PLDT group enables 8 more partner banks with digital consumer loans platform Lendr
PLDT News | Friday, April 8, 2016
More banks and financial institutions recently signed up with digital lending platform Lendr to offer consumer loans via online and mobile, with the aim to significantly expand the reach of their financial products and provide convenient, hassle-free loans application to their customers.
Eight new partner banks – namely Bank of Makati, Cebuana Lhuillier Rural Bank, Luzon Development Bank, Philippine Business Bank, Producers Bank, Rural Bank of Camalig, Sun Savings Bank, and UCPB Savings Bank – will soon have consumer loan products available on Lendr (www.lendr.com.ph) via online and mobile.
Lendr is one of the breakthrough products developed by FINTQ, the financial technology unit of Voyager Innovations, the digital innovations arm of PLDT and Smart Communications, Inc. (Smart).
For the Lendr partner banks, PLDT Alpha Enterprise and PLDT Smart SME Nation are offering the widest range of connectivity solutions that include fixed and wireless data access bundled with the latest devices and gadgets to help small businesses and enterprise clients harness technology to make their businesses relevant and stand out amid the competition.
“Digital technology affords businesses both big and small a level playing field, and that is most apparent in the case of our new financial partners, the rural and thrift banks. Lendr will help them vastly improve the scope of their consumer loans products by putting them directly into the hands of millions of mobile and online users nationwide,” said Manuel V. Pangilinan, Chairman at PLDT, Smart, and Voyager Innovations.
This officially brings the number of partners that have officially signed up with Lendr to 25 banks and financial institutions. Currently, loan products from China Bank Savings (auto loan) and PNB Savings Bank (SSS Pension Loan) are available via the platform.
“Today, every mobile phone in the country can be considered a virtual bank branch. With the help of Lendr, banks and financial institutions that used to operate in specific areas and regions can now reach out to the many who need financial help all around the country,” added Orlando B. Vea, President and CEO at Voyager Innovations.
Through Lendr, consumers availing of loans from partner banks can conveniently do the following on their mobile or laptop devices:
Complete the loan application process online: once they have chosen the loan products that they want, users can sign up and fill out the application forms via Lendr, eliminating the need to go to the bank to submit paper-based application forms;
Track their loan applications: Through the intuitive interface of Lendr accessible via the desktop and mobile site, users will be able to get instant updates and SMS notifications about their loan applications every step of the way; and
Monitor their monthly loan payments, balances, and amortizations: Once their loans have been fully approved and released, Lendr also allows users to keep track of their payments and balances, so that they do not miss out on their monthly dues.
As partners in the digital enablement of banks and financial institutions, FINTQ through Lendr aims to promote inclusive growth and financial inclusion in key emerging markets by leveraging on the latest mobile and digital technologies. Through a telco- and bank-agnostic digital lending platform, all consumers are able to look for and compare the loans that they need and apply through an easy and hassle-free system.
“In the emerging digital economy, businesses that are quick to adapt will be able to stay ahead of competition. We are encouraged that our partner banks and financial institutions have decided to take the first step in digital enablement by signing up with Lendr, and we are hopeful about a fruitful partnership that lies ahead,” said Lito Villanueva, Managing Director at FINTQ.
The commercial availability of Lendr is expected to help banks expand the availability of their loans portfolio as consumer lending in the Philippines continues to grow, posting a 19.3% increase in the second quarter of 2015 to reach P959.18 billion worth of loans disbursed during the period.
For more information on Lendr, visit www.lendr.com.ph or follow @LendrPH on Twitter or Like facebook.com/lendrph.
Voyager Innovations focuses on delivering platforms for the emerging digital economy. Among the areas of digital life that its platforms and services are enabling include financial technology, digital commerce, rich mobile marketing, digital payments and next-generation communications.