PLDT unit links up with more banks

Dominant carrier PLDT Co. has lured more banks and financial institutions to sign up with its digital lending platform to offer consumer loans via online and mobile.

Eight new partners signed up with PLDT-led Lendr namely Bank of Makati, Cebuana Lhuillier Rural Bank, Luzon Development Bank, Philippine Business Bank, Producers Bank, Rural Bank of Camalig, Sun Savings Bank, and UCPB Savings Bank.

Lendr is one of the breakthrough products developed by FINTQ, the financial technology unit of Voyager Innovations, the digital innovations arm of PLDT and Smart Communications Inc.

The partnerships, which now total to 25, aim to expand the reach of financial products such as loans by making them available in more locations and mediums.

“Lendr will help them vastly improve the scope of their consumer loans products by putting them directly into the hands of millions of mobile and online users nationwide,” chair Manuel V. Pangilinan said.

For instance, Lendr partner banks may use PLDT wireless technology to accept and process loan applications online, transfer money through mobile systems as well as provide latest gadgets for smalland medium- enterprises.

Credit applicants, in turn may track the status of their application online and monitor monthly loan payments, amortizations and balances.

Orlando Vea, president and chief executive officer of Voyager, said every mobile phone in the country could be considered a virtual bank branch.

“Banks and financial institutions that used to operate in specific areas and regions can now reach out to many who need financial help,” he said.

For his part, FINTQ managing director Lito Villanueva said the PLDT-led platform is a mechanism to promote financial inclusion and inclusive growth.

Policymakers have consistently highlighted the importance of making credit available to the poor so that they could finance their consumption and investments and help benefit from the country’s strong growth.

“We are encouraged that our partner banks and financial institutions have decided to take the first step in digital enablement by signing up with Lendr,” Villanueva said.

“We are hopeful about a fruitful partnership that lies ahead,” he added.