Cashalo launches mobile app
Financial technology firm Cashalo yesterday launched its stand-alone mobile app as part of its commitment to initially invest P10 billion over three years to help boost financial inclusion in the country.
JG Summit Holdings Inc. president and CEO Lance Gokongwei said the venture intends to deliver access to affordable and secure credit for millions of underbanked Filipino consumers as well as micro, small and medium enterprises (MSMEs) in the Philippines who need access to reliable and trusted financing options.
“At the core of Cashalo is a strong social purpose, designed to empower and transform the lives of every Filipino. 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,” Gokongwei said.
Last June, JG Summit’s Express Holdings Inc. partnered with Hong Kong-based Oriente through a 50-50 venture to establish Cashalo with an initial investment of P10 billion over a period of three years.
Gokongwei said the partnership aims to accelerate financial literacy and inclusion in the Philippines as espoused by the Bangko Sental ng Pilipinas (BSP).
Oriente co-founder Geoffrey Prentice said Cashalo is developing a new infrastructure that addresses the needs of underbanked Filipinos that do not have access to essential financial services.
“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,” Prentice said.
Cashalo general manager Hamilton Angluben said the mobile lending platform strengthens the campaign against loan sharks and “ATM sangla” or the pawning of ATM cards.
He said the Cashalo app gives consumers access to multiple purpose-based financing options such as small cash loans, and consumer goods financing, a service that is paperless, collateral-free and available 24x7 via their own mobile device, real-time credit scoring, a choice of repayment schedule, and fast approval in 10 minutes.
He added the company also offers the lowest interest rates of as low as 3.95 percent with no hidden fees.
“We firmly believe that a financially inclusive Filipino society can empower and transform the lives of the underbanked and underserved. The Philippines is primed to affectively address the challenges. In large part, because of the BSP’s forward-looking sandbox approach to regulating the new wave of fintechs as well as highly proficient local talent pool that is eager to affect positive change,” Angluben said.