand as the first module manufacturer to deploy over 210 gigawatts of modules worldwide. The factory will mark Jinko Solar’s fourth active overseas production facility after its locations in Malaysia, Vietnam, and Florida.

    “The Saudi Arabian market enjoys better credit, sufficient financing resources, stable conditions, policy support … and has become one of the fastest-growing regions for new energy development in the Middle East,” said Jinko Solar’s Vice President Dany Qian. “Its robust industrial foundation makes it an excellent choice for Chinese photovoltaic companies looking to expand overseas.”

    Smart and Efficient

    The new facility is set to be designed in accordance with Jinko Solar’s smart factories and set a higher standard for industry innovation, digitalization, efficiency, and sustainability. It will be characterized by its use of robots, driverless vehicles, and a robust artificial intelligence monitoring system that gathers data from each machine and sensor to determine critical operational aspects like maintenance needs and logistics.

    Given the company’s long spirit of innovation, Qian explained that the factory will feature digital tools and software so that all aspects of production can be seamlessly viewed and augmented from Jinko Solar’s home base in Shanghai.

    “Digitalization isn’t just a marketing slogan or a supporting function now,” Jinko Solar Chairman David Lee told PV Magazine. “It is becoming a driving force and we’ll show you it works.”

    Once commissioned, the factory is expected to produce the world’s first 27% efficiency cells, illuminating Jinko Solar’s commitment to raising industry standards as the enterprise that has famously broken its own efficiency records 26 times.

    Massive Opportunity for MENA

    Known for its staggering annual solar irradiance of over 2,000 kilowatt-hours per square meter, the Middle East has some of the highest potentials for solar generation in the world, making projects like this incredibly advantageous.

    As Saudi Arabia aims for 130 gigawatts of renewable capacity by 2030, this factory underscores the country’s prospects of becoming a renewable powerhouse and highlights the importance of producing panels fit for the region’s desert climate where average summer temperatures exceed 100 degrees Fahrenheit. With Jinko Solar’s panels designed to withstand the harshest temperatures and weather conditions, the firm has already established a 70% market share in Saudi Arabia.

    The company’s head of technical services and product management for the Middle East and North Africa region, Mohamed Saady Dweik, explained in an interview with PV Magazine, “The MENA region has huge potential when it comes to solar energy. It’s exposed to high solar but at the same time, it is exposed to harsh weather conditions. It has high temperatures and humidity, especially during the summer months. For these reasons, we believe the N-type TOPCon modules will show extraordinary performance in these harsh weather conditions.”

    According to Qian, 3,000 people will work at the new plant, which, given its location in the unique up-and-coming city of Oxagon, is expected to attract talented professionals from around the world.

    As a testament to the bustling opportunity of the area, Jinko Solar has also supplied 1 gigawatt of solar modules to power a renewable-run green hydrogen megaplant that’s also under construction in the city. Once commissioned in 2026, this plant is expected to be the world’s largest green hydrogen project, producing 600 metric tons of carbon-free hydrogen per day that will then be converted into 1.2 million metric tons of ammonia, a clean energy source, annually.

    This ammonia is a zero-carbon fuel that will be used to power global transportation and industry, offsetting the impacts of 5 million metric tons of CO2 each year.

    “In line with Saudi Arabia’s Vision 2030, Jinko Solar’s contribution in this project goes beyond supplying modules — it’s about leading technological innovation and environmental sustainability,” Jinko Solar wrote on its Facebook page. “Our 1GWp Tiger Neo ‘N-Type TOPCon modules represent cutting-edge technology, strengthening our role in partnerships to create a cleaner and brighter future for all.”

    Jinko Solar’s Global Promise

    With a company mission of optimizing the global energy portfolio and enabling a sustainable future, Jinko Solar continues to maintain this commitment with projects like these that promote and expand global access to solar energy.

    As the business aims to become the world’s leading energy storage enterprise within the next three to five years, it’s confident that its market share will increase to 20% this year, and this factory will bring it one step closer to its mission.

    “This partnership is another major milestone in the execution of our globalization strategy and will further help us optimize our global manufacturing and marketing infrastructure, as well as enhance our global competitiveness … Together with our new partners, we will work towards shaping a cleaner and brighter future,” stated Xiande Li, Jinko Solar’s chairman and CEO, in a press release.

    With Saudi Arabia well on the path toward its ambitious Vision 2030, more projects involving solar giants like Jinko Solar are likely to be on the horizon.