Majority of those who borrow through Lendr are single, female, employed, and are the so-called millennials or those born from 1982 to 2004. They belong to the ‘Starting Out’ segment–or the young adults who are just beginning with their careers.
[04 JANUARY 2018] FINTQ–the financial technology arm of PLDT and Smart’s Voyager Innovations–saw loan disbursements processed through Lendr, its digital lending platform, balloon by nearly a third in 2017 from a year ago with most of the borrowers coming from the ‘starting out’ segment, an executive said.
“Loans disbursed through Lendr for 2017 reached more than P12 billion, nearly a third higher than the volume recorded the year before, bringing our total loans disbursed to about P27 billion since we went to market in 2015,” said Lito Villanueva, FINTQ Managing Director.
The tremendous year-on-year performance, Villanueva said, was mainly propelled by business synergies with both banks and non-bank associations sealed throughout the year and the regulatory support given to FINTQ. He also noted that applications through Lendr registered the highest loan approval rate at around 40% last year due to “digital efficiencies.”
“Lendr’s feature of filtering of loan applicants based on the bank and non-bank partners’ credit parameters enabled them to quickly generate quality leads and approve eligible borrowers,” he said.
As of end-2017, FINTQ has inked agreements with a total of 70 institutions. These include: the Landbank of the Philippines; China Bank Savings; RCBC Savings Bank; Philippine Bank of Communications; Producers Savings Bank Corp.; Camalig Bank, Inc. (A Rural Bank); PNB Savings Bank; Maybank Philippines; EastWest Bank; CARD Bank, Inc.; CARD SME Bank, Inc.; Rizal Bank, Inc.; First Circle; Esquire Financing, Inc.; ALGO Leasing and Finance; Cebuana Lhuillier; Atram Trust Corp.’s Seedbox Technologies; Radiowealth Finance Company; Chamber of Thrift Banks; and the Rural Bankers Association of the Philippines. FINTQ will also be working with CoopHub to offer Lendr services to over 26,000 cooperatives nationwide.
“Majority of those who borrow through Lendr are single, female, employed, and are the so-called millennials or those born from 1982 to 2004. Such borrowers are what we call the ‘Starting Out’ segment–or the young adults who are just beginning with their careers. At this stage of their lives, they only have need for relatively simple financial products such as a transaction account and/or a credit card. From time to time, they utilize basic banking products to fund their R&R activities (e.g. travel, new gadgets, or hobby) or invest in the financial market,” Villanueva said.
“Borrowers who use Lendr are those with profiles that are targeted by banks. This only goes to show that our platform is really beneficial for our bank and non-bank partners as we work together in providing the financial needs of consumers,” Villanueva said.
However, he also pointed out that “8 out of 10 of our borrowers are from the provinces and about 26% are residing in low-income cities and municipalities. This only shows that there is really a huge untapped market by formal financial institutions in rural communities and with our digital financial platforms such as Lendr, wherein we also offer micro-loans via Pera Agad, we are able to service their financial needs,” said Villanueva.
FINTQ and Voyager Innovations are strongly committed to the Bangko Sentral ng Pilipinas to promote the National Strategy for Financial Inclusion. It targets to include 30 million Filipinos in the formal financial sector by 2020 through KasamaKA–its grassroots-based financial inclusion program–and Lendr, which also offers Pera Agad–a micro-loan service for the unbanked and underbanked without or has limited access to finance. Through Pera Agad, qualified Smart and Talk and Text prepaid subscribers can apply for loans ranging from P2,000 to P10,000 with a term of 4 to 36 weeks.
In terms of types of loan applications received, Villanueva shared that majority are for salary loans. There were also a number of applications for microfinance and business loans. He noted that nearly 50% of the transactions are done after banking hours, which signifies that “digital platforms that provide banking products and services have absolutely eased doing banking transactions for consumers.”
“Through Lendr, our digital lending platform, prospective borrowers can apply for a loan and can closely monitor their loan accounts anytime of the day and wherever they are,” Villanueva said.
Lendr has the most expansive loan offerings. On top of the traditional salary, personal, home, and auto loan products, it offers mobile crop loan, medicine loan, mSME loan, overseas Filipino loan, and truck and equipment loan, among others.
With all its efforts, Lendr is the first non-bank product to win the Consumer Finance Product of the Year at the recent Asian Banker Philippine Country Awards. It was cited for being a trailblazer in digital lending service in the country with the most extensive reach in the countryside. It showcased how it has become a pervasive and useful platform for financial inclusion and inclusive growth.
A rosy outlook for Lendr
“For 2018, we are confident that with the deployment of a number of our Lendr partners, we will keep our double-digit growth and could even double last year’s performance,” Villanueva said.
Overall, he said: “While we are accelerating our digital lending initiative through Lendr, several game-changing platforms will also be launched. Other key digital platforms for various financial services will be introduced in the market come 2018. These will further galvanize our position in the industry as the leading fintech company with the largest digital footprint in the country. We will also be expanding our operations outside the Philippines.”
“2018 will be a banner year for FINTQ as we are going beyond lending,” Villanueva said.
Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. leads the launch of KasamaKa, an income and community builder program that aims for for greater financial inclusion through the use of digital financial services and a digital incentives program. The movement seeks to help raise the percentage of digital transactions in the country to 20% by the year 2020.
[06 SEPTEMBER 2017] – FINTQ, the financial technology arm of the PLDT Group’s Voyager Innovations, along with the Bangko Sentral ng Pilipinas (BSP) and several partners in the government, banking, financial services, and civil sectors today launched “KasamaKa,” a grassroots movement that aims to help promote inclusive digital finance for all Filipinos nationwide.
KasamaKa is an income and community builder that aims to spread greater access to finance to more Filipinos nationwide through a digital referral system that incentivizes enterprising individuals, steering them away from informal lenders by giving them access to reasonable cost of credit, and introducing them to a complete suite of digital financial services.
“Many Filipinos remain at the outskirts of society when it comes to access to finance, which translates to limited economic opportunities needed to drive inclusive growth. We welcome FINTQ’s KasamaKa as a private sector initiative that supports the objectives of the National Strategy for Financial Inclusion. We see its potential to promote the development of inclusive digital finance and establish a mechanism where Filipinos can become ambassadors of financial inclusion in their respective communities,” said Nestor A. Espenilla, Jr., Governor at Bangko Sentral ng Pilipinas.
“Digital technology plays a key role in giving wider access to finance for all–but it must be complemented by a program that recognizes the realities lived by Filipinos every day. KasamaKa aims to be that bridge linking the government and the private sector’s efforts to the common folk so that all of the benefits of technology are genuinely felt by all,” added Manuel V. Pangilinan, Chairman at PLDT, Smart, Voyager and FINTQ.
The movement aims to translate the BSP’s National Strategy for Financial Inclusion (NSFI) framework into an inclusive, on-ground, scalable, and sustainable execution that will also help push the share of digital transactions in the country to 20% by 2020–one of the key goals of the National Retail Payments System (NRPS).
Unequal access to financial instruments
One of the key objectives of the movement is to address gaps in access to financial instruments nationwide, which according to the inaugural FINTQ Inclusive Digital Finance Study 2017 remains unequal across the country–where only 23 out of the 82 provinces make up virtually all of the domestic deposit and domestic loan volumes in the Philippines.
Majority of these deposits and loan volumes originate from Metro Manila and Southern Luzon–known seats of power and commerce in the country–which further exacerbates the staggering imbalance in terms of financial access nationwide.
The study, which looked at the levels of access to financial services such as bank branches and ATMs across the country and access to financial services such as loans and deposits, also found that access to financial instruments remains unequal and unchanged in the past two years–necessitating a shift toward a more inclusive and grassroots approach that would benefit all.
“Digital and mobile technologies provide the much-needed boost in pushing financial inclusion in the Philippines,” said Lito Villanueva, Managing Director at FINTQ. “Using only their mobile phones, users can now apply for a loan, open a micro savings account, buy an insurance product, start with a micro investment, send money to loved ones or pay bills from wherever they are in the country. Through KasamaKa, we are building a groundswell of inclusive digital finance ambassadors who will help spread the advantages of these innovations to their respective communities, while earning additional income in the process.”
“The rollout of digital lending service Lendr is just one of the many digital financial interventions that would jumpstart the country’s digital transformation. So far, it is the largest digital lending service in the country with the most extensive digital footprint covering 100% of provinces, 91% of cities and 15% of municipalities,” added Villanueva.
To help achieve the goals of financial inclusion, FINTQ has partnered with various companies and groups from multiple sectors of society that will help fill the gaps needed to roll out the program on a massive scale.
“KasamaKa is true financial inclusion at work that will not only help push for a more inclusive growth in the economy, but will also help realize the digital transformation of various sectors of society. This has been our vision at Voyager from the start–to help bridge the digital and financial divide in the country, which will help in creating ‘one happy planet’,” said Orlando B. Vea, President and CEO at Voyager Innovations.
Aside from providing them the means to have additional income, KasamaKa will likewise launch a nationwide caravan that will help teach financial literacy to Filipinos within their respective communities.
Some of the groups and organizations that form part of the initiative include the Union of Local Authorities of the Philippines, League of Provinces, League of Cities, League of Municipalities, Liga ng mga Barangay, Philippine Public School Teachers Association, OFW Credit Cooperative, Filipino Initiated Livelihood Organization Credit Cooperative (FILO), Philippine Trade and General Workers Organization, Magsaysay Multi-Purpose Cooperative, Alliance of Philippine Partners in Enterprise Development (APPEND), Urban Poor Associates, Urban Poor for Livelihood Training (UPLIFT Philippines), Kapandesal Multipurpose Cooperative, Samana-Fa Multipurpose Cooperative, Philippine Trade & General Workers Organization, Sikap Buhay Entrepreneurship and Cooperative Office, Katipunan ng Mamamayan ng Bagong Pilipinas Foundation, Inc., Homer Foundation, Inc., Philippine Association of Stores and Carinderia Owners Inc., Bagong Pag-asa ng Maynila Vendors Association, Baclaran Vendors Development Cooperative, and Pambansang Kilusang ng mga Samahang Magsasaka (PAKISAMA), among others.
KasamaKa also counts private-sector companies and non-government organizations such as Hapinoy, Gawad Kalinga, Grameen Foundation, Philippine Business for Social Progress, Pangarap Foundation, PLDT-Smart Foundation, ERDA Foundation, Inc. (Educational Research & Development Assistance), Grab, MyPhone, OLX as its supporters.
The event also saw the launching of the “Race to 20 by 2020” campaign by multi-sectoral stakeholders to help in accelerating digital financial transactions to 20% by 2020 or in three years’ time. This is anchored on the government’s framework of pushing for an inclusive digital economy.
To become a KasamaKa builder, interested individuals only have to register via www.kasamaka.com or text KKK to 292901555 to receive their unique Builder ID, which they can give out to family, friends, and community members who would like to avail themselves of various digital financial services such as loans, insurance, micro-savings, and micro-investments, among others, and earn for themselves as much as P300 for every successful application. [END]
FINTQ Managing Director Lito Villanueva calls for financial technology-driven Shari’ah-compliant microfinance to accelerate financial inclusion in the Autonomous Region in Muslim Mindanao (ARMM at the 7th Global Islamic Microfinance Summit in Istanbul, Turkey.
Financial technology-driven Shari’ah-compliant microfinance is key to accelerating financial inclusion in the Autonomous Region in Muslim Mindanao (ARMM), an executive of FINTQ, the financial technology arm of Voyager Innovations, said.
Speaking at the 7th Global Islamic Microfinance Summit in Istanbul, Turkey, FINTQ Managing Director Lito Villanueva said that there is a need to push for an enabling framework for Islamic microfinance in the Philippines in order to break down the barriers in accessing digital finance.
“We are not telling the whole story of financial inclusion if Islamic banking and finance are absent in the equation. There is an urgent need to push for necessary legislation, infrastructure support, and technology enablement for Islamic microfinance,” said Villanueva, the only Filipino and non-Muslim fintech executive included in the roster of speakers.
In the Philippines, around 5.6% of the population are Muslims, with a geographic concentration in the ARMM, composed of five provinces, two cities, and 116 municipalities.
“ARMM has so much potential given its resource-rich landscape. Combined with its industrious population, the region has huge economic potential. However, from the time it was established in August 1989, ARMM remains the poorest region in the country with less than 70% of the adult population still unbanked and underserved. There are only 20 banks and 28 ATMs servicing almost 4 million ARMM residents. Not a single bank there is Shari’ah compliant. That’s why there is an opportunity to better serve and enable the communities with Islamic microfinance, enabled by financial technology.” said Villanueva.
In line with the situation at ARMM, Villanueva calls on industry players to support the creation of a task force whose duty is to look into establishing a Shira’ah-compliant Islamic microfinance framework. The task force was proposed to be led by the existing Microfinance NGO Regulatory Council, which was created by Republic Act No. 10693 or “Microfinance NGOs Act.” The council is chaired by the Securities and Exchange Commission (SEC) together with the Department of Finance, Department of Social Welfare and Development, and the Department of Trade and Industry, and in partnership with the Bangsamoro Transition Commission and the National Commission for Muslim Filipinos.
“We support financial inclusion initiatives, and we look forward to consider proposals from like-minded fintech companies regarding Islamic microfinance in the country. This is something that we are willing to look into,” said SEC Chairperson Teresita Herbosa.
FINTQ, together with its partners, have recently launched a national movement called KasamaKA to further drive financial inclusion in the countryside. KasamaKA (loosely translated to mean as financial inclusion) aims to provide greater access to financial services to every Filipino. The initiative is supported by the Bangko Sentral ng Pilipinas, SEC, and the Insurance Commission.
“Deploying Shari’ah-compliant Islamic microfinance, initially in Marawi, would be more meaningful, impactful, and sustainable socio-economic intervention that could help alleviate poverty and promote peace and development in the region,” Villanueva concluded.
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 in the country with diverse digital banking and finance portfolio of platforms including lending, security, micro-savings, micro-investments, 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. END
Gino Gabriento wants to bring rural banks closer to the millennial and unbanked population through financial technology.
[02 AUG 2017] Giovanni “Gino” Gabriento knows this all too well: rural banks are facing enormous challenges. He had seen a few of them fold up, because they faced succession woes and were not able to adopt as fast with the times. He wants to address it the best he can, and he wants to do it now.
And so when he was elected president of the Rural Bankers Association of the Philippines (RBAP), he gladly took it as a challenge and privilege. As one of the youngest RBAP presidents, he now leads the country’s more than 400 rural banks.
Gino is cool. He’s easy to be with. He’s edgy. And most certainly, he understands the vast untapped markets that can save the rural banks: the millennials, the unbanked, and the underserved. He knows them because he’s a millennial and lives in the countryside.
This 35-year-old president of the 60-year-old Rural Bank of Digos believes he can help the rural banks understand the quirks and lifestyles of the millennials. He also has the digital answer in bridging the rural banks and the underserved and unbanked markets such as fisherfolk and merchants.
“I think one of the reasons why they elected me is they (RBAP) want to change the image of rural banking,” Gino says, adding that rural banks are actually cool, techy, and for the millennials (or the Generation Y) who are poised to drive economic growth in the years to come.
No Closure of Banks During My Term
During his term, Gino hopes to stop more banks from closing by enticing the young generation to join the industry and by bringing rural banks closer to both its existing and untapped customers, among other solutions.
These days, some of the family-owned banks are forced to close or return their license because too few among the third and fourth generations are willing to join the business. “As an intergeneration banker, I want to entice the younger generation to activate their passion button and join their rural banks,” Gino says.
Rural banks, he says, should cater to the millennial market. Comfortable and confident with technology, these consumers have been online for a few years now. But it is the rural banks that have taken time to keep in pace.
They should also take advantage of the big opportunity to serve the unbanked and underserved market. Majority of households still don’t have a bank account, yet own a mobile phone. Many of the rural banks, however, have yet to go digital. These critical markets need to be served.
Fintech Key To Rural Bank’s DX
It’s now time, Gino says, for rural banks to make their “digital transformation” or DX, and he sees financial technology services as a means to make this happen. Fintech, he believes, enables rather than disrupts the banks in bringing efficient, cheap financial services to the unbanked and underbanked such as the millennials. The customers themselves are the ones looking for convenience and new ways of transacting financially.
How he will bridge the gap between these markets and the banking sector is through collaboration and partnerships with FinTech firms such as FINTQ, the FinTech arm of Voyager Innovations, which is the digital innovation subsidiary of Smart Communications under the PLDT Group.
The challenge, Gino notes, is that capital expenditures in technology are very costly for resource-constrained small banks. “But of course, there are other alternative services where you can be cost-efficient and cost-effective, and FINTQ is one of them. FINTQ’s solutions such as Lendr level the playing field where rural banks or small players could compete head-on with the big boys. Ultimately, technology is the great equalizer,” Gino says.
Lendr Enabling Banks To Go Digital
In November 2015, RBAP signed a collaboration agreement with Voyager Innovations to help rural banks provide lending services via FINTQ’s Lendr, an online platform that matches lenders and borrowers.
Accessible via multiple channels and regardless of any bank or mobile network, the fully digital platform handles end-to-end consumer loan services, from account creation to loan application, and from loan processing and approval to loan repayment.
FINTQ came up with an innovative model so small banks can utilize the platform without shelling out too much cost. Gino says that RBAP-affiliated banks will enjoy its shared services model instead of individually paying for the fees. So far, at least two RBAP-affiliated banks have already accessed Lendr through the partnership, with BSP approval.
“We’ve built Lendr on a simple promise of enabling banks to empower Filipinos. In doing so, our platform helps rural banks reduce their capital and operational expenditures while at the same time expanding their reach to the millennial, unbanked and underserved markets,” says FINTQ Managing Director Lito Villanueva.
To this day, Lendr has the most extensive digital footprint covering 100% of 81 provinces, 90% of 145 cities and 15% of 1,490 municipalities. Approximately 23% of them are from low-income areas. So far, Lendr has already disbursed in excess of P23 billion to more than 200,000 clients. It registered annual growth rates of 50% and 33% in loans released and number of borrowers, respectively.
The future looks challenging, Gino admits. Despite their declining numbers, they are well capitalized and their branches are increasing. But for them to serve the millennials, the unbanked, and the underserved in the countryside, rural banks must live and breathe digital as soon as possible. “You have to adopt because if you do not innovate, if you do not change, you will be definitely left behind. Digital is both the present and the future. It is simply essential,” Gino says, brimming with joy.
“You have to adopt because if you do not innovate, if you do not change, you will be definitely left behind.”
– Gino Gabriento, President of Rural Bankers Association of the Phillippines
Gino Gabriento delivered his first speech as the new RBAP President at the Confederation of Central Luzon Rural Banks Induction in Pampanga in July 2017.
(From left) Enrique Abellana, RBAP Trustee (Rural Bank of Barili, Inc ); John Dino Panganiban, RBAP Director (Rural Bank of Pura, Inc); Richard Narvaez, (RBAP Director ; Highland Rural Bank); Jose Misael Moraleda, RBAP Trustee (Rural Bank of Camalig (Albay), Inc.); Maria Cecilia Ubana, RBAP Director (Rural Bank of Paracale, Inc.); Atty. Mary Ann Tupasi, RBAP VP for Luzon (Rural Bank of Solano (N.V.), Inc.); Teresa Falgui, RBAP VP for Mindanao (Rural Bank of Kiamba, Inc.); Armida Caguitla, RBAP VP for Visayas (Community Rural Bank of Catmon, Inc.); Roberto Abello (behind Ms. Caguitla), RBAP Director (Rural Bank of Ilog (Neg. Occ.), Inc); Emerito Ramos III, RBAP Director (Tamaraw Rural Bank, Inc.); Sergio Gesmundo, RBAP Director (Rural Bank of Rizal (Laguna), Inc.); Edgardo Valenzuela, RBAP Treasurer (Country Builders Bank, Inc.); Eugenio Puzon, RBAP Director (Community Rural Bank of San Felipe, Inc.); Atty. Edward Garcia, RBAP Trustee (Quezon Capital Rural Bank); Giovanni G. Gabriento, RBAP President (Rural Bank of Digos, Inc.)
WIDER ACCESS TO CONSUMER LOANS. FINTQ, the financially technology arm of PLDT and Smart’s Voyager Innovations, is working together with the Philippine Bank of Communications (PBCOM) for faster and more convenient access to consumer loans with the help of digital technology. In photo are (from left) FINTQ Managing Director Lito Villanueva; Voyager President and CEO Orlando B. Vea; PLDT, Smart, Voyager, and FINTQ Chairman Manuel V. Pangilinan; PBCOM President and CEO Patricia May T. Siy; PBCOM Executive Vice President & Head for Retail Banking Jaime Valentin L. Araneta; and, PBCOM Consumer Finance Group Sales Head Ricardo R. Mendoza
[21 JULY 2017] Philippine Bank of Communications, Inc. (PBCOM) and FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations, recently inked a partnership that will further boost PBCOM’s consumer lending business by expanding its offerings in the digital space through Lendr, the latter’s pioneering and award-winning digital lending platform.
Once launched, PBCOM’s home, auto, and personal loan products will immediately be available via Lendr (www.lendr.com.ph), an innovative digital lending platform that allows for easy and convenient loan application and submission of requirements via online or mobile devices.
“We’re glad to welcome PBCOM into the Lendr ecosystem, which will help empower more Filipinos through easy and convenient access to their loan products. This marks a huge milestone in our pursuit of greater financial inclusion across the country through the marriage of trailblazing digital technology from FINTQ and innovative loan products from our partner banks such as PBCOM,” said Manuel V. Pangilinan, Chairman at PLDT, Smart, Voyager and FINTQ.
“Over the past year, we have seen tremendous growth in various areas of our business, including consumer loan products. We intend to continue this growth momentum by tapping and exploring other avenues for our various offerings, including digital platforms such as Lendr,” added Patricia May T. Siy, President and CEO of PBCOM.
Loans on tap
By offering these products via a seamless, telco-agnostic digital platform like Lendr, PBCOM is extending the reach of its financial products and offering potential borrowers the convenience of applying for a loan, submitting their requirements, and getting notified about the status of their application all at the tap of their smartphones.
This move could help boost the growth of PBCOM’s various consumer loan offerings as industry-wide growth in loans for household consumption continues to increase, pegged at 23.6% as of March 2017, recent data from the Bangko Sentral ng Pilipinas suggests.
“Lendr not only plays a pivotal role in bringing financial products closer to Filipinos but also plays a key role in enabling our partner banks like PBCOM in their digital transformation. Through this partnership, we aim to serve and create more innovative and high-impact financial products that will be of tremendous value to a lot of customers nationwide,” 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 P21 billion worth of loans since 2015 to over 135,000 borrowers nationwide, close to 80% 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% of the 145 cities and 15% of the 1,490 municipalities. Lendr, FINTQ’s pioneer product, has already partnered with more than 30 banks and non-banks that are in various stages of onboarding.
To know more about FINTQ’s various financial technology offerings, visit www.fintiq.com. [END]
Orlando B. Vea, Voyager President and CEO; Jaime Garchitorena, CIC President and CEO; Nestor Espenilla, Jr., BSP Governor; Atty. Tess Herbosa, SEC Chair; Lito Villanueva, FINTQ Managing Director
[14 JULY 2017] FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations, today announced a string of new digital partnerships with banks and non-banking institutions for a variety of financial technology products and services, making it the biggest fintech firm operating in the Philippines today.
Among its newly signed partners for Lendr, its pioneering and award-winning digital lending platform, include the Development Bank of the Philippines (DBP), EastWest Bank, the Philippine Bank of Communications (PBCOM), Philippine Veterans Bank, Cebuana Lhuillier Bank, Insular Bank, Philippine Business Bank, Card Bank, Inc., Card SME Bank, Inc., Rizal Bank, Inc., Radiowealth Finance Company, Asialink Finance Corporation, Filidian Rural Bank, JK Capital, Esquire Financing, Algo Leasing, FINEX, Dun & Bradstreet, Cash Credit, FinScore, and PawnHero.
“We thank our partners for going on this voyage with us in pursuit of greater financial inclusion through FINTQ. Through the power of digital via mobile phones, we are helping bring financial products and services closer to Filipinos, literally at their fingertips,” added Orlando B. Vea, President and CEO at Voyager.
Across its digital lending platforms–which include Lendr, Mobile Loan Saver (with LANDBANK), and Pera Agad (with Cash Credit)–FINTQ has logged a total of over 135,000 loan applications worth a total of P21 billion since it launched in 2015. Close to 80% of these transactions were logged outside of Metro Manila and almost half were done beyond the usual banking hours, proving the financial inclusion effects of digital platforms.
Redefining the landscape
The year 2017 has so far been a banner year for FINTQ not just in the area of partnerships, but in developing and launching breakthrough digital products, platforms, and programs as well.
FINTQ’s broadest suite of fintech services are composed of platforms in the areas of digital lending, digital insurance, digital micro-investments, digital banking security, and alternative credit scoring facility for the unbanked and underserved segment, among others, that address key customer pain points and promote financial inclusion across the entire country.
“FINTQ now has the most expansive and the most robust financial technology platforms today, offering the widest suite of services that enable our partner institutions to deliver awesome customer experiences to everyone nationwide. This will help bring in more Filipinos into the financial system, and contribute in helping build the country’s emerging digital economy,” said Lito Villanueva, Managing Director at FINTQ.
Lendr has the most extensive digital footprint covering 100% of 81 provinces, 90% of 145 cities and 15% of 1,490 municipalities. Approximately, 23% of them were from low-income areas.
It also introduced ASEAN’s first digital agriculture loan through its Mobile Crop Loan in partnership with Producers Bank. Another innovation was Asia’s first digital medicine loan called TxtMED in partnership with RiteMed, the generics company of Southeast Asia’s largest pharmaceutical company Unilab. The Bicol region was also given the opportunity to experience digital loan application with the commercial rollout of Camalig Bank’s digital salary loan for employees of the Department of Education and key local government units.
Just recently, the company signed a groundbreaking partnership with the Liga ng mga Barangay sa Pilipinas, Bayad Center, and Cignal Digital TV, Inc. for its community and income builder program Kasama Ka, which will help fast-track financial inclusion across the country through a robust and mobile-based referral program for Lendr.
FINTQ is also collaborating with Gotuaco, Del Rosario Insurance Brokers, Inc. for digital insurance service SureLite, which will provide affordable and flexible insurance options for all Filipinos.
It also recently signed up with Genuisto and Ailleron for local distribution of the Livebank platform enabling local banks and enterprises with virtual branching capabilities. It enables partners to drive sales and after-sales with sophisticated fully digital onboarding process.
Soon, the fintech firm will also be unveiling the country’s first digital micro-investment platform dubbed Investr, in partnership with Seedbox Philippines through ATR Asset Management, Inc. (ATRAM), a licensed investment company advisor. Through Investr, Filipinos will gain access to micro-investment funds online, starting at just P50.
“Revolutionizing the banking and financial industry in the Philippines takes a strong collaboration effort among FinTechs, the traditional banks, and other industry players, and we are glad that our latest partners have come on board to further reach more Filipinos as we strive for true financial inclusion with the help of digital.”
– Manuel V. Pangilinan, Chairman of PLDT, Smart, and Voyager Innovations
Jose Misael Moraleda, Camalig Bank President; Lito Villanueva, FINTQ Managing Director; Geraldine Moraleda, Camalig Bank COO; and Noel Rosal, Legazpi City Mayor
Lito Villanueva, FINTQ Managing Director; Orlando B. Vea, Voyager President and CEO; Manuel V. Pangilinan, PLDT, Smart, Voyager and FINTQ Chairman; Andres M. Cornejo, Producers Bank Chairman and CEO; Gilda Pico Producers Bank Board Director; and Manuel A. Castañeda III, former Producers Bank President and COO
Vincent Patrick Guerrero, RiteMed Philippines, Inc. General Manager; Liduvino Geron, LANDBANK Branch Banking Head/EVP; Alex Buenaventura, LANDBANK President and CEO; Julio Climaco Jr, LANDBANK EVP.; and Lito Villanueva, FINTQ Managing Director
Paul D. Lazaro, DBP First Vice President; Nilo S. Cruz, First Senior Vice President and CIO of DBP / President and CEO of DBP Data Center Inc.; Cecilia Borromeo, DBP President and CEO; Manuel V. Pangilinan, PLDT, Smart, and Voyager Chairman; and Orlando B. Vea, Voyager President and CEO
Jesus Roberto S. Reyes, EastWest Bank President & Deputy CEO; Jacqueline S. Fernandez, EVP & Consumer Lending Head; Jonathan T. Gotianun, Chairman; Manuel V. Pangilinan, PLDT, Smart, Voyager and FINTQ Chairman; Orlando B. Vea, Voyager President and CEO; Ernesto R. Alberto, Chief Revenue Officer and EVP of PLDT; and Lito Villanueva, FINTQ Managing Director 6 Marivic M. Austria, CARD President and CEO; Flordeliza L. Sarmiento, Vice Chairperson for Administration; and Dr. Jaime Aristotle B. Alip, CARD MRI Founder and Chairman; Manuel V. Pangilinan, PLDT, Smart, Voyager and FINTQ Chairman; Orlando B. Vea, Voyager President and CEO; Ernesto R. Alberto, Chief Revenue Officer and EVP of PLDT; and Lito Villanueva, FINTQ Managing Director
Marivic M. Austria, CARD President and CEO; Flordeliza L. Sarmiento, Vice Chairperson for Administration; and Dr. Jaime Aristotle B. Alip, CARD MRI Founder and Chairman; Manuel V. Pangilinan, PLDT, Smart, Voyager and FINTQ Chairman; Orlando B. Vea, Voyager President and CEO; Ernesto R. Alberto, Chief Revenue Officer and EVP of PLDT; and Lito Villanueva, FINTQ Managing Director
Top row Adnan Biruar, ARMM Chapter President; Jose Erwin Esguerra, Sr., Region IV-A Chapter Pres.; Neson Maraña, Region V Chapter Pres.; Ricardo Corpuz, NCR Chapter Pres.; Mario Subagan, Region I Chapter Pres.; Noli Villarosa, NIR Chapter Pres.; Abelardo Pangilinan, Region IV-B Chapter Pres.; Randy Opisan, Region XI Chapter Pres.; Dindo John Lignig, Region VI Chapter Pres.; Cesarve Siacor, Region X Chapter Pres. Bottom row Gerard Hilarion Ramiro, VP for Mindanao; Lorenzo Zuñiga, Jr., Secretary-General; Edmund Abesamis, Liga ng mga Barangay sa Pilipinas National Pres; Manuel V. Pangilinan, PLDT, Smart, Voyager and FINTQ Chairman; Orlando B. Vea, Voyager President and CEO; Ernesto R. Alberto, Chief Revenue Officer and EVP of PLDT; and Lito Villanueva, FINTQ Managing Director
Arthur L. Panganiban Jr., President and CEO; Albert del Rosario, Director; Manuel V. Pangilinan, PLDT, Smart, and Voyager Chairman; Orlando B. Vea, Voyager President and CEO; Lito Villanueva, FINTQ Managing Director
Phillip Hagedorn, Atram Trust Corporation Chief Investment Officer; Deanno Basas, Atram President and Managing Director; Michael Ferrer, Seedbox Technologies, Inc. President; Manuel V. Pangilinan, PLDT, Smart, and Voyager Chairman; Orlando B. Vea, Voyager President and CEO; Lito Villanueva, FINTQ Managing Director
Top row Guillaume Danielou, FINTQ Product Manager; Antonio Tan Jr., IPE Asia Co, LTD Marketing Director; Greg Trinidad, U.S. Franchiser and Trading Co. President Bottom row Lito Villanueva, FINTQ Managing Director; Orlando B. Vea, Voyager President and CEO; Shane Hermans, Managing Director; Jimmy Yong, International Business Development Director
Lito Villanueva, Managing Director at FINTQ, underscores the need to fast-track the digital transformation of rural banks in order to promote financial inclusion across the country. The speech was delivered during the recent Rural Bankers Association of the Philippines (RBAP) Convention held recently in Baguio City.
[15 JUNE 2017] To realize the vision of financial inclusion across the country, regulators and industry players must work together to fast-track the digital transformation of rural banks, which play a key role in developing the countryside, an executive from financial technology firm FINTQ remarked during a conference recently.
Speaking during the annual convention of the Rural Bankers Association of the Philippines (RBAP) in Baguio City recently, FINTQ Managing Director Lito Villanueva likewise stressed how digital can level the playing field and enable rural banks to compete with the bigger commercial banks.
“Just recently, FINTQ launched the first rural bank on Lendr through Camalig Bank in Bicol, which will help borrowers from around the region to lessen travel time and have their salary loan applications approved in as fast as 24 hours. Providing access to finance to the farthest reaches of the country is really where digital can help bridge critical gaps toward a more inclusive Philippine economy,” Villanueva said. FINTQ is the financial technology arm of PLDT and Smart’s Voyager Innovations.
Aside from Camalig Bank, Lendr also recently launched the country’s first digital agri crop loan on Lendr in partnership with Producers Bank, which helps farmers gain access to finance for purchase of various crops and seeds.
One of the keys to unlocking inclusive finance, he added, is disrupting the high cost of credit assessment and verification for borrowers, which can only be realized if banks are able to digitize their processes and turn customers’ digital trails into financial track records.
To help rural banks embark on this digital journey, FINTQ through its pioneering and award-winning digital lending platform Lendr has launched a shared-services program in partnership with RBAP, which will help small rural banks gain access to game-changing technology platforms at a much lower cost and investment.
By engaging on a shared-services agreement with the industry group, Lendr is able to easily onboard rural banks onto its platform–eliminating the costly and sometimes lengthy process and having the banks’ loan products available on Lendr in as fast as three weeks.
“Our collective objective is to determine how stakeholders could leverage on mobile technology in parallel with a proactive and dynamic regulator, which will help in accelerating the digitization of financial transactions in line with the Bangko Sentral ng Pilipinas’ goal of having 20% of all financial transactions to be done via electronic means by the year 2020,”Villanueva added.
Through Lendr, rural banks will be able to offer a variety of loan products to customers wherever they are in the country, and easily evaluate and decide on their loan applications since every step of the loan application process–from selection of loan, to filling out of forms, to uploading of documentary requirements–is done via a mobile phone or online.
To date, Lendr has signed up close to 40 banks and non-bank financial institutions on its platforms. Since launch, FINTQ’s various digital lending platforms–including Lendr, LANDBANK Mobile Loan Saver (with LANDBANK), and Pera Agad (with Cash Credit)–have helped disbursed close to P20 billion in loans to borrowers, around 70% of which reside outside Metro Manila.
“BSP welcomes this development in starting the journey towards digitizing bank lending. This is well aligned with the government’s thrust of promoting responsive and responsible banking. Ultimately, technology will not just level the playing field, but also will bring speed, convenience, cost efficiencies and transparency benefiting customers,” said Nestor A. Espenilla, Jr. Deputy Governor and incoming Governor of the Bangko Sentral ng Pilipinas.
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% of the 145 cities and 8% of the 1,490 municipalities. Lendr, FINTQ’s pioneer product, has partnered with more than 30 banks and non-bank financial institutions that are in various stages of onboarding
To know more about Lendr, visit www.lendr.com.ph. [END]
Boosting SME growth through digital lending collaboration. In photo are (from left) Lito Villanueva, Managing Director at FINTQ; Orlando B. Vea, President and CEO at Voyager Innovations; Manuel V. Pangilinan, Chairman at PLDT, Smart, Voyager and FINTQ; Constante C. Lapuz, President at ALGO; Nelia V. Carlos, Executive Director at ALGO; and Glenn C. Penetrante, First Vice President at ALGO.
[08 JUNE 2017] The Equicom Group’s Algo Leasing & Finance, Inc. (ALGO) is set to expand the reach of its loan products primarily catered to small and medium enterprises to a wider set of Filipino entrepreneurs through Lendr, the pioneering and award-winning digital lending platform of FINTQ.
Through Lendr’s digital and mobile-based platform, SMEs from anywhere in the Philippines can apply for a loan from ALGO by simply visiting www.lendr.com.ph, and submitting their application and requirements online. Through this convenient service, SMEs are not only able to get near-instant access to financing but are able to better focus on running their businesses as well.
“SMEs are the backbone of Asian economies, with more than 98% of businesses in the region considered to be a part of this category. This collaboration between ALGO and Lendr will help further boost the growth and competitiveness of SMEs in the country, and in turn enable them actively participate in the growing digital economy worldwide,” said Manuel V. Pangilinan, Chairman at PLDT, Smart, Voyager, and FINTQ.
“Infusing technology into various aspects of our operations has always been a part of our strategy at the Equicom Group, which is why we recognize digital as the next frontier in further growing our lending business at ALGO. Through Lendr, SMEs can conveniently gain access to financing options offered by ALGO, which will also help grow their ventures as well,” added Antonio L. Go, Chairman at Equicom Group. Apart from banking and finance, the Group has interests in healthcare and information technology.
ALGO has an authorized capital of P1.3 billion. It offers a suite of competitive financial products and provides convenient processing to the small and medium-sized enterprises – its chosen market segment.
With a workforce consisting of seasoned and competent leasing and financing professionals, ALGO constantly improves on its products and services and risk management analytics to serve its chosen market well. Equicom has been in the forefront of information technology since the mid 70’s. As a financial intermediary in the Equicom Group, ALGO takes advantage of the latest developments in this area and stays committed to innovation and service.
Digitizing access to lending
Developed by FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations, Lendr offers a seamless and convenient way for borrowers to apply and easily submit requirements for different loan products offered by various local banks and financial institutions.
Aside from SME loans, Lendr offers one of the most diverse portfolio of loan products that consumers and businesses can apply for, including home loans, auto loans, salary loans, crop loans, and DepEd loans, among many others.
“Through fintech platforms like Lendr, we enable banks and non-banks in their digital transformation and, in turn, help bridge the digital divide for individuals and businesses all around the country. Digital levels the playing field for all, and opens new opportunities for everyone to take part in the growing digital economy here and around the world,” explained 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 P20 billion worth of loans since 2015 to over 120,000 borrowers nationwide, 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% of the 145 cities and 8% of the 1,490 municipalities. Lendr, FINTQ’s pioneer product, has partnered with more than 30 banks and non-bank financial institutions that are in various stages of onboarding.
To know more about FINTQ’s various financial technology offerings, visit www.fintq.com. [END]
Digital collaboration for growth in the countryside. The Camalig Bank, Inc. and Lendr, the pioneering digital lending platform of FINTQ, formally launch the Mobile Salary Loan program in Legazpi City, Albay, which will help Bicolanos gain instant access to loans at the touch of their fingertips. In the photo are (from left) Camalig Bank Chairman and President Miel Moraleda; FINTQ Managing Director Lito Villanueva; Camalig Bank COO Geraldine Moraleda; and Legazpi City Mayor Noel Rosal.
[17 MAY 2017] LEGAZPI CITY, ALBAY – The Camalig Bank, Inc. (A Rural Bank), together with FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations, has rolled out mobile-based loan applications to borrowers in Bicol through the pioneering and award-winning digital lending platform Lendr.
With the help of Lendr, qualified Department of Education teachers, government workers, and private-sector employees are now able to apply for loans using Internet-connected mobile devices and get notifications for their loan applications all within the same day.
“We’re happy to partner with Camalig Bank in this effort of empowering borrowers in low-income cities and municipalities in the Bicol region through mobile-based digital lending via Lendr. Through a fast and convenient application system, many are now gaining access to formal finance which will help them participate in this rapidly growing digital economy,” said Lito Villanueva, Managing Director at FINTQ.
No need to file leave
The province of Bicol, which is composed of Albay, Camarines Norte, Camarines Sur, Catanduanes, Masbate, and Sorsogon, features a geography much like the entirety of the Philippines, with hundreds of distinct and isolated islands that make accessibility a challenge for most banks.
Typically, borrowers would have to file a leave from work just to be able to apply for a loan at bank branches located in the urban centers of the province. The trip usually takes them at least two hours one way, with most traveling as much as 57 kilometers just to reach the town proper whenever they need a loan. Now, through Lendr, borrowers in Bicol can easily apply for a salary loan from Camalig Bank using only their mobile phones.
“The digital age has ushered so much convenience for all. Part of our transformation efforts at Camalig Bank is to bring such benefits to our clientele in the Bicol region, and to be able to serve more clients, even those in far-flung municipalities that are traditionally out of our reach,” said Miel Moraleda, President of Camalig Bank.
Camalig Bank is the largest rural bank in Bicol, with presence in most of the provinces in the Bicol region.
Toward greater financial inclusion
The partnership between FINTQ and Camalig Bank through Lendr forms part of the support for the Bangko Sentral ng Pilipinas’ (BSP) National Strategy for Financial Inclusion, which aims to establish programs and systems that ensure access to financial products and services for the traditionally unbanked and underserved communities in the country.
At the heart of these financial inclusion efforts are mobile and digital systems like Lendr, which enable banks and financial institutions to serve traditionally untapped markets even without establishing brick-and-mortar branches in these areas.
“BSP welcomes this development in starting the journey towards digitizing rural bank lending. This is well aligned with the government’s thrust of promoting responsive and responsible banking. Ultimately, technology will not just level the playing field, but also will bring speed, convenience, cost efficiencies and transparency benefitting customers,” said BSP Deputy Governor and incoming Governor Nestor A. Espenilla, Jr.
“Mobile brings anytime, anywhere access to financial products and services for everyone. In this era of digital, banks must respond to the changing consumer landscape, so that they may be able to service more Filipinos that are still not within the reach of the banking and financial ecosystem. We are glad to be partnering with local banks with the guidance of BSP to realize that vision,” Villanueva explained.
FINTQ’s various digital lending platforms–which include Lendr, LANDBANK Mobile Loan Saver, and micro-lending Pera Agad–have since disbursed over P19 billion in loans to more than 130,000 borrowers, 70% of whom reside outside Metro Manila. This means the benefits of digital are now being felt by more Filipinos around the country, reaching far-flung cities and municipalities–a definite boost for financial inclusion nationwide.
To know more about Lendr, visit www.lendr.com.ph. For more information about Camalig Bank, log on to www.camaligbank.com.ph. [END]
A member of one of Albay’s LGUs tries out the Camalig Bank Mobile Salary Loan program powered by Lendr
Camalig Bank President Miel Moraleda
FINTQ Managing Director Lito Villanueva
Legazpi City Mayor Noel Rosal
(From left) RiteMed Philippines, Inc. General Manager Vincent Patrick Guerrero, LANDBANK SVP Liduvino Geron, LANDBANK President and CEO Alex Buenaventura, LANDBANK EVP Julio Climaco Jr., and FINTQ by PLDT Managing Director Lito Villanueva lead the press launch of the Tamang Alaga TxTMED program at the LANDBANK Plaza in Manila.
[10 MAY 2017] Affordable and quality medicines are now within easier reach through the Tamang Alaga TxTMED program – “Kapag kailangan ng gamot, dapat may gamot.” – a partnership between LANDBANK, RiteMed, and FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations.
TxTMED leverages the LANDBANK Mobile Loan Saver (LMLS) as a digital platform to provide borrowers the option to allocate a portion of their approved net loan proceeds to purchase medicines.
A first in the country, the medicine loan service allows employees from the government and private sector with payroll accounts with LANDBANK, including Overseas Filipinos to electronically order and purchase medicines through their mobile phones without the hassle of outright cash payment. This is available across all telco providers.
RiteMed will offer a whole range of maintenance medicines at special prices through TxTMED, where medicines will also be delivered for free.
“This partnership with RiteMed and FINTQ attests to the endless possibilities in terms of financial technology and the value of public-private sector collaboration, as we work towards optimizing digital transactions to improve access to quality healthcare across the country,” said LANDBANK President and CEO Alex V. Buenaventura.
“RiteMed is committed to providing access to quality and affordable medicines for our fellow Filipinos. TxTMED is a collaboration of leaders in the healthcare, telecommunications, and finance industries that enable us to fulfill this mandate,” says Vincent Patrick Guerrero, general manager of RiteMed.
“Through technology and the strong backend support of a financial institution, our fellow Filipinos can now carry the burden of chronic illnesses who need to take medicines for life. According to a study by the Department of Health in 2016, households spend 50% on out-of-pocket healthcare expenses when a member of the family is sick,” Guerrero adds.
“This is another first in the world in providing access to healthcare through a digital lending channel. A high-impact initiative that promotes universal health care and social support access among Filipinos even at the grassroots, which is a basic human right,” said Lito Villanueva, Managing Director of FINTQ.
“The power of digital lies in its ability to address gaps, and we’re confident that the TxTMED service will help bridge access gaps for everyone’s benefit,” Villanueva stressed.