[24 APRIL 2017] Starting next month, farmers can already apply for loans which could help them finance and increase their farm production, through the country’s first mobile-based digital agricultural crop loan service offered by thrift bank Producers Savings Bank Corporation (Producers Bank) via Lendr, FINTQ’s award-winning and pioneering digital lending platform.
By signing up and availing of the Mobile Crop Loan product via Lendr (www.lendr.com.ph), farmers will have a more convenient source of financing for crops and seed types, including palay (hybrid and inbred seeds), sugar (rattoon and sugar cane seeds), onion and corn, among others.
“This collaboration with Producers Bank shows the true importance of digital technology in leveling the playing field for everyone. Through Lendr, we are planting the seeds of innovation so farmers even in the most remote locations are given equal opportunities to grow their ventures and contribute to the thriving local economy,” said Manuel V. Pangilinan, Chairman of PLDT, Smart and Voyager Innovations. Lendr is a product of FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations.
“Consistent with our mission of helping grow the agriculture sector especially in the countryside, our partnership with Lendr will allow us to expand our reach to even more farmers nationwide, particularly through the Mobile Crop Loan product which will be helpful and convenient for farmers looking to finance their farm production,” added Andres Cornejo, Chairman and CEO of Producers Bank.
“The Bangko Sentral ng Pilipinas welcomes this development in starting the journey towards digitizing lending for the agriculture sector. This is well aligned with the government’s thrust of promoting responsive and responsible banking. Ultimately, technology will bring about inclusive growth and development. It likewise promotes speed, convenience, cost efficiencies and transparency benefiting customers even at the bottom of the pyramid,” said BSP Deputy Governor Nestor A. Espenilla, Jr.
Expanding digital lending reach
Lendr allows its users to look and apply for various loan products using only their mobile devices. Through this digital mobile lending platform, users can choose a loan product, fill up an application form, submit their requirements and get notified regarding the approval of their loan application all within their mobile device.
Lendr has been enabling banks and other financial institutions to offer their loan products online and on mobile devices thereby reaching more potential customers that are beyond the reach of the traditional banking system.
“This is the power of fintech, and we have harnessed such capabilities to help bridge the digital divide by delivering breakthrough products and awesome customer experiences to more Filipinos through our various digital banking, lending, insurance, and security platforms at FINTQ. By enabling banks with their digital transformation, we enable more people to take part and benefit from the growing digital economy,” said Lito Villanueva, Managing Director at FINTQ.
FINTQ’s various telco-agnostic digital lending platforms–which include Lendr, Mobile Loan Saver (with LANDBANK), and micro-lending Pera Agad (with Cash Credit)–have helped disburse more than P18 billion worth of loans since 2015 to over 120,000 borrowers, 70% of which are from outside Metro Manila.
Through its platforms, FINTQ currently has the most extensive digital lending footprint in the country today, with loan transactions coming from all 81 provinces, 90 percent of the 145 cities and eight percent of the 1,490 municipalities. Lendr, FINTQ’s pioneer product, has more than 30 banks and non-banks in various stages of onboarding. [END]
FINTQ is the leader in customer-centric, demand-driven, mobile-first, value-creating, and inclusive digital financial innovations through collaboration across strategic markets with award-winning and pioneering platforms, products and services. It is the largest and the only financial technology business with diverse digital banking and finance portfolio of platforms including lending, security, micro-savings, insurance, disbursements, micro-credit and virtual banking, among others.
For more information about FINTQ and all of its products and services, please visit www.fintq.com.
About Producers Bank
Producers Bank is a rapidly expanding thrift bank with 144 branches nationwide, the vast majority of which are located in the countryside. Its mission is to become the #1 partner bank of entrepreneurs as well as farmers in producing more wealth for the country. It has supported farmers since its inception more than 21 years ago and plans to increase its reach by expanding to 300 branches by 2020.