Oriente, the leading global financial services and technology company committed to unlocking financial inclusion for underserved communities, and JG Summit Holdings, Inc., one of the Philippines’largest and most diversified conglomerates, today announced an initial investment of PHP 10 Billion (USD 200 million)over 3 years tobuild and expand the reach of a bespoke suite of mobile-first, lending products and other smart financial services under Cashalo, to millions of underserved and underbanked people in the Philippines.
Last August, Oriente (whose founders are behind internet giants Skype and LU.com) and Express Holdings, Inc., a subsidiary of JG Summit Holdings, Inc., stated that they were joining forces to create a joint-venture company that would focus on building a new infrastructure designed to accelerate financial inclusion in the Philippines.
Cashalo, is the first product offering to result from this forward-thinking partnership and is on track to create over 1,000 jobs by end-2018, delivering tangible economic impact to the community.
Cashalo draws on Oriente’s proprietary cutting-edge technology, data science capabilities and its highly successful teams with a wealth of experience building and scaling businesses in emerging markets, as well as JG Summit’s local knowledge, extensive resources and vast datasets on consumer behavior, to offer affordable and secure access to credit and other financial services tailored specifically for Filipinos.
“This investment is a testament to the tireless efforts of everyone involved in this partnership and our long-term commitment to building a more financially equitable future for Filipinos,” said Lance Gokongwei, JGSHI President and CEO. “Cashalo is set to transform the lives of millions of underserved people in the Philippines through financial awareness and independence.”
“JG Summit is a phenomenal partner and with their considerable resources we are in a strong position to connect millions of hardworking Filipinos to the type of financial infrastructure they deserve and will help advance their lives,” said Geoffrey Prentice, co-founder and Chief Strategy Officer, Oriente. “We share a common goal to unlockfinancial freedom, trust, and opportunity for undervalued communities and Cashalo is set to be the agent of change.”
“Through the Cashalo app, we will collate and analyze hundreds of alternative data points on consumer behavior to develop robust credit and risk assessments, effectively filling the gap left by traditional credit scoring methods and lenders,” said Hamilton Angluben, Cashalo’s General Manager.“We are excited to take the lead in enabling more Filipinos to take control of their financial lives.”
Cashalo is set to be the leading mobile-first lender in the Philippines, enabling millions of customers with no credit history to uplift their livelihood and participate in the global economy. It is an end-to-end digital solution that provides on-demand access to fast, easy, and affordable loans securely via a smartphone. Initially, Cashalo will be available to employees and customers of JG Summit group companies, before being marketed to all Filipinos in the coming weeks.