FINTQNOLOGIES CORP. (FINTQ), the financial technology (fintech) arm of PLDT Group’s Voyager Innovations, Inc., increased by double digits in terms of loan disbursements through its online platform in the first quarter.
“Loan disbursements processed through Lendr, FINTQ’s digital lending platform, recorded a double-digit growth in the first quarter from the same period last year,” the fintech firm said in a statement sent to reporters on Thursday.
FINTQ said the loan disbursements made in the January to March period brought the total volume of loans booked and released through Lendr since it was launched in 2015 to over P30 billion.
Lendr has posted a compounded annual growth rate of 61% in loans booked, while its approval rate is at 40%.
“These encouraging results manifest Filipinos’ rapid digital adoption. This forms part of our metrics to leapfrog digital financial transactions to a minimum of 20% from the current one percent,” FINTQ Managing Director Angelito M. Villanueva was quoted as saying in the statement.
Aside from salary, personal, home and auto loan products, FINTQ also offers mobile crop, micro-, small- and medium-enterprise and medicine loans among others.
Meanwhile, majority of its borrowers in the first quarter were from the millennial segment.
“Majority of those who have borrowed through Lendr are single, female, employed, and are the so-called millennials or those born from 1982 to 2004. Nearly a third of our borrowers work in the government sector and the customer service industry,” Mr. Villanueva shared.
FINTQ’s managing director added that millennials prefer digital platforms for transactions due to its convenience.
Aside from this, he also noted that seven out of its 10 borrowers reside outside Metro Manila.
“Customers want a fast and easy access to money, anytime they need it, wherever they are. At the same time, we provide platforms for financial institutions, allowing them to go beyond their brick and mortar branches and tap a bigger market at a lower cost,” Mr. Villanueva added.
In March, Malaysian lender CIMB Bank Berhad has tapped FINTQ as it plans to enter the Philippine market as a digital-only bank.
Mr. Villanueva said in a previous text message that CIMB would “initially [offer] appliance loans via Lendr.”
Voyager Innovations is PLDT, Inc.’s digital innovations unit. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Karl Angelo N. Vidal
