Cashalo, the
Filipino technology and financial services company committed to accelerating
financial inclusion, earlier today officially launched its standalone mobile
app that delivers access to affordable and secure credit for millions of
underbanked consumers and MSMEs in the Philippines who need access to reliable
and trusted financing options.
“Cashalo was
founded on the principles of inclusion and innovation,” shared Angluben. “We have a significant opportunity and are excited to take the lead in
delivering lasting, positive social impact for future generations through our
technology and finclusion efforts.”
In the event
Hamilton Angluben, General Manager of Cashalo led the launching of the
service with Geoffrey Prentice,
co-Founder, Oriente; Lance Gokongwei, President & Chief Executive Officer,
JG Summit Holdings, Inc.; and Joyce
Suficiencia, Acting Deputy Director, Inclusive Finance Advocacy Office, Bangko
Sentral ng Pilipinas (BSP).
The Cashalo app is available for download on the Apple and Google Play mobile app stores. Through
Cashalo, consumers have access to:
multiple
purpose-based financing options (small cash loans, consumer goods financing,
etc), a service that is paperless,
collateral-free and available 24x7 via their own mobile device, the lowest
interest rates (non-bank) on the market (as low as 3.95%) with no hidden
fees, real-time
credit-scoring
choice of
repayment schedule
approval in as
fast as 10 minutes
Speaking on the occasion, Hamilton Angluben, GM, Cashalo said, “We are excited to unlock greater financial freedom and opportunity for
millions of Filipinos and micro entrepreneurs. We share a common mission with
the BSP in accelerating financial inclusion in the Philippines. As a Filipino
company, we take great pride and responsibility in developing products to
achieve that goal.”
“Promoting responsible and
customer-centric innovations has been the core theme of BSP’s financial
inclusion initiatives. Innovative
digital solutions can potentially transform the lives of Filipinos by making
financial services more convenient, affordable and contextualized to their
needs and aspirations,” said Chuchi G. Fonacier, Deputy
Governor, Financial Supervision Sector, BSP.
By leveraging next generation mobile and data technology,
Cashalo has already empowered tens of thousands of Filipinos to take control of
their financial futures since its beta-launch a few months ago. Since then, it
has rolled out a number of innovative financing solutions designed to serve
Filipinos where they are, and with the financing solutions they want.
Empowering Pinoys with financial freedom at their
fingertips, any consumer can apply for a
Cashaloan any time whenever they
need access to credit for tuition fees,
household expenses, specific consumer goods, emergencies, or to start and grow
their small businesses via Cashalo’s mobile app. Consumers are in full
control as they can keep track of their loan application status and repayment
schedule.
CashaQuick is the latest addition to the
offering and allows consumers to access a loan amount as small as PHP
1,500, with just one valid ID.
Cashalo has also pioneered an exciting new O2O (offline
to online) consumer financing product - Cashacart which has been in pilot
since August. This exciting new solution enables consumers to access a digital
credit line for their specific shopping needs at retail stores – allowing them
to purchase multiple products (electronics, appliances, household items, etc) across
a retail network of 250 partners that
include Oppo, Cherry Mobile, Memoxpress, Robinsons Appliances and Robinsons
Department stores.
“Cashalo believes
in purpose-based lending and has refined its suite of innovative products based
on feedback from tens of thousands of consumers,” said Angluben. “We’re excited to
roll-out the Philippines’ first-ever, digital basket finance solution CashaCart
in the Philippines and allow more Filipinos to elevate their financial
wellbeing.”
At the core of Cashalo’s unique product offering is the
company’s ability to build on the technology infrastructure of Oriente.
Leveraging this, Cashalo’s own credit engine is able to collate and analyse a
variety of alternative data signals including social consumer behaviour,
enabling it to develop reliable alternatives to risk and credit assessments in
real-time.
According to the BSP’s Financial Inclusion Survey 2017,
over 77 percent of the Philippine adult population remains unbanked, making it
very difficult for traditional financial institutions to have access to any
financial or behavioural data points to analyse, on a majority of the
population. Existing financial systems were not designed to cope with tens of millions
of new customers that came with rapidly increasing populations, or the
opportunity risk that came with them. This is also a major reason why,
according to the World Bank, over 90 per cent of this population is not covered
by a credit bureau.
“With Cashalo we
are developing a new infrastructure that addresses the needs of underbanked
Filipinos that don’t have access to essential financial services,” said Geoffrey Prentice, co-Founder, Oriente.
“Our cutting-edge, proprietary technology
has allowed us to build a reliable alternative to traditional credit assessment
models that is purpose-built for the unbanked majority of consumers and MSMEs
in the Philippines, unlocking economic potential for millions.”
Cashalo understands that increasing awareness and
understanding through financial literacy efforts is equally critical. It fully
supports the BSP’s efforts and aims to be the engine driving finclusion in the country, enabling millions of Filipinos with no
credit history build financial identities to elevate their economic
well-being and participate in the global economy.
“At the core of
Cashalo is a strong social purpose, designed to empower and transform the lives
of every Filipino,” said Lance
Gokongwei, President & CEO, JG Summit Holdings, Inc. “The team at Cashalo is laser-focused on
this goal and we’re thrilled to fully support them in our common mission to
build a brighter and more inclusive future for every Juan.”
Cashalo recently partnered with social-development NGO
Knowledge Community in developing a nation-wide, grassroots community
engagement program to drive financial awareness and foster financially
responsible habits through a set of simple learning modules.
These have been specifically created to ensure a wide
demographic of Filipinos (including blue collar workers, teachers, employees,
university students, farmers and other community members) are able to attain a
degree of knowledge, aptitude, and skills, necessary to be more financially
aware and responsible. The program is currently underway in Metro Manila and
will be rolled out in key cities in Visayas and Mindanao by mid-2019.
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