By Espie Angelica A. de Leon
Small borrowers and lenders looking to secure a loan or lend money can now do so easily and safely through MoneyMatch, an online peer-to-peer (P2P) lending platform developed by FinTech Global Resources Inc.
Launched at One Shangri-la Place in Pasig City on July 25, MoneyMatch is touted as an efficient and secure marketplace designed for the benefit of both borrower and lender — whether individuals, small companies, or mere business startups.
Borrowers can avail an initial loan of P25,000 and borrow up to P2 million under more flexible terms. Meanwhile, lenders are assured of investment security.
The platform eliminates physical boundaries typically associated with traditional loan acquisitions and money lending such as banking institutions. This allows a borrower to source funding for a new house, car, education, or business, and a lender to earn in the form of interest income, more conveniently.
MoneyMatch is also in line with the Bangko Sentral ng Pilipinas? goal to create a financial system which is accessible to a larger segment of the population.
?With MoneyMatch, we?ve formalized the process. It undergoes a certain credit risk and underwriting process in order for us to profile both borrowers and lenders,? said MoneyMatch managing director Jay S. Bautista. ?We capitalize on existing credit bureaus,? he added.
“Unlike before when credit bureaus only provided negative records, there are already credit bureaus that provide credit scores based on their own algorithm coming from different set of data.?
According to Bautista, such credit bureaus are already operating in the Philippines and MoneyMatch is glad to be using their platform in order to determine the credit worthiness of any potential borrower.
Individuals 18 years old and above as well as corporations are eligible to register as borrowers or lenders via MoneyMatch.
To register, interested parties should log on to www.moneymatch.com.ph. Any information provided by a prospective borrower or lender upon registration is protected by Republic Act 10173 or the Data Privacy Act of 2012. At the same time, every applicant will undergo background checks prior to approval.
Borrowers with approved loans can withdraw from any PBCom branch while eligible lenders may view loan applications by the borrowers and bid for any of these. Lenders can bid for more than one loan application, either partially or in full.
?We don?t discriminate. Whether you?re from the police or the military or whatever is your background, as long as you?re eligible, [you may register],? said Fintech Resources Global Inc. consultant Paul Daza.
According to MoneyMatch Board advisor and Opal Portfolio Investments Inc. president Ida Tiongson, P2P lending via the digital platform is the way to go, especially in the face of recent negative developments in the local banking scene.
She also added that P2P lending is popular in other countries but not yet in the Philippines. Tiongson believes, however, that the concept and its practice will eventually gather steam in the country.
