Voyager Innovations recognized at the 54th Anvil Awards.

by | Feb 4, 2019 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

Voyager Innovations recognized at the 54th Anvil Awards.
 Executives and officers of Voyager’s business units and its PR and Communications Team, along with a representative from Oxfam received the metals at the 54th Anvil Awards.

Voyager Innovations recognized at the 54th Anvil Awards

As a testament to its excellence for its campaigns and initiatives, Voyager Innovations brought home seven Anvils at the recently held 54th Anvil Awards.  

Voyager’s PayMaya was conferred three Silver Anvil awards for: Accelerating Digital Payments Adoption through PayMaya’s Cashless Society Campaign, #ShareTheLove with PayMaya: A 2017 Holiday PR Campaign, and PayMaya & Oxfam’s iAFFORD card: Building economic resilience in the face of disasters through innovative digital financial services.  

Meanwhile, Voyager brought home a Gold Anvil for its thought leadership publication series for financial and digital inclusion dubbed as the FINTQ Inclusive Digital Finance Report, and Silver Anvils for FINTQ’s Disruptors’ Ball: A multi-stakeholder gathering to disrupt the state of the unbanked and underserved through technology; and KasamaKA caravans: Educating citizens about opportunities available to them through KasamaKA and encouraging individuals to join the movement.  

Voyager’s Freenet, the most popular rewards app that provides free access to the internet and apps in the Philippines, got a Silver Anvil Award for its Freeniversaya Campaign where it integrated online and offline consumer experiences to provide a more rewarding way to connect to its app users and bring more Filipinos to the internet.  

“We are honored that our initiatives to drive digital and financial inclusion are recognized by one of the country’s prestigious organization such as the Public Relations Society of the Philippines. This validates that our initiatives have truly made an impact to our target stakeholders and have resulted in positive social change,” said Nick Bautista Wilwayco, Head of PR and Communications at Voyager. 

The annual Anvil Awards organized by the Public Relations Society of the Philippines recognizes the best programs and tools that meet the highest PR standards. It is one of the most coveted prize in the Public Relations industry as entries are rigorously screened by seasoned PR practitioners in the country.

About Voyager

Voyager is the leading technology company in the Philippines focused on developing customer-centric emerging market platforms in the areas of digital payments, financial technology, and marketing technologies. It recently got the largest fundraising for a technology company in the country, with Kohlberg Kravis Roberts & Co. (KKR), Tencent and World Bank’s International Finance Corp. (IFC) and IFC Emerging Asia Fund, investing in the company with PLDT.

FINTQ, BSP launch Road to 20 by 2020 campaign and digital accelerator program for financial institutions

by | Oct 19, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

Working together to accelerate the digital transformation of financial institutions for inclusion.
Photo shows Road to 20 by 2020 stakeholders with their copies of the third volume of the IDF Report. From left to right (Rural Bankers Association of the Philippines NCR Treasurer Edgardo Valenzuela, Jr.; BSP Monetary Board Member Juan de Zuñiga, Jr.; BSP Deputy Governor Chuchi Fonacier; BSP Deputy Governor Dr. Maria Almasara Cyd Tuaño-Amador; FINTQ Managing Director Lito Villanueva; BSP Monetary Board Member Antonio Abacan, Jr.; Microfinance Council of the Philippines President and CEO Fr. Jose Victor Lobrigo; Chamber of Thrift Banks Executive Director Suzanne Felix; and, Chamber of Thrift Banks Trustee Rommel Latinazo.

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

Multi-stakeholder Commitment to accelerate the digital transformation of financial institutions for inclusion. 
Photo shows representatives of Road to 20 by 2020 participating stakeholders. From left to right: Microfinance Council of the Philippines President and CEO Fr. Jose Victor Lobrigo; Rural Bankers Association of the Philippines President Armando Bonifacio; Chamber of Thrift Banks Trustee Rommel Latinazo; Chamber of Thrift Banks Executive Director Suzanne Felix; FINTQ Managing Director Lito Villanueva; and, BSP OIC of the Financial Technology Sub-sector Vicente de Villa III.

FINTQ, BSP launch Road to 20 by 2020 campaign and digital accelerator program for financial institutions

In a bid to accelerate the digital transformation of financial institutions, FINTQnologies Corp. (FINTQ), together with the Bangko Sentral ng Pilipinas (BSP), Chamber of Thrift Banks (CTB), Rural Bankers Association of the Philippines (RBAP), and the Microfinance Council of the Philippines (MCPI), launched today the Road to 20 by 2020 campaign.

Road to 20 by 2020 is a multi-stakeholder campaign aimed to prepare financial institutions for their own digital disruption through the Digital Transformation Accelerator Program (DTAP). The campaign, launched at the BSP Headquarters, targets to assimilate 20% of financial institutions to PESONet and InstaPay; leapfrog digital financial transactions to 20% from 1%; reduce unbanked LGUs to 20% from 35%; and ultimately, bring 20 million unbanked and underserved Filipinos to formal financial system – all by the end of 2020.

Meanwhile, DTAP, under the Road to 20 by 2020 campaign, seeks to assist and enable financial institutions with both the solution and the strategy or change management they would need, which includes a roadmap to leapfrog and truly go digital.

FINTQ, along with its private institution partners in the program, is holding a series of implementation workshops across different sectors of the financial industry–geared mostly towards rural, thrift banks, cooperatives, and microfinance institutions.

“To expand access to financial services throughout the country, we need to focus on enabling banks and financial institutions that require massive modernization of their legacy systems. That is why we launched the Road to 20 by 2020 campaign to roll out initiatives aimed to bridge the digital gap faced by most financial institutions,” said FINTQ Managing Director Lito Villanueva.

“What sets the Road to 20 by 2020 campaign from all the digital transformation initiatives is that this is geared towards financial institutions—providers of financial services at the grassroots. Realizing inclusive digital finance is not just about the consumers but also preparing the institutions that provide those financial services,” Villanueva said.

For his part, BSP Governor Nestor Espenilla Jr. in his message printed at the latest issue of the Inclusive Digital Report (IDF) said: “At the BSP, we recognize the potential of new digital technologies. We are keenly aware that financial institutions that leverage on technology are granted greater opportunities to diversify. Technology use allows them to widen the products and services offered. We note that technological change is exponential, allowing the emergence of an even greater variety of services. We anticipate that with greater use, needs of financial consumers evolve and become more sophisticated.”

In the same event, FINTQ launched the third volume of the Inclusive Digital Finance (IDF) Report, titled: Are Philippine Financial Institutions Ready for DX? A Baseline Study, which introduced the CARA (Commitment, Awareness, Readiness, Adaptability) Index, a digital transformation (DX) framework aimed to evaluate the digital readiness of local financial institutions. It likewise paints the digital transformation of thrift banks, rural banks, microfinance institutions, and cooperatives in its infancy.

 

Not quite DX-ready

Based on the FINTQ IDF Report Vol. 3, the dominant picture that emerged from the findings shows that 80% of the financial institution respondents show “limited” or “minimal” capacity to digitalize their systems and processes – a challenging pattern that could impact the progress in expanding access to financial services to the 77% of Filipino adults who are presently unbanked.

This means that a typical respondent lacks a concrete DX roadmap and does not operate an e-banking platform. The average financial institution remains undecided in migrating to a new core banking system nor has not made thorough research on what solutions best fit their needs.

The report shows that 57% of the respondents are so-called “digital laggards” who show limited or scant capacity at this point, scoring 40 and below out of the perfect 100 in FINTQ’s CARA Index. About 24% are “pack followers” who scored 41 and 60, translating to “minimal” capacity for DX. Only 18% of the respondents scored 61 and above, thus making them “path breakers” who show extensive or substantial readiness.

“The biggest barrier to their adoption is their willingness to invest in digital technologies. This has profound consequences because as our report shows, the ‘readiness quotient’ heavily influences the bank’s level of ‘commitment quotient’ to bring its business towards a digital economy,” said Villanueva.

 

Basic banking platforms first

One of the survey findings uncovered in the report is that when financial institutions go digital, they would like their e-banking platforms to perform basic needs rather than go on with trendy, buzzword technologies.

The report shows that 91% of the respondents want bills payment as one of the e-banking functionalities, while 88% say their platforms should be able to do digital payments. Moreover, 75% of respondents want to have a loans management system and 63% see the need for loans origination system. Meanwhile, 9% want blockchain, 8% are interested in machine learning, 5% want to go for open API and 4% are open to cryptocurrency.

“Digital laggards and pack followers prioritize the basic electronic banking products and service requirements of their customers should they undertake their digital transformation,” said Villanueva.

 

‘Shepherd’ financial institutions to start their journey

To shepherd financial institutions towards accelerating their DX journey, industry associations, solution providers, enterprises, private organizations, regulators, and government institutions need to work on relevant and responsive programs encompassing people, process, platform and policy.

“A one-size-fits-all approach is never going to work. We know that digital laggards require the most foundational technologies before undergoing full DX — this means many of them need to upgrade their connectivity, modernize their legacy systems, hire digital-savvy talents, and adopt an agile approach in executing their plans,” said Villanueva.

“Pack followers need to exploit big data to arrive at informed decisions while at the same time, adjusting their policies and improving customer experience. With the right support, path breakers could delve into the core functions of DX such as omnichannel delivery or open banking,” he added.

Among the recommendations of the study include establishing a commitment-based or match funding program for financing, driving adoption of the National Retail Payment System through technology solutions, coming up with shared and managed services for economies of scale, and corresponding progressive regulation attuned with digital inclusive finance.

 

About the Road to 20 by 2020 campaign

It is a multi-stakeholder campaign that seeks to fill the gap and prepare financial institutions for their own digital disruption through the Digital Transformation Accelerator Program

About the Digital Transformation Accelerator Program (DTAP)

DTAP aims to bridge the digital gap currently faced by most financial institutions. The program will cover a number of critical areas the FI/bank will need to prepare as prerequisites in their digital transformation. This initiative is part of the KasamaKA  grassroots-based national movement for financial inclusion earlier adopted by the League of Provinces, League of Municipalities and Liga ng mga Barangay.

The program seeks to assist and enable financial institutions with both the solution and the strategy/change management they would need – the Roadmap to leapfrog and truly go digital. There will be a series of workshops across different sectors of the banking/financial industry–geared mostly towards rural and thrift banks, and micro-finance institutions—that will be done in a “consultative approach” to achieve the FI’s transformation.

About the Inclusive Digital Finance Report: Are Philippine Financial Institutions Ready for DX? A Baseline Study

Inclusive Digital Finance Report measures, for the first time, the digital readiness of local financial institutions. This covers thrift banks, rural banks, microfinance institutions, and cooperatives. In the report, FINTQ built a digital transformation framework aimed at assessing the Commitment, Awareness, Readiness, and Adaptability (CARA) quotients of individual institutions. The framework essentially looks at the capacity of institutions to design solutions that are relevant to their customers.

  • Online Survey Period: August 23 to September 25, 2018
  • Respondents:
    • 76 Chief executives and/or presidents of the member financial institutions of the Chamber of Thrift Banks (CTB), Rural Bankers Association of the Philippines (RBAP), and the Microfinance Council of the Philippines (MCPI).
    • The FIs that responded to the survey are from 16 out of the 18 regions in the country.

About FINTQ

FINTQnologies Corp. (FINTQ) is the financial technology arm of Voyager Innovations. It focuses on building a massive, inclusive, and sustainable bottom-up ecosystem via execution of customer-centric, demand-driven, high impact, and socially relevant digital finance accelerators. It builds pioneering digital solutions and technologies to drive universal access to finance in growth and emerging markets.

FINTQ was awarded the Outstanding Financial Inclusion Partner by the BSP for its active role and impact in promoting inclusive digital finance with its pioneering initiatives such as its digital lending platform Lendr which is now regarded as the largest with the most extensive digital footprint covering all 81 provinces. It has disbursed almost Php40 billion in loans as of end-September 2018 from partner financial institutions through its platform since its launch in January 2015. It has also launched KasamaKA, its grassroots-based national movement for financial inclusion adopted by the League of Provinces, Leagues of Municipalities and Liga ng mga Barangay. It was also  commended by the Philippine Senate as an enabling initiative towards digitalizing the economy.

About Voyager Innovations

Voyager Innovations is the leading technology company in the Philippines focused on developing customer-centric emerging market platforms in the areas of digital payments, digital finance, and marketing technologies. For more information, visit www.voyagerinnovation.com.

FINTQ wins first AGROW Awards for Financial Inclusivity

by | Oct 8, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

FINTQ wins Financial Inclusivity Award at the AGROW Awards 2018. In photo (from left): Presidential Adviser for Entrepreneurship and Go Negosyo Joey Concepcion, FINTQ Managing Director Lito Villanueva, and Agriculture Secretary Emmanuel Pinol.

FINTQnologies Corp. (FINTQ) brought home the Financial Inclusivity Award for its Mobile Crop Loan via Lendr during the first AGROW Awards 2018 held at Mall of Asia SMX Convention Center last October 1.

 “We are grateful that institutions such as the ASEAN Business Advisory Council Philippines, Go Negosyo, and the Department of Agriculture recognize our efforts in enabling our partners and vital sectors in society such as the Agri industry through the platforms we build. It is imperative for us that we provide our partners with sustainable innovations that will propel growth and allow them to cater to the communities they serve.” said Lito Villanueva, FINTQ Managing Director. 

“The true winners here are the farmers and individuals in the agriculture sector who were able to gain access to credit thru FINTQ’s Mobile Crop Loan platform,” he added. 

The Financial Inclusivity award recognizes institutions who have not only provided exemplary financial services to the micro, small, and medium agri-enterprises, but have also increased the financial literacy of Filipinos, especially in the agriculture sector. 

FINTQ’s Mobile Crop Loan is ASEAN’s first digital agri-loan facility housed in the Lendr platform. It is designed to automate the loans application process for small farmers in the Philippines. Through the Mobile Crop Loan, farmers are able to apply online for financing for each crop cycle. Producers Bank, FINTQ’s partner bank for the Mobile Crop Loan product, is also able to cut the turnaround time to process a loan from application to release to one to three days from two to three weeks. 

The AGROW Awards is conferred by the ASEAN Business Advisory Council Philippines in partnership with Go Negosyo and the Department of Agriculture. It recognizes sterling achievements of inspiring agribusinesses and game-changing stakeholders enabling innovation in agriculture advancement.

Cebu municipal mayors adopt KasamaKA

by | Oct 2, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

In photo (left to right): Mayor Michael Gutierrez (Lopez Jaena, Misamis Occidental); LMP Vice President for Internal Affairs Mayor Leonardo Genesis Calingasan (Libona, Bukidnon), Ecosystem Build and Activation Officer Axcel Anonuevo; LMP Secretary General Mayor Abraham Burahan (Hadji Panglima Tahil, Sulu); LMP National Treasurer and Mayor Yshmael Sali (Languyan, Tawi-Tawi); LMP Visayas Cluster Vice President and Mayor Democrito Diamante (Tuburan, Cebu); Ecosystem Build and Activation Leader Butch Garcia; LMP National President and Mayor Maria Fe Brondial (Socorro, Oriental Mindoro); LMP Public Relations Officer and Mayor Rachel Banares (Corcuera, Romblon); LMP Vice President for External Affairs and Mayor Jett Rojas (Ajuy, Iloilo); LMP Deputy Secretary General and Mayor Francis Ong (San Vicente, Camarines Norte); Mayor Materno Luspian (Mankayan, Benguet).

The League of Municipalities of the Philippines (LMP)-Cebu Chapter recently passed a resolution adopting FINTQ’s KasamaKA as a national grassroots-based program for financial inclusion in the Province of Cebu.  

Tuburan Mayor Democrito “Aljun” Diamante, President of LMP-Cebu Chapter and Vice President of the Visayas Cluster, sponsored Resolution No. 010 S. of 2018 which was unanimously adopted by all 44 mayors of the province.  

Diamante made the announcement during the LMP’s Visayas Island Cluster Conference at the Radisson Blu Hotel in Cebu City on August 20-21, 2018, which was attended by 369 mayors from 16 provinces in Central, Eastern, and Western Visayas regions. 

The LMP-Cebu resolution lauded KasamaKA as a “social initiative and advocacy to bring about an inclusive digital economy as spearheaded by FINTQ.” 

The move of the Cebu mayors echoed the adoption of KasamaKA by the national directorate of the LMP, through Resolution No. 002-2018, during its Mindanao Island Cluster Conference at the SMX Convention Center in Davao City on July 11-13, 2018 attended by 280 mayors from Mindanao.  

Aside from the LMP, various LGU leagues have already adopted KasamaKA as a national movement for financial inclusion through national resolutions, including the League of Provinces of the Philippines and Liga ng Barangay sa Pilipinas. A Senate resolution was also unanimously adopted by all senators commending KasamaKA under Senate Resolution No. 625.

This national initiative is aligned in supporting the government’s thrust of accelerating inclusive digital finance with the Bangko Sentral ng Pilipinas’ National Strategy for Financial Inclusion and the National Retail Payments System. 

“We have seen the increasing traction and adoption of all stakeholders especially our unbanked and underserved Filipinos. They will now be empowered with alternative options to access affordable finance and enjoy sachet financial services,” said Lito Villanueva, founder and lead convenor of KasamaKA and concurrently FINTQ’s managing director and chairman of the FinTechAlliance.ph.

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A collaboration amongst strategic players in the digital finance space operating in the Philippines to articulate its aspirations as an EMERGING INDUSTRY, to further STIMULATE INNOVATION in order to better PROMOTE INCLUSIVE GROWTH, whilst creating an environment for INTEROPERABILITY to EMPOWER EVERY FILIPINO. “The formation of FinTechAlliance.ph is very timely as all industries in the …

DAR collaborates with FINTQ in housing program for Agrarian Reform Beneficiaries

by | Oct 2, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

In photo (left to right): Ecosystem Build and Activation Specialist Christine Mallare; DAR Undersecretary for Support Services Emily Padilla; Pag-Ibig Fund SVP Jun Espana, Jr.; DAR Regional Director for Central Luzon Arnel Dizon; Ecosystem Build and Activation Leader Butch Garcia; DAR Provincial Agrarian Reform Officer (PARO) 1 Jocelyn Ramones; and DAR PARO 2 Romeo Cordero.

FINTQnologies Corp. (FINTQ), along with private and public institutions, will help provide agrarian reform beneficiaries (ARBs) with affordable home financing, a first under the government’s 30-year implementation of the Comprehensive Agrarian Reform Program (CARP).   

As part of the program, FINTQ, through the housing program initiated by the Department of Agrarian Reform, will provide ARBs KasamaKA microinsurance for free for the first three (3) months of the policy. FINTQ will also brief the beneficiaries about available lending facilities for them through Lendr’s partner banks and financial institutions.  

The housing program calls for the establishment of on-site and off-site housing financing schemes. The on-site housing scheme will cover home improvements of existing houses of ARBs, construction or purchase of a new house, and refinancing of an existing housing loan. Meanwhile, the off-site housing scheme covers subdivision projects located in the capital or in major urban centers of the host provinces, with subdivision plans and designs that incorporates production facilities such as rice and sugar mills, dryers and warehouses.

DAR Undersecretary for Support Services Emily Padilla and Home Development Mutual Fund (Pag-IBIG Fund) Senior Vice President for Finance Florentino Espana, Jr. said they have already identified seven pilot areas for the housing program, namely, Bayombong, Nueva Vizcaya; San Leonardo, Nueva Ecija; Argao, Cebu; Panabo, Davao del Norte; and Butig, Marantao and Piagapo all in Lanao del Sur. Two model housing units are already on display at the DAR office in Quezon City and in Bayombong, Nueva Vizcaya.   

Agrarian Reform Secretary John Castriciones had said under the second phase of agrarian reform, the ARBs housing program will be one of the major programs that would greatly improve the living condition of farmer-beneficiaries in the country.

“As the DAR celebrates CARP’s 30 year-implementation, the ARBs housing program shall serve as the new face of DAR. This program will pursue financial and ecological needs of ARBs, affordable and decent housing and convergence of support,” he said.

There are some 2.8 million CARP farmer-beneficiaries nationwide and most of them do not own their houses or live in dilapidated shelters.

“We have seen the increasing traction and adoption of all stakeholders especially our unbanked and underserved Filipinos. They will now be empowered with alternative options to access affordable finance and enjoy sachet financial services,” said Lito Villanueva, Founder and Lead Convenor of KasamaKA and concurrently FINTQ’s Managing Director and Chairman of FinTechAlliance.ph. 

Digital ID system to narrow the financial divide in the country

by | Aug 13, 2018 | FINTECH

The creation of a centralized identification system will close the financial gap in the country as it would enable Filipinos to access financial services.

“Millions of Filipinos are denied access to financial services because they unfortunately lack an identification card to show to banks. The recently signed Philippine Identification System Act effectively gives unbanked and uncarded Filipinos the legal recognition they need to be able to live fully as citizens such as having easier access to financial services,” said Lito Villanueva, FintechAlliance.PH Chairman.

Villanueva, who also sits as the Managing Director of FINTQ, the financial technology arm of Voyager Innovations, underpinned that “having a digital identification  for all Filipinos that will be recognized by the public and private sectors is a great equalizer to scale financial inclusion.” According to the Bangko Sentral ng Pilipinas’ 2017 Financial Inclusion Survey, only 22.6% of adult Filipinos have formal accounts from banks and non-banks.

“The national ID system makes Voyager’s goal of including 30 million Filipinos into the formal financial system achievable by 2020. According to the Bangko Sentral ng Pilipinas, one of the factors for the decline in loan disbursements by formal financial institutions in 2017 was the ‘lack of necessary ID.’ With the national ID in place, it will now be easier for everyone to avail of financial products that can help improve their quality of life,” he added.

On August 6, President Rodrigo Duterte signed into law the Philippine Identification System Act of 2018 or PhilSys, which aims to establish a single official identification card for all Filipino residents. The card to be issued under the law called “Phil-ID” will integrate a resident’s data from different government agencies. Duterte said the law will likewise “reduce corruption, curtail bureaucratic red tape, and promote the ease of doing business, and also avert fraudulent transactions, strengthen financial inclusion, and create a more secure environment for our people.”

Moreover, Socioeconomic Planning Secretary Ernesto Pernia cited a study of the World Bank’s ID for Development group, which said that despite the numerous IDs in existence in the Philippines, 14% of Filipinos are denied of government and other financial services due to a lack of proper identification documents.

Villanueva likewise noted that having a national ID will “protect consumers as it addresses different pain points to prevent them from being victims of fraudulent activities.”

It will also help resolve various customer onboarding issues with financial institutions, Villanueva said, adding “when consumers already have a valid ID to present to different banks and non-banks, they will be able to undergo a seamless KYC (know-your-customer) process that once done, will allow them to have a full experience of financial products and services.” For instance, he said, an individual can open a PayMaya account by downloading the app and providing their basic information. However, to upgrade and fully experience all features of their PayMaya account, they would have to undergo a KYC process that will require the submission of a valid ID.

Villanueva encourages banks, other financial institutions, and government agencies to leverage on the passage of the Philippine Identification System Act in accelerating efforts towards digital financial inclusion.

“Banks and other financial institutions must take advantage of the national ID, which is one way to help unbanked and uncarded segments to establish their financial footprint. With the technologies we have now, we can effectively authenticate the identity of each individual, particularly those residing in areas without any bank presence,” he said.

—

FintechAlliance.Ph is the association of companies that serve as strategic players in the digital finance space in the Philippines. It aims to further stimulate innovation to better promote inclusive growth while creating an environment for interoperability to empower every Filipino.

FINTQnologies Corp. is the leader and award-winning financial technology provider of customer-centric, demand-driven, mobile-first, value-creating, and inclusive digital financial innovations. It is the largest and the only fintech 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. FINTQ was named by the Bangko Sentral ng Pilipinas as its 2018 Outstanding Partner for Financial Inclusion for its initiatives to accelerate the inclusion of Filipinos in the financial mainstream through the platforms it builds. For more information about FINTQ and all of its products and services, please visit www.fintq.com.

Get your new wheels with Maybank via Lendr!

by | Jul 31, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

Get your new wheels with Maybank via Lendr!

Maybank Auto Loan is now available on Lendr

Borrowers can now conveniently apply for an auto loan with Maybank through FINTQ’s award-winning digital lending platform, Lendr.

“With Maybank now live in Lendr, our customers have more choices for their financing needs. Our fast, secure and reliable platforms are here to help our bank partners like Maybank extend their reach and further grow their business,” said FINTQ Managing Director Lito Villanueva.

For his part, Maybank Philippines President and CEO Choong Wai Hong said: “Joining the Lendr platform is essential in the digitisation of our business. This allows us to move faster and provide convenience to our customers when applying for auto loans.”

Mr. Choong further added: “Being present in Lendr also helps us increase our reach in the country, and appeal more to the fast-growing market of young and digital-savvy.”

Maybank Philippines is the first bank to open a 24/7 branch in the country. It is the a local unit of Malaysia’s largest lender and part of the Maybank Group, the fourth largest bank in terms of assets in Southeast Asia.

To apply for a Maybank Auto Loan via Lendr is easy. All you have to do is go to the Lendr website (www.lendr.com.ph) or download the Lendr app (for Android users), and create an account. Once you have your account, visit the Lendr loans marketplace, choose Auto Loan. Complete all needed information and Lendr will show the details of your Maybank Auto Loan application. To proceed, complete the application form, attach all required supporting documents and click Submit. To know more, visit www.lendr.com.ph.

Lendr is the country’s first 24/7 digital loans marketplace developed by FINTQnologies Corp. FINTQ, the financial technology arm of Voyager Innovations. It has received multiple awards including the Consumer Finance Product of the Year from the Asian Banker and the most recent Most Innovative Partnership Strategy award from Telecom Asia in Singapore. To know more, visit www.lendr.com.ph.

FINTQnologies Corp. is the leader and award-winning financial technology provider of customer-centric, demand-driven, mobile-first, value-creating, and inclusive digital financial innovations. It is the largest and the only fintech 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. FINTQ was named by the Bangko Sentral ng Pilipinas as its 2018 Outstanding Partner for Financial Inclusion for its initiatives to accelerate the inclusion of Filipinos in the financial mainstream through the platforms it builds. For more information about FINTQ and all of its products and services, please visit www.fintq.com.

Maybank Philippines is a member of the Maybank Group, Malaysia’s regional financial services leader with an international network of over 2,200 offices in 20 countries. The Group offers an extensive range of products and services, which includes commercial banking, investment banking, Islamic banking, stock broking, insurance, and takaful and asset management. Over 44,000 Maybankers are serving more than 22 million customers worldwide. In the Philippines, MPI has 74 branches nationwide, of which 30 are in Metro Manila and the rest are strategically locally located in key cities of Luzon, Visayas, Mindanao.

FINTQ’s KasamaKA continues to gain strong momentum in municipalities

by | Jul 20, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

The League of Municipalities of the Philippines issued Resolution No. 02 declaring its support for KasamaKA as the official financial inclusion and social advocacy program of all 1,489 municipalities in the country. Holding the resolution are League of Municipalities of the Philippines Fe Villar Brondial (third from right); FINTQ Managing Director and KasamaKA Founder and Lead Convenor Lito Villanueva (second from left). They are joined by FINTQ Ecosystem Build and Activation Lead Butch Garcia (right most) and National Executive Committee members of the League of Municipalities of the Philippines.

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

Moncada Tarlac issues Resolution No. 35, adopting KasamaKA. (In photo) FINTQ Managing Director and KasamaKA Founder and Lead Convenor Lito Villanueva (left) receives the resolution declaring KasamaKA as the official inclusion and social advocacy program of Moncada from Mayor Estelita M. Aquino (right).

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

San Pedro, Laguna shows support for KasamaKA. (In photo) FINTQ Ecosystem Build and Activation Lead Butch Garcia (fourth from left) receives the resolution declaring KasamaKA as the official inclusion and social advocacy program of San Pedro, Laguna from City Mayor Lourdes S. Cataquiza.

FINTQ’s KasamaKA continues to gain strong momentum in municipalities

Over 70% of adult population signs up with KasamaKa during its financial inclusion caravans in towns

KasamaKA, FINTQ’s initiative to bridge the gap between the unbanked and financial services, received overwhelming response from two first class municipalities, manifesting that there is still a huge untapped market for financial institutions.

“Almost 70% of the total adult population of Moncada, Tarlac and San Pedro, Laguna signed up to be a KasamaKA member when our caravan visited the two towns. This high take up rate from two first class municipalities is very telling that access to financial services still remains a challenge. Many Filipinos, even those living in areas with a reported high income level still have limited or no access to financial services and are in search for additional household income,” said Lito Villanueva, FINTQ Managing Director and KasamaKA Founder and Lead Convenor.

Bangko Sentral ng Pilipinas’ latest Consumer Finance Survey Report shows that majority of households or 86% remains to be unbanked or excluded in the financial mainstream.

KasamaKA recently held a roadshow in Davao attended by members of the League of Municipalities of the Philippines and financial inclusion caravans in Moncada, Tarlac and San Pedro, Laguna. During the said events, the League of Municipalities–composed of 1,489 members– and the two first class municipalities issued their respective resolutions declaring KasamaKA as their official inclusion and social advocacy programs. The move is in line with the resolutions separately issued by the League of Provinces of the Philippines and the Liga ng mga Barangay sa Pilipinas, adopting KasamaKA in 81 provinces and over 42,000 barangays across the country, respectively. The Senate of the Philippines also recently adopted Resolution No. 107 filed by Senator Paolo Benigno “Bam” Aquino IV. The Senate resolution seeks to steer Filipinos away from informal lenders by giving them access to reasonable cost of credit and introducing them to a complete suite of digital financial services.

The KasamaKA caravan visited Moncada, Tarlac in May and San Pedro, Laguna in June to encourage all residents to join the financial inclusion initiative that will provide them quick and easy access to financial services and additional household income as they encourage more residents to join the program.

“Through financial inclusion initiatives such as KasamaKA, building of digital platforms, and partnerships with the government and private financial institutions, we aim to reduce the number of unbanked Filipinos,” Villanueva said.

“The League of Municipalities of the Philippines knew from the very start that financial inclusion can make direct, substantial, and meaningful impact when municipalities are at the core of the development strategy. As partner, we affirm our belief that KasamaKA has the most potential in making sure the 60 million Filipinos residing in the country’s 1,489 municipalities are given access to affordable financial services. Sa KasamaKA, walang maiiwan,” said Hon. Fe Villar Brondial, League of Municipalities of the Philippines President and Socorro, Oriental Mindoro Mayor.

For her part, Moncada Mayor Estelita M. Aquino said: “Majority of our constituents want to start and open their savings account or avail of a bank loan, but they do not know how. But now with KasamaKA, this can be done. With a small amount, they can easily open a savings account and they can apply for a loan whenever and wherever they are as long as they have their cellphone.”

Meanwhile, for City of San Pedro, Laguna Mayor Lourdes S. Cataquiza, she said: “With KasamaKA, all entrepreneurs in San Pedro now have better access to a capital to grow their existing business. Being introduced to KasamaKA will certainly help our residents to improve their way of living as it provides easier access to financing and offers additional income for those who will become a KasamaKA income builder. Through the program, they will also learn the value of money and be introduced and have access to different financial products such as savings, loans, and microinsurance.”

Through KasamaKA, Filipinos will now have access to a savings account for a minimal fee, microinsurance, and loans simply with the use of their mobile phones. KasamaKA is a grassroots-based, self-help, and digital-enabled social intervention and last mile solution to promote financial literacy and inclusive growth. It champions sachet financial services for unbanked and underserved Filipinos through platforms and services for digital lending and microinsurance. With partners, it will also make available microsavings, microinvestments, alternative credit scoring, eKYC, and a farm-to-marketplace digital agricultural value chain platform called Accelerated Growth and Rural Inclusion or AGRI.

Becoming part of KasamaKA is easy. One can become a member and get rewards by simply texting KKK to 29292 or by registering at www.kasamaka.com to start referring friends, families.

FINTQnologies Corp. is the leader and award-winning financial technology provider of customer-centric, demand-driven, mobile-first, value-creating, and inclusive digital financial innovations. It is the largest and the only fintech 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. FINTQ was named by the Bangko Sentral ng Pilipinas as its 2018 Outstanding Partner for Financial Inclusion for its initiatives to accelerate the inclusion of Filipinos in the financial mainstream through the platforms it builds. For more information about FINTQ and all of its products and services, please visit www.fintq.com.

Tala Philippines further expands reach via Lendr

by | Jul 17, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

TALA PHILIPPINES FURTHER EXPANDS REACH VIA LENDR. In photo (from left) Tala Philippines People Operations Manager Katherine Antunez , FINTQ Managing Director Lito Villanueva, Tala Philippines Director and President Angelo Madrid.

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

TALA PHILIPPINES AGGRESSIVELY PURSUES LOCAL MARKET VIA LENDR. In photo (from left) Tala Philippines People Operations Manager Katherine Antunez , FINTQ Managing Director Lito Villanueva, Tala Philippines Director and President Angelo Madrid.

Tala, one of the fastest growing fintech startups in the world, joins online lending platform Lendr of FINTQnologies Corp. (FINTQ), aiming to provide access to financial services to underserved Filipinos.

This partnership allows Tala to reach more unbanked and underserved Filipinos and extend credit to a larger market segment.

“Lendr is a channel that will allow us to extend credit to a market that is underserved by traditional financial institutions. On the Lendr platform, Tala will provide fast, reliable loans to Filipinos who want to start or to grow their business, support their families, or fund personal or emergency expenses,” said Angelo Madrid, Tala Philippines Country Manager.

FINTQ Managing Director Lito Villanueva said: “We are grateful that a company like Tala joined Lendr. This synergy ensures we will be able to provide financial services to the grassroots and reach our goal of including more Filipinos in the formal financial system.”

FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations, along with PayMaya aims to include 30 million Filipinos in the formal financial system by 2020. This is in strong support of the Bangko Sentral ng Pilipinas’ National Strategy for Financial Inclusion and President Rodrigo Roa Duterte’s initiative of reducing poverty incidence in the country.

Applying for a Tala loan via Lendr is easy. Prospective borrowers simply need to visit www.lendr.com.ph and create an account. Complete the application process by following the online prompts, then click ‘Submit.’ You will receive an SMS with the link to the Tala app, which you need to download to complete the application process with Tala. Eligible individuals can borrow Php1,000 to Php10,000, payable in weekly installments of up to four weeks. Tala approves and releases loans within one business day.

Lendr is the country’s first 24/7 digital loans marketplace developed by FINTQnologies Corp. FINTQ, the financial technology arm of Voyager Innovations. It has received multiple awards including the Consumer Finance Product of the Year from the Asian Banker and the most recent Most Innovative Partnership Strategy award from Telecom Asia in Singapore. To know more, visit www.lendr.com.ph.

FINTQnologies Corp. is the leader and award-winning financial technology provider of customer-centric, demand-driven, mobile-first, value-creating, and inclusive digital financial innovations. It is the largest and the only fintech 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.

Tala is the leading mobile technology and data science company committed to financial inclusion globally. More than 1.4 million people have borrowed through Tala’s smartphone app, which provides instant credit scoring, lending, and other personalized financial services in emerging markets. Tala has raised $109 million from leading venture and impact investors including Revolution, IVP, Ribbit Capital, Data Collective, and Lowercase Capital. Tala is headquartered in Santa Monica with additional offices in Nairobi, Manila, Dar Es Salaam, Mexico City, Mumbai, and Bangalore. Visit www.tala.co to learn more.

FINTQ named Outstanding Partner for Financial Inclusion by the BSP

by | Jul 12, 2018 | FINTECH

Strengthening financial inclusion in barangays. Liga ng mga Barangay sa Pilipinas officials turns over the National Executive Board Resolution adopting KasamaKA as the official financial inclusion program in barangays to Voyager Innovations executives. In photo (L-R) LNB Press Relations Officer Marlon Manalo; LNB NCR Regional Chapter President Ricardo Corpuz; PLDT, Smart, Voyager Innovations and PayMaya Philippines Chairman Manuel V. Pangilinan; LNB President Atty. Edmund Abesamis; and FINTQ Managing Director Lito Villanueva.

FINTQnologies, Corp. (FINTQ), the financial technology arm of Voyager Innovations, was recognized by the Bangko Sentral ng Pilipinas (BSP) as this year’s Outstanding Financial Inclusion Partner for its efforts to accelerate inclusive digital finance across millions of underserved and unbanked Filipinos in the country.

FINTQ is the first financial technology (FinTech) company to receive such recognition during BSP’s 25th foundation anniversary. The BSP Stakeholders’ Awards is already on its 15th year, giving recognition to institutional partners who have continuously supported the BSP’s statistical initiatives, information requirements, advocacy programs, as well as the effective delivery of its function.

Receiving the award are Voyager Innovations President and CEO Orlando Vea and FINTQ Managing Director Lito Villanueva. The award is handed to the institution that has supported the BSP in serving the unbanked and underbanked sectors of the country through its own innovations and programs.

FINTQ, together with various stakeholder partners, launched the KasamaKA program in September 2017 at the BSP Head Office. It is a grassroots-based, bottom-up and multi-sectoral initiative that aims to bridge the gap between the unbanked population and financial services through technology such as microsavings, microinsurance, microinvestments, and loans.

FINTQ is one of the pioneering FinTechs in the country, having introduced various digital platforms such as the award-winning digital lending platform Lendr, the country’s largest with the most extensive digital footprint covering all 81 provinces nationwide. To date, Lendr has now disbursed almost P35 billion since it was launched in 2015 with around 100 bank and non-bank partners.

Other prestigious institutions nominated for the award are multilateral agencies Asian Development Bank and the World Bank Group.

“We are truly honored to receive this award from the BSP. Through KasamaKA, we are committed to accelerate the financial inclusion journey to help shift majority of Filipinos from being unbanked to semi-banked to banked. We continue to help intensify the BSP’s efforts to bring more individuals in the financial mainstream through digital banking platforms that are bridging financial institutions to every Filipino through our ‘sachet’ or ‘tingi’ strategy,” said Lito Villanueva, FINTQ Managing Director and KasamaKA Founder and Lead Convenor.

“For the BSP to implement its strategic direction, there is a need to sustain a win-win dynamic synergy between the BSP and you, our partners. It is only when we collaborate and cooperate, together we can achieve a balance, sustainable, and inclusive growth in the Philippine economy,” said BSP Governor Nestor A. Espenilla Jr. in a speech delivered by BSP Deputy Governor Cyd Tuano-Amador during the event.

“Financial inclusion in the country can only be achieved if we all work together. We are proud to be a partner of the Bangko Sentral for this initiative. FINTQ, together with the rest of Voyager, continues our concerted effort to close the digital divide and strengthen financial inclusion in the country through our platforms,” said Orlando B. Vea, president and CEO of FINTQ and Voyager Innovations.

Together with FINTQ, Voyager’s digital payments arm PayMaya Philippines is pushing for financial inclusion and targets to enable 30 million Filipinos with digital financial services by 2020.