First Circle now part of the Lendr marketplace » Manila Bulletin Technology

Manila Bulletin Philippines

Breaking News from the Nation's leading newspaper

Tempo

Online Newspaper

Showbiz and Celebrity News

Sports News

World News
News Asia

First Circle now part of the Lendr marketplace

Published

First Circle, the first digital SME business financing company in Southeast Asia is now the official partner of Lendr, an end-to-end loans origination and loans management platform accessible through multi-channel device such as desktop, tablet or mobile. 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. (Smart).

Sealing the Lendr-First Circle digital partnership (4th from left) Manuel V. Pangilinan, PLDT Group Chairman and CEO  and Patrick Lynch,  First Circle President and CEO with (from left) Kunal Pandey, FINTQ International Business Development Head, Lito Villanueva, FINTQ Managing Director and CEO, Orlando Vea, Voyager Innovations Group President and CEO, Timothy Glynn, First Circle CFO and Agustin Santiago, FINTQ Product Head of Lendr.

Sealing the Lendr-First Circle digital partnership (4th from left) Manuel V. Pangilinan, PLDT Group Chairman and CEO and Patrick Lynch, First Circle President and CEO with (from left) Kunal Pandey, FINTQ International Business Development Head, Lito Villanueva, FINTQ Managing Director and CEO, Orlando Vea, Voyager Innovations Group President and CEO, Timothy Glynn, First Circle CFO and Agustin Santiago, FINTQ Product Head of Lendr.

With them as partner, First Circle is able to expand and fulfill its mission in empowering more Philippine SMEs to grow their business. “We are delighted to be partnering with Lendr, who shares our same vision to expand the reach of financial products and provide convenient, hassle-free loan applications to our customers” Patrick Lynch, First Circle President & CEO explained.

First Circle is amongst the first business loans to be offered in the Lendr marketplace. The Lendr marketplace allows the borrowing market to search and directly apply to an array of financial and non-financial institutions through its integration with lender partners.

“Given that Philippine SME sector’s access to finance still remains to be a challenge, providing a digital lending platform to make the customer experience seamless, quick and efficient among our entrepreneurs is one critical step in capacity-building. This provides a huge opportunity to tap greater SME market as  First Circle is among the first six banks and non-banks currently deployed under the Lendr digital lending platform with the other 30 partner financial and non-financial institutions in various stages of on-boarding,” said Lito Villanueva, FINTQ managing director and CEO.

SMEs account for 45% of gross domestic product (GDP), which is the second lowest in Southeast Asia next to Myanmar. It employs about 65% of the workforce, with the majority in Metro Manila. According to a study by the Asian Development Bank, personal funds remain to be the dominant source of financing among local SMEs, where only 39% of respondent citing bank loans as a funding means. Among the barriers to financing that were cited include slow fund disbursement due to lack of credit information, inadequate bank and government guidance on preparation of compliance documents.

Tags: , , , , , ,

Related Posts