FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations, is working with Transport Network Vehicle Service (TNVS) Company Grab Philippines for a collaboration to give its driver-partners opportunities for augmented income and an alternative channel for business financing.
The collaboration will open doors for Grab driver-partners numbering to over 30,000 to gain additional income on top of their driving operations through FINTQ’s “Kasama Ka” income and community builder program.
Drivers can also explore business and financing options through Lendr. This partnership will also extend the convenience of Lendr digital lending platform to Grab’s over two million riders to gain access to consumer loans.
“The effects of digital must be felt by everyone, including those at the very fringes of society, for it to be an effective tool for progress. Collaborating with Grab represents yet another step in our drive toward financial inclusion–and with Grab’s network of more than 30,000 driver-partners in key cities nationwide, we hope to create a ripple effect of growth and progress through our Kasama Ka program,” said Lito Villanueva, managing director at FINTQ.
Kasama Ka is a grassroots movement spearheaded by FINTQ to help promote financial inclusion and help empower blue-collar workers, street vendors, and public transport drivers, among others, to earn extra income by referring their loyal customers or “suki” to sign up for digital financial products and earn as much as P300 for each referral.
Through the program, Grab drivers will have the chance to augment their income by sharing their Kasama Ka Builder ID code to family, friends, and even customers so they can earn a referral fee each time these individuals apply for digital financial products offered by FINTQ, which include digital loans from Lendr, digital insurance from SureLite, and soon digital micro-investments from iNVSTR.
To date, FINTQ’s platforms have been accessed in 100% of 81 provinces, 91% of 145 cities and 15% of 1,490 municipalities. Approximately 23% of borrowers in Lendr are from low-income areas. So far, its digital lending platforms has helped disburse more than P23 billion in loans to more than 200,000 clients since launching in 2015, registering annual growth rates of 50% and 33% in loans released and number of borrowers, respectively.