MANILA - Cashalo, the Gokongwei group's financial technology venture, is offering unbanked Filipinos the lowest interest rates on loans using their mobile phone, co-founder Lance Gokongwei said Wednesday.
The Gokongweis and Hong Kong-based Oriente invested an initial P10 billion over 3 years for Cashalo in April.
Cashalo has "huge potential" to grow since some 40 million people have no access to formal credit and credit card penetration is at 2 percent, Gokongwei told The Briefing on ANC's Market Edge.
Interest rates range from 2.9 percent to 5 percent, he said.
"Our job is to disrupt those informal lenders and give Filipinos the financing they deserve," said Geoffrey Prentice, "Our job is to disrupt those informal lenders and give Filipinos the financing they deserve," said Prentice, co-founder and Chief Strategy Officer of Oriente. He is also co-founder of Skype.
"What Skype did to communications, Oriente is going to do to to finance," he said.
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