4 Dec 2017 | 01:48 PM
Cash Credit, a pioneering lending Fintech in the Philippines, together with other leading technology companies in the country have brought together their experience and founded the 1st formal Fintech association, Fintech Alliance. Its main purpose is to promote social impact, drive financial innovation, and to create a common ground for discussion of the future technology and finance.
The other founding members include Smart Communications, Inc., Uber Philippines, Grab Philippines, Mynt, PayMaya, Oriente Express, Acudeen, Lenddo, PawnHero, Seedbox, TrueMoney, and Coins.ph.
"The formation of FintechAlliance.ph is very timely as all industries in the country are undergoing digital transformation. Having a unified representation will make collaboration and communications more efficient," said Securities and Exchange Commission Chairman Teresita J. Herbosa.
Main focus of the association will be to solve in a collaborative manner essential challenges on the way to financial inclusion, such as lack of infrastructure, high cost to serve and lack of credible information. Each participant will contribute by strong expertise and know-how in its own business and will actively seek for solutions to benefit the entire industry.
“We are proud to be among the first members of this association to promote collaboration and share experience to further speed financial inclusion through innovation and analytics” said Diana Krumova, CEO of Cash Credit Philippines.