Fintech firm targets Cebu’s unbanked

A financial technology company seeks to further boost its presence in Cebu as it eyes to tap the unbanked population.

True Money Philippines CEO Xavier Marzan said the firm is particularly targeting the unbanked or those who have no access to formal banking.

Currently, the financial services firm has around 400 centers in Cebu, including retail shops, sari-sari stores and convenience stores, among others.

The company recently met with the Rural Banks Association in Cebu to establish partnership with rural banks to expand its remittance and loan services.

Its key billers in Cebu include Visayan Electric Company, Cebu II Electric Cooperative Inc. and Metropolitan Cebu Water District.

Marzan said the firm seeks to help rural banks provide remittances, loans and insurance services to their clients, thus increasing the number of their services.

He said the fintech company has been partnering with small businesses such as convenient stores, sarisari stores and minimarts to reach the rural market while it has been eyeing bakeries and gasoline stations as potential partners.

Marzan explained there is still a need for financial technology companies like True Money to be physically present through partnerships.

Although he also noted there is so much opportunities for e-commerce and digital companies in Cebu.

The firm had previously partnered with Cebu People’s Multi-Purpose Cooperative (CPMPC), a community-based savings and credit cooperative with over 55,000 members to date.

The partnership will transform the cooperatives' entrepreneurs to become owners of True Money financial centers to allow remittance, bills payment and telco and gaming load top-up.

Currently, TrueMoney centers are already present in various provinces across the country including Cebu, Davao, Cagayan de Oro, Bohol, Ilocos, and Misamis Oriental, among others.

TrueMoney started out in 2003 in Thailand. Expanding to multiple markets across the region, it now has offices in Vietnam, Cambodia, Myanmar, Indonesia, and the Philippines.

Among its shareholders are Thai companies the CP Group, one of the world's largest conglomerates, and Ascend Group, a digital commerce company.