After its entry into the Philippine market in 2017, Oriente Express is going full gear to offer its financing products to more consumers in the country. The startup digital finance company (which currently offers salary deduction loans at competitive rates) has teamed up with other local digital finance firms to form FinTechAlliance.ph.
“The alliance was created to enable and strengthen the drive towards working for a financially inclusive Philippines,” said Katrina Cokeng, General Manager of Oriente Express, a joint venture between Oriente (a Greater China-based financial firm that previously backed internet giants like Skype) and Express Holdings (a subsidiary of JG Summit Holdings, Inc.).
More financial solutions
“We are working closely with the country’s regulators and leading fintech companies to make sure we create financial solutions that deliver positive impact to the underbanked Filipinos,” added Cokeng, who also serves as the Vice Chair of FinTechAlliance.ph.
FinTechAlliance.ph comprises of other local fintech firms that include Mynt (the business behind GCash), PayMaya, Smart Communications, Grab Philippines, Uber Philippines, Coins.ph, CashCredit, Lendr, PawnHero, Lenddo, TrueMoney, and Seedbox. The group rolls out collaborative initiatives to further encourage innovation and inclusive growth. It also aims to empower the emerging classes in the country.
Online financing venue
On its website, FinTechAlliance.ph states its mission to develop a digital or online financing marketplace in an effort to address issues about financial exclusion particularly of micro-, small-, and medium-sized enterprises (MSMEs) and of underbanked consumers (those who are not able to transact with traditional lenders/banks due to lack of documentary requirements). The consortium aims to offer affordable (low-interest) online loans and reliable wealth accumulation products based on proprietary information and revolutionary credit scoring system.
“The formation of FinTechAlliance.ph is very timely as all industries in the country are undergoing digital transformation,” said Securities and Exchange Commission (SEC) Chairperson Teresita Herbosa. “Having a unified representation will make collaboration and communications more efficient.”