FINTQ, a financial technology arm of PLDT Group’s Voyager Innovations, launched on Wednesday a digital referral system called “KasamaKa” to address disproportionate access to financial instruments in the country.
“KasamaKa is true financial inclusion at work that will not only help push for a more inclusive growth in the economy, but will also realize the digital transformation of various sectors of society,” Orlando Vea, president and chief executive officer at Voyager Innovations, said at the media launch held at the Bangko Sentral ng Pilipinas (BSP).
“Financial inclusion is the nation’s mission and it can only be achieved together,” Vea said.
Citing the findings of its recent Inclusive Digital Finance Study 2017, the company said Filipinos’ financial access to services remains “unequal across the country” as only 23 out of 82 provinces make up virtually all of the domestic deposit and domestic loan volumes in the Philippines, with major volumes originating from Metro Manila and South Luzon.
Vea said the Philippines must harness the potential of financial technology to improve the local financial access state, especially in low-access provinces.
FINTQ partnered with the BSP and several banking and financial institutions to help deliver the lender service to Filipinos nationwide.
“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 see its potential to promote the development of inclusive digital finance,” BSP Governor Nestor Espenilla, Jr. said.
He said this innovation would also help drive the BSP’s vision to reach 20 percent digital transactions in the country by 2020.
Lito Villanueva, managing director at FINTQ, said Filipinos can use their smartphones to access “KasamaKa” services.
“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,” he explained.
“The rollout of digital lending service Lendr is just one of the many digital financial interventions that would jumpstart the country’s digital transformation,” he added.
Villanueva said FINTQ has a digital footprint in 100 percent of provinces, 91 percent of cities and 15 percent of municipalities.