[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