Home Credit, CIC push for financial inclusion in the new normal

When it comes to financial literacy, Filipinos have much yet to learn. Before the pandemic, the Bangko Sentral ng Pilipinas (BSP) conducted its 2019 Financial Inclusion Survey (FIS), which revealed that Filipino adults could only answer 1 out of 3 financial literacy questions correctly. Only a small number of respondents (8%) got all three questions correctly, while almost one-fourth (24%) obtained a zero score. 

With the challenging times we are facing today, the need for financial education and digital tools make accessing financial services faster, safer, and more convenient have become more apparent.

In a recent Virtual Media Forum organized by Home Credit, Sheila Paul, Home Credit Philippines’ chief marketing officer, shared how technology plays a key role in serving its customers as well as enabling financial education and literacy. “Digital is the new normal—and financial institutions like Home Credit are fully and quickly embracing digital technologies to reach more people and cater to the public’s ever-changing needs,” said Paul. 

The Prague-based company, now with 7 million customers and 2.2 million active monthly users of its mobile app in the Philippines, arrived in the country in 2013 to pioneer in-store financing of mobile phones and other gadgets and commodities, with minimal requirements and loan approval in as fast as one minute. It has since expanded its services from being mainly in malls to now being also heavily present online, with its My Home Credit app offering a slew of features and services.

“The pandemic has intensified the demand for online and mobile financial solutions, and we don’t see this slowing down anytime soon,” Paul added. “This is why on top of allowing our customers to get started on their Home Credit loan applications and check their account status right there in the app, we also developed safer, contactless payment options for our customers such as our QR-enabled credit card and online payment channels, and even our very own Marketplace where customers can shop for different commodities through our mobile platform.”

Credit score access goes digital

With more and more Filipinos turning to technology to help speed up their access to loans, there is also an increasing need to safely access their information, especially credit reports, credit scores, and other information that can help financial institutions approve loan applications.

This is where the Credit Information Corporation (CIC), a public credit registry, comes in, as it is responsible for gathering Filipinos’ comprehensive credit information—be it from loan payment histories or even records of credit facilities— and facilitating its access. 

Prior to the pandemic, accessing one’s credit information from the CIC was quick and convenient, but also manual and paper-based, requiring consumers to be physically present at CIC premises for the know-your-customer purposes. But now, just like Home Credit, the CIC has undergone a digital transformation of its own.

At a fireside chat during the Virtual Media Forum, Atty. Aileen L. Amor-Bautista, the CIC’s OIC, President and CEO, talked about how CIC addressed this issue and enabled secure, remote access to individual credit reports and credit scores in the new normal. “Due to increased borrowing caused by COVID-19, we decided to digitize our services, where individual borrowers get to access their own credit information using their mobile devices through one of our accredited credit bureaus, CIBI with its CIBIApp,” said Atty. Amor-Bautista. “With this app, identity verification is done online to help secure the process, especially since travel is restricted and everyone is advised to do social distancing.”

Financial and digital education more crucial than ever

Leveraging on Filipinos’ increased use of mobile phones and the internet especially in the new normal, Home Credit and CIC aims to address the big gaps in terms of how these same technologies are trusted by consumers especially for financial services. Thus, according to Ms. Paul and Atty. Bautista, education is more crucial than ever in order to build trust—and in this new normal, the education must be done digitally.

“With lockdowns and social distancing accelerating the use of digital services, we had to come up with creative, educational, and engaging financial literacy content to reach millions of people,” Ms. Paul added. “Whereas before, our flagship ‘Juan Two Three’ campaign would visit barangays across the country to teach financial literacy, we are now doing it digitally through social media, our website as well as our mobile app, and in the process we are teaching Filipinos how to use these new technologies. Which is why this next phase of our campaign is fittingly called “Digital na si Juan.”

Atty. Amor-Bautista also touched on CIC’s efforts in ensuring consumer rights protection and gauging creditworthiness amidst the pandemic. “We want Filipinos to know that despite the challenges of this pandemic, their credit information remains not only secure, but also more accessible than ever, which can help them get approved for loans and other financial tools,” she noted. “And with additional support measures such as the Bayanihan To Recover as One Act, we are also making sure that those that have good records who decide to avail of grace periods for loans will continue to have a positive record.”

Working together for financial inclusion

Since 2017, Home Credit and CIC have been conducting joint activities to promote the importance of good credit standing among borrowers, in what both institutions hope to be a long-term partnership in championing financial inclusion and literacy.

“From our financial literacy program to our digitized products and services, we hope to continue remaining sustainable in serving more Filipinos,” said Ms. Paul. “Home Credit upholds its commitment to support BSP and CIC in promoting financial inclusion through education and technology, especially in this new normal.”

Makati City used GCash to disburse P2.7B financial aid during COVID-19 crisis

At a time when social distancing is a must, technology is definitely one of our best allies.

Mobile wallet app GCash has once again proved its worth by empowering Makati City with contactless solutions to efficiently disburse roughly P2.7 billion in economic aid to the 500,000 residents of the city.

Under this strengthened partnership, GCash is providing a digital disbursement facility for the expanded Makatizen Economic Relief Program, which aims to provide relief to city residents who are affected by the COVID-19 pandemic.

Instead of manually disbursing the financial aid through city hall employees or through physical disbursement facilities, Makati City will be leveraging the GCash platform to efficiently and safely provide aid to its constituents. This reduces the risk of transmission of the disease, as it limits physical contact among people.

“Makati City has always been one of the most forward-looking local governments in the Philippines, and GCash is ready to help it achieve its goal. We are happy to see our platform being used by government units to fight Covid-19 and ultimately flatten the curve. GCash provides a quick, safe and secure data-driven disbursement platform for the city,” GCash Vice President for Enterprise Luigi Reyes said.

Makati City Mayor Abby Binay announced the expansion of the Makatizen Economic Relief Program, now called the MAKA-tulong 5K for 500K+ Makatizens, to help its citizens cope with the effects of the Covid-19 pandemic.

To qualify as a beneficiary of MAKA-tulong program, one must be at least 18 years old and a resident of Makati or of any of the relocation sites managed by the city government of Makati in San Jose del Monte City, Bulacan and Calauan, Laguna. One must also be registered either as a Makatizen Card holder, or as a Yellow Card holder under the Makati Health Program, or as a voter in Makati City.

The financial assistance is on an individual basis, which means that a household with five qualified individuals will get P25,000 in aid.

“The MAKA-tulong 5K for 500K+ Makatizens program, which will cost P2.7 billion, is intended to provide much-needed financial assistance to residents on an individual basis, not per household, as we begin to emerge from the prolonged community quarantine,” Binay said.

Previous beneficiaries of the Social Amelioration Program (SAP), including senior citizens, persons with disability, informal workers, and solo parents, are still qualified to receive the P5,000-financial assistance.

Residents seeking to avail of the program must fill out an application form through the Makatizen app (available in iOS and Android) or through the Makatizen website (www.proudmakatizen.com). They may also submit their application forms in their respective barangays or through Makati Action Center (MAC) personnel. Each application form must be supplemented with a valid government-issued ID.

Once an application has been approved, the financial assistance will be sent to the GCash account of the beneficiary. Those without GCash accounts will be assisted by the local government to set up one.

The economic relief may be withdrawn from GCash Cash In/Cash Out agents or through ATMs using their Makatizen Cards. Beneficiaries may also use the financial assistance that they received through GCash for online and offline transactions, bills payment, and fund transfers, among others.

“We have been an active partner of Makati City for years now, and most recently, we helped in the disbursement of the financial aid to its student scholars and transport stakeholders. We at GCash vow to continue to support the government to prevent the further increase of Covid-19 patients by empowering Filipinos with digital solutions to help them stay at home,” Reyes said.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines and wholly-owned by Globe Telecom Inc.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

KathNiel star in PayMaya’s “BalikBayad” campaign

project that sees them sharing the many perks and rewards of going cashless through PayMaya’s “BalikBayad” campaign.

Serving as a follow-up to PayMaya’s widely successful “Don’t Pay Cash. PayMaya!” campaign last year, which featured a catchy video and jingle set to the tune of the hit ‘90’s Eraserheads song “Ligaya,” the “BalikBayad” campaign sees Kathryn and Daniel beating villains in a typical ’90s Pinoy action film setting.

Complete with guns, goons, and even the penultimate “Pinoy Kontrabida” Rez Cortez, the campaign video features the two young celebrities using the powers of PayMaya to tackle everyday transactions that are typically paid with cash, such as grocery shopping, paying bills, buying load, and online shopping, among many others.

“We’re very excited to have KathNiel representing the ‘BalikBayad’ campaign, because just as these two big celebrity icons have made a comeback for PayMaya this year, our users can  also expect something to come back–in the form of cashback–every time they use PayMaya instead of cash,” said Mark Jason Dee, Head of Growth and Marketing of PayMaya.

“PayMaya is a young and fun brand and we’re definitely lucky to have collaborated with Kathryn and Daniel in this campaign, because they represent the exciting and energetic lifestyles of most of our users,” Dee added.

Filipinos can get in on the most rewarding mobile wallet experience by downloading the PayMaya app on their iOS or Android devices and using the code PAYMAYAKATHNIEL upon signing up to get an instant reward, apart from the many other cashback and discount perks they can get by being a PayMaya user.

In February alone, PayMaya users can get as much as P6,000 in cashback when they participate in the mobile wallet’s various promos for bills payment, buying load, paying for goods and services via QR, online shopping, and sending money, among many others.

PayMaya has also expanded the list of merchants and establishments under its PayMaya Preferred program, which gives additional cashback to users who scan to pay with PayMaya QR on top of the regular cashback that they usually receive. Some of these new partners include Landers Superstore, Mercury Drug, KFC, Robinson’s Department Store, Total Alabang and Valenzuela, and Toys ‘R Us, among many others.

Bringing back time and convenience

But aside from getting monetary rewards in the form of cashback every time they pay, users are also able to make more time and experience greater convenience when they use PayMaya.

With PayMaya’s virtual card, for example, users can instantly gain access to a payment card which they can easily use for online shopping and other digital payments for a faster, more efficient payment experience.

PayMaya also recently introduced the ability to transfer money from users’ PayMaya account to other bank accounts, eliminating the need to wait in line at bank branches in order to make a bank deposit.

“PayMaya users can definitely look forward to even more features and services that will give them more convenient ways to pay as well as awesome rewards in the months to come,” Dee added.

To know more about the BalikBayad campaign and how you can get all of these exciting perks from PayMaya, visit www.paymaya.com/balikbayad or follow @PayMayaOfficial on Facebook, Instagram and Twitter.

5 Smart tips to handle your money better this 2020

Every time we enter a new year, we all come up with a fresh set of resolutions including how we plan to handle our finances for the rest of the year. For many of us who are not experts in finance and money management, we all look for a certain level of inspiration so we can craft up new rules for our finances.

To help us out, Home Credit has offered these five tips to help us manage our money better this 2020:

1. Be realistic

Targeting to pay off all your debts is good and all, but you need to be realistic to make it successful. When assessing the amount that you want to pay off for the year, make sure that you leave enough budget to support your regular lifestyle. You have a higher chance of making financial mistakes like overspending if you limit yourself too much, so try to find the perfect middle between achieving your financial goals and supporting your needs.

2. Have a purpose

Wanting to start or grow your savings ‘just because’ is good, but you can feel more inspired if you connect it to an actual purpose. Do you want to travel to your dream destination? Buy your very first property? Get a life insurance? Having an end goal in mind will give you a clearer vision (and better motivation!) when trying to achieve your goals.

3. Keep your money in separate accounts

Having multiple accounts can be difficult to handle, but it can also be helpful if you want to make it easier to manage your finances. Have a separate account for your savings where you can automatically move or deposit your money—and forget about it. If you want to have a clearer view of your finances, you can even create a separate account for the different things you’re trying to save for (property, travel, etc.). Want to be extra sure that you don’t easily spend your savings? You can opt for a checkbook or even simply leave your ATM card at home so you won’t get easily seduced to withdraw your funds.

4. Have a splurge budget

This sounds counter-intuitive, but it’s actually helpful in the long run. Limiting your spending too much can backfire and make you more prone to sudden overspending so make sure to give yourself room to breathe and enjoy. The secret is to set the right amount that you can actually spend on recreation. To do this, take out the cost you need to cover your basic expenses and the amount you want to save. You can use what’s left on yourself.

5. Be smart in managing your cash flow

Sometimes, emergency situations will require you to touch your savings. Did an important household appliance breakdown? Do you suddenly need to shell out a big amount for something? In cases like this, what you can do is to consider other options that can help you afford things without draining your savings. Cash loans and installment plans are a good option for this because you can pay the cost gradually. Reputable providers like Home Credit—which now offers other financial products like cash loans and credit cards on top of their in-store product installment plans—is a prime example of an option you can consider. It’s so easy to apply for their products, too! You just need to provide two (2) valid IDs and even apply to their partner stores or online. Processing of your applications won’t even take long—you just need less than a minute to know your results. So the next time you find yourself in need of some financial help for something important, consider to do it the easy way and #iHomeCreditMoNa!

For more information on their products, you can visit their website or reach out to them via Facebook. Want a more convenient way to access Home Credit’s offers? Just Tap the App! Download their MyHomeCredit App in Google PlayStore, and get access to their products and offers wherever you are, whenever you want.

GCash is making the digital marketplace safer for Filipino shoppers

GCash Customer Protect

With the increasing number of mobile wallet users in the Philippines, a large portion of consumers still remain skeptical of the technology. This only further fueled by fears identity theft or even credit card fraud.

According to The Nilson Report, a US-based research agency for news and analysis of the global card and mobile payment industry, global card fraud losses continue to be on the rise. From 2016 to 2025, projected fraud losses will nearly double, climbing from $22.8 billion to nearly $50 billion.

This is because more online hackers and cyber thieves are finding different ways to steal information or fool people into giving up their data through social engineering. One example is through fake e-mails or calls from supposed representatives of banks or credit card companies. These fraudsters ask for personal information in the pretense of confirming someone’s identity. Some even call their victims using a fake number to avoid being traced.

These tactics often used on customers of traditional banks and credit cards are the same ones being employed on individuals using digital financial apps. The lack of assurance that consumers and users feel regarding online safety and protection may be a deterrent to fully utilizing the power of mobile applications out of fear of being swindled.

Thankfully, GCash, the country’s leading mobile wallet, is cognizant of such threats and has come up with a program to provide increased peace of mind for users on their platform.

The initiative, called Customer Protect, is a first in the industry to protect and even compensate users in case of unauthorized financial transactions on their GCash app, GCash on Messenger or GCash Mastercard platforms.

These transactions may arise from untoward incidents of stolen mobile phones or identity theft. Customer Protect is a feature that enhances GCash’s advanced risk capabilities that are already in place, which actively analyze and monitor transactions to detect and prevent fraudulent activities.

Fully verified GCash users can receive compensation of the actual amount of unauthorized transactions not exceeding P100,000. Semi-verified users can receive compensation up to P10,000 while basic users can receive up to P2,000.

With the  introduction of this innovative program, GCash users can feel even more secure as they continue their usual daily transactions on the app, such as buying load, sending money and many others. Customer Protect frees GCash users from worry and gives them the confidence to embrace a fully digital lifestyle of convenience and immediacy.

Home Credit launches “Juan, Two, Three” campaign

Imagine a world where everyone is empowered to handle their finances; where people from different walks of life know how to make informed financial choices, whether it be on budgeting, saving, or borrowing. Even complex financial concepts such as “compound interest” are understood by many.

This world was the exact vision brought by Prague-based consumer finance company Home Credit when it first started its operations in the Philippines five years ago. Though this may seem far-fetched, given the latest figures from the Bangko Sentral ng Pilipinas (BSP) for 2017 stating that 77 percent of Filipino adults remain unbanked and 52 percent are unable to allocate money for savings, Home Credit Philippines (HCPH) continues its mission to bridge the gap in making more Filipinos included in the financial system. The company provides in-store loans to customers with minimal requirements, requiring only two (2) valid IDs, and offers other financial products such as cash loans and credit cards.

According to its Chief Marketing and Customer Experience Officer Franchette Cardona, Home Credit’s commitment to financial inclusion doesn’t stop at providing loans to the underserved. “Financial Literacy is our number one advocacy. Since many of our customers are first-time borrowers, we want them to be ready for the responsibility of having a loan.”

That’s why in 2016, Home Credit officially launched its flagship campaign “Juan, Two, Three”, which focuses on teaching the basics of budgeting and saving to different communities all over the country. Through the use of creative approaches like games and comic books, the campaign equips Home Credit customers and the public with the know-hows in handling financial tools.

Understanding budgeting

Most people would think that financial basics such as budgeting and saving are common knowledge nowadays—especially with the presence of technology, making financial information and services easily accessible.

Unfortunately, this isn’t the case with 21 percent of the 52.8 million adults in the country who do not have formal bank accounts because of their perceived lack of need for them. BSP’s 2017 Financial Inclusion Report also states that 10 percent do not have proper knowledge of how to open an account, while 8 percent have a lack of awareness about it.

On top of that, many Filipinos still often find the term “budget” as intimidating—associating it with being time-consuming, boring, and restrictive. Some even think one has to be good at math to be great at budgeting.

This gap in financial knowledge was something Juan, Two, Three was successful in identifying. “We’ve talked to farmers, students, teachers, even soldiers, and a lot of them have said that they didn’t understand the importance of keeping their money on formal bank accounts before. Others simply needed some extra guidance on how to start saving. You’d think these are things that most people would know already too,” Cardona shares.

For this very reason, the financial literacy campaign focused on creating learning materials and modules centered on the fundamental concepts and real-life applications of budgeting and saving.

“We want people to understand the importance of budgeting and having savings kept away. Our goal is to make them realize that handling finances can be enjoyable, flexible, and done in just a few minutes,” says Cardona.

Viewing loans and credit in a new light

Apart from budgeting and saving, Juan, Two, Three also touches on the topic of borrowing, which is largely anchored on Home Credit’s core business of providing financing services to customers who are often first-time borrowers.

“Since we offer loans, it’s important for us to also inform people, especially our customers, about the key principles of safe and responsible borrowing. Part of our financial literacy campaign is transforming the way people look at borrowing by teaching them how to properly manage their loans and maintain good credit score,” says Cardona, referring to the misconceptions usually attached to borrowing.

“Having the flexibility to buy the things you need, when you need it is a good thing. Making late payments, however, can negatively affect your credit score—making it more difficult to get loans and credit in the future,” Cardona adds. “We make sure people know both the benefits and risks associated with borrowing for them to have better financial decisions.”

Scaling up financial literacy

As part of its efforts in expanding its reach, Juan, Two, Three continues to build and strengthen its partnerships with both public and private institutions. Its long-term partnership with the DSWD’s Pantawid Pamilyang Pilipino Program has allowed the campaign to reach more than 16,000 people and 175 communities all over the country.

The campaign also started partnering with other stakeholders. This year, the Juan, Two, Three campaign joined Credit Information Corporation and BSP in the first ever Kapihan sa Manila Bay on financial literacy to support the government’s drive to promote financial inclusion in the country. It also visited farmers and major rice industry players in the recently concluded 9th National Rice Technology Forum in Mindoro.

The impact it has brought on the communities it has visited has earned Juan, Two, Three the 2018 Silver Stevie Award and 2019 Bronze Stevie Award for Innovation in Community Relations or Public Service Communications. The Stevie Awards is a premier award-giving body that recognizes outstanding organizations that make positive contributions in the industry.

“Our goal is to fill in the gap where financial education is needed. Right now, our main focus is to educate as many as we can and help them learn the basics so they can feel more empowered in handling their money. We’re also hoping that we encourage these people to become future Financial Literacy Ambassadors too so they can help educate more. These are small steps, but if we want to achieve something bigger, we have to start with these,” closes Cardona.

Study says Pinoys prefer to use GCash for cashless transfers

Since its introduction to the country several years ago, GCash is now the top mobile wallet used by Filipinos for cashless transactions, comprising 4.9 million out of the overall 6.4 million mobile wallet remitters in the country. This, according to a 2019 study conducted by The Nielsen Company.

Cashless transfers are defined as the use of any device or tool to send and receive money online, including bank transfers. Filipinos utilizing cashless transactions now comprise 19 percent or 9.3 million out of an estimated total of 49 million who do money transfers.

“There are 39.7 million who are still into exclusive cash-to-cash transfer and who have not tried a cashless solution. There are 2.9 million non-mobile wallet cashless remitters as well. These present a lot of potentials for mobile wallets to expand and capture large, untapped segments,” said Mynt president and chief executive Anthony Thomas.

Sending allowance for children and family members is the top reason for money transfers, and e-wallets are seen to become increasingly relevant and attractive as it provides more functions and benefits. “GCash provides added accessibility and convenience that does not disrupt but rather enhance one’s current lifestyle,” explained Thomas.

GCash as a mobile wallet offers easy cash-in and cash-out options, through debit cards and linked bank accounts as well as offline at 7-Eleven, MLhuillier and many other establishments. The study also revealed that mobile wallet users prefer GCash because it charges low or no service fees for digital transactions.

GCash, being the leader in the mobile wallet segment, aims to continuously innovate and improve the user experience through added-value services and features. Remitting money is more personalized and fun with options to attach photos and videos or to send money in lucky Ang Pao form. The KKB feature on GCash also allows payments to be split equally or managed among a group of users.

GCash also provides users with increased security and peace of mind when using the app with the recent launch of Customer Protect, a program that provides compensation for unauthorized financial transactions on their GCash app, GCash on Messenger or GCash Mastercard platforms arising from instances such as stolen mobile phones or identity theft.

“GCash has thought of the end-to-end experience and is providing the best way to facilitate money transfers by thinking of and putting our customers first,” concluded Thomas.

GCash launches Customer Protect program for users

GCash Customer Protect

Still adamant about signing up for a mobile wallet? Scared that you might get hacked or that your data security might be compromised? You don’t have to worry that much, says GCash. With its new Customer Protect program, the leading mobile wallet powered by fintech startup Mynt gives users added peace of mind.

Under the program, GCash users are assured of compensation for unauthorized financial transactions on their GCash app, GCash on Messenger, or GCash Mastercard platforms arising from instances such as stolen mobile phones or identity theft.

To avail of the compensation, a user must file a report regarding any irregular transaction, such as unauthorized withdrawals or point-of-sale (POS) purchases, on GCash’s official customer care channels within 15 days from the date of the said transaction. Eligible and valid disputes can be reversed for amounts of up to P100,000.

“The GCash Customer Protect program is a recourse that our valued users can take should they, unfortunately, fall prey to physical or virtual theft,” said Anthony Thomas, GCash president and chief executive officer.

At the same time, the Customer Protect program is a campaign for increased cybersecurity awareness and education, especially regarding full verification of one’s GCash account. “It is extremely important for users to comply with the verification process of GCash based on the Know-Your-Customer (KYC) mandates of the Bangko Sentral ng Pilipinas,” explained Thomas.

Full verification on GCash requires a user to establish legitimate identity through the submission of valid government identification cards and a selfie, as well as a series of mobile phone and contact information verification.

Fully verified GCash users can receive compensation for the actual amount of unauthorized transactions not exceeding P100,000. Semi-verified users can receive compensation up to P10,000 while basic users can receive up to P2,000.

Our intelligent risk management approach remains to be the first line of defense in protecting our users,” said Thomas. “Using our advanced risk capabilities, we analyze and monitor transactions round-the-clock to detect and prevent fraudulent activities.

Our Customer Protect program is an added benefit we extend to GCash users for their enhanced peace of mind and maximum enjoyment of the advantages that a fully digital lifestyle brings,” he concluded.

Fly Cebu Pacific now and pay later via Cashalo

Pay With Cashalo

It’s so easy to book a flight these days, thanks to the help of online airline booking platforms and other modern methods. Sadly, despite having access to the internet, many people still get stumped whenever they get to the payment part of the process, which usually only accepts credit cards.

Many could probably relate to the frustration of a hardworking mom who has finally saved enough for a family vacation, only to find out she couldn’t avail of the online-exclusive airfare discounts because she doesn’t have a credit card. And what about those who lack the budget to fly out immediately for an emergency, like a very important work trip or, worse, having to see a relative in the province who is already in a critical medical condition?

Fintech company Cashalo continues to provide more solutions for financially underserved Filipinos through its partnership with local airline Cebu Pacific. Cashalo’s new digital-credit payment solution is the first-of-its-kind to offer airline ticket financing.

Pay with Cashalo is a product designed to provide a transparent and consumer-friendly payment alternative to cash and traditional credit. Echoing its mission of making digital financial services more easily accessible to everyone, including unbanked and underserved Filipinos, Pay with Cashalo gives unrivaled choice, freedom, and flexibility to address their lifestyle needs and manage their financial well being through secure, simple and convenient digital-credit payment options.

On top of making digital payments easier and more accessible, Cashalo’s mobile-first solution helps elevate the shopping experience of Filipinos. Pay with Cashalo empowers Filipino consumers to easily pay for their online or offline purchases over time, even without a credit or debit card. Data from the Bangko Sentral shows that less than 16 million Filipinos or roughly 23% of the population have bank accounts, with less than 10% owning credit cards.

As part of the launch, Cashalo has extended its existing partnership with Cebu Pacific to introduce the regions first-ever ‘airline ticket financing’ solution designed to enable more Filipinos to fly now and pay later. Through Pay with Cashalo, travelers can book domestic flights up to a maximum of P7,000 on Cebu Pacific, use the new digital-credit solution as a payment alternative, then pay later in affordable installments over three or six months.

Hamilton Angluben, general manager of Cashalo, says, “Through innovation, we are able to unlock greater financial possibilities for more Filipinos. As a first-of-its-kind solution, we firmly believe that ‘Pay with Cashalo’ can transform how Filipinos from all segments of society transact online and build a more secure financial future. We’re thrilled to launch this product with our valued partner Cebu Pacific who shares our mission to empower every Juan with more opportunities and create memorable moments.”

The Pay with Cashalo option is fully integrated into the booking system of Cebu Pacific. Travelers can easily choose Pay with Cashalo as their preferred option and enjoy its benefits as they book their domestic flights, with application approval in as fast as three hours.

Candice Iyog, Cebu Pacific vice president for marketing and customer experience, says, “As Cebu Pacific enables every Juan to fly by broadening the base of travelers with affordable and accessible
flights, our partnership with Cashalo will harness more potential travelers through a fly now, pay later scheme. It will enhance payment options for our customers and even provide assistance to those who have urgent travel needs.”

In the coming months, Cashalo will be partnering with many more e-commerce platforms and merchants to integrate Pay with Cashalo as a payment alternative. Cashalo is deeply committed to developing innovative financial products designed to unlock financial access and opportunity for more Filipinos.

Earlier this month the company launched its national grassroots financial education program Cash Academy that works with public and private sector partners to distribute offline and online learning modules and training resources purpose-built to develop a generation that is more financially aware and better equipped to make responsible financial choices, making them “Pera Experts.”

P500k credits awarded to 500,000th CIMB and GCash customer

CIMB Bank PH GCash 500,000

Approximately six months after opening its doors for business in the Philippines, CIMB Bank and GCash have now welcomed their 500,000th customer.

The all-digital, mobile-first CIMB Bank PH was launched in early 2019, with a goal of bringing a unique and differentiated banking proposition to Filipinos. Anchored on a DNA of strong strategic partnerships and solving customer pain points digitally, it forged a partnership with e-payments platform GCash, owned by Mynt, the revolutionary fin-tech startup of Globe
Telecom, Ayala Corporation, and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.

Together, CIMB Bank PH and GCash launched GSave, a product that gives customers direct, paperless, and seamless access to savings account services.

The 500,000+ GSave users are now enjoying the benefits of CIMB’s savings account, which is available as the Save Money feature on the GCash app. GSave offers an interest rate of 3% per annum, which is more than ten times higher than those interest rates offered by most Philippine banks.

Additionally, GSave does not require an initial deposit or maintaining balance, nor does it impose service charges for transactions—greatly reducing the barriers for ordinary Filipinos to open and maintain a savings account.

Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group, who was in Manila to celebrate the milestone said, “CIMB Bank PH is surely the fastest growing bank in ASEAN, a wonderful achievement, and a strong testament of things that can be achieved in the regime of digital-only banks. We are motivated by this and will continue to innovate for our customers. Well done to the teams.”

In line with this, CIMB Bank PH and GCash also announced that the GSave bank account will be exclusively offered only on the GCash platform. The companies also said they will be working together to make added suites of financial services products available to GCash customers in the future. These services will be announced in due course.

Zafrul added, “The partnership with GCash was central to us achieving this milestone. It is a live case study of bank-tech partnerships, a combination of banking expertise and technology platform plays, and the opportunities it allows both parties to access. I look forward to developing more propositions with GCash to further establish our mobile banking presence in the Philippines.”

Anthony Thomas, President and Chief Executive Officer of GCash affirmed its shared mission with CIMB Bank to increase the accessibility of financial products and services for all Filipinos. “The acquisition of 500,000 users is a clear testament that the partnership between GCash and CIMB Bank through GSave is a success. We welcome this achievement and the deepening of our collaboration with CIMB Bank, and assure our users that we will continue to provide more innovative services to address the banking and financial needs of Filipinos who aspire for financially better lives for their families.”

Seigfred Barcelona is the lucky 500,000th customer of CIMB Bank PH and GCash. At an exclusive media event held this August, Barcelona was awarded P500,000 worth of credits on his GSave account.