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]