FinTQ, the financial technology arm of PLDT and Smart?s Voyager Innovations, is working with ride-sharing firm Grab Philippines for a collaboration which will help give its driver-partners new opportunities for increased income and an alternative channel for business financing.
Announced during the recently held 2017 Grab Misiskolars Manila convention and drivers’ appreciation day, the collaboration will open doors for 30,000 Grab driver-partners?to gain additional income on top of their driving operations through FinTQ?s ?Kasama Ka? income and community builder program.
Moreover, drivers can also explore business and financing options through Lendr, its digital lending platform. 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,? Lito Villanueva, managing director at FinTQ, said. ?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.?
?At Grab, part of our mission includes economic empowerment through technology, so offering our driver-partners a way to augment their income through this program is a welcome initiative,” said Grab Philippines country manager Brian Cu.
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 unique Kasama Ka Builder ID code to family, friends, and even loyal customers so they can earn a referral fee each time these individuals apply for digital financial products offered by FinTQ. These products include digital loans from Lendr, digital insurance from SureLite, and soon digital micro-investments from iNVSTR.
But more than just being a referral program, the movement aims to help uplift the lives of common Filipinos and sway them away from predatory loan options?known as ?5-6? in local parlance ? by giving them avenues to earn as well as apply for low-interest loans from the formal banking sector with the help of technology.
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.