FINTQ–the financial technology arm of PLDT and Smart’s Voyager Innovations–saw loan disbursements processed through Lendr, its digital lending platform, balloon by nearly a third in 2017 from a year ago with most of the borrowers coming from the ‘starting out’ segment, an executive said.
“Loans disbursed through Lendr for 2017 reached more than P12 billion, nearly a third higher than the volume recorded the year before, bringing our total loans disbursed to about P27 billion since we went to market in 2015,” said Lito Villanueva, FINTQ Managing Director.
The tremendous year-on-year performance, Villanueva said, was mainly propelled by business synergies with both banks and non-bank associations sealed throughout the year and the regulatory support given to FINTQ. He also noted that applications through Lendr registered the highest loan approval rate at around 40% last year due to “digital efficiencies.”
“Lendr’s feature of filtering of loan applicants based on the bank and non-bank partners’ credit parameters enabled them to quickly generate quality leads and approve eligible borrowers,” he said.
As of end-2017, FINTQ has inked agreements with a total of 70 institutions. These include: the Landbank of the Philippines; China Bank Savings; RCBC Savings Bank; Philippine Bank of Communications; Producers Savings Bank Corp.; Camalig Bank, Inc. (A Rural Bank); PNB Savings Bank; Maybank Philippines; EastWest Bank; CARD Bank, Inc.; CARD SME Bank, Inc.; Rizal Bank, Inc.; First Circle; Esquire Financing, Inc.; ALGO Leasing and Finance; Cebuana Lhuillier; Atram Trust Corp.’s Seedbox Technologies; Radiowealth Finance Company; Chamber of Thrift Banks; and the Rural Bankers Association of the Philippines. FINTQ will also be working with CoopHub to offer Lendr services to over 26,000 cooperatives nationwide.
Tags: Camalig Bank Inc., Cebuana Lhuillier, China Bank Savings, EastWest Bank, FINTQ, FINTQ records a double-digit loan growth through Lendr in 2017, Lendr, Lito Villanueva, loan disbursements, Philippine Bank of Communications, PLDT, RCBC Savings Bank, Smart’s Voyager Innovations