Cashalo, the Filipino technology and financial services company committed to building a more equitable future for all Filipinos, affirms its support of the Bangko Sentral ng Pilipinas (BSP) in its mission to provide more financial access and choice for underserved communities and MSMEs.
According to Hamilton Angluben, GM of Cashalo, “Cashalo was founded on the principles of inclusion and innovation. We have a significant opportunity to not only transform the lives of millions of Filipinos, but to also deliver lasting, positive social impact through proprietary technology that helps unlock greater financial access, freedom and opportunity.”
Moving toward this goal necessitates a thorough understanding of where the opportunities lie and what can be done to effectively address them.
Angluben is of the view: “We firmly believe that a financially inclusive Filipino society can empower and transform the lives of the underbanked and underserved. The Philippines is primed to affectively address the challenges. In large part, because of the BSP’s forward-looking ‘sandbox’ approach to regulating the new wave of fintechs as well as highly proficient local talent pool that is eager to affect positive change.”
Cashalo’s mobile-app is designed to complement existing systems and bring greater benefits to more individuals and MSMEs by using next generation mobile and data technology. Cashalo has spent months to develop a proprietary infrastructure that analyses mobile, social and behavioral data, proprietary credit engine and risk models to develop an alternative credit assessment and financial identity for customers.
To put into context, almost 90% of Filipino adults have no formal credit score and are considered financially underserved. “We look to empower millions of Filipinos with no credit history to build financial identities and allow them to participate in the global economy,” says Angluben.
Since its beta launch a few months ago, Cashalo has elevated the economic well-being of tens of thousands of Filipinos. In keeping with its commitment to serve more communities, it is actively seeking strategic partners to add to its existing list that includes Vivo, IMI Global, Philippine Airport Group Support Solutions, Inc., and those under JG Summit Holdings, Inc, including Cebu Pacific.
As a founding member of the Fintech Alliance Philippines, Cashalo is also deeply committed to development of grassroots community engagement programs that drives awareness and fosters financially responsible behavior. Currently, Cashalo operates a “Train the Trainers” program that will deploy Cashalo advocates who will lead financial education seminars for employees, students, teachers, and communities.