Cashalo eyeing to expand client base

MANILA, Philippines — Cashalo, the fintech joint venture of Gokongwei-owned JG Summit Holdings Inc. and Hong Kong-based Oriente, is targeting to help more Filipinos after already breaching the one million client mark.

Cashalo has already helped over 1.3 million Filipinos build a financial identity, the company said.

It continues to see rapid growth, with the Cashalo app in the phones of more than three million users and counting, said Hamilton Angluben, Cashalo general manager.

Cashalo was launched in May 2018, it was designed around the principles of inclusion, responsibility, and transparency. The fintech firm is committed to improve the lives of Filipinos by empowering them with the tools and knowledge to nurture their financial well-being. 

“We are building a new equitable financial services infrastructure that unlocks economic opportunity for millions of unbanked and underserved Filipino consumers and businesses,” Angluben said.

Cashalo is a mobile application that enables access to credit. 

It is a wholly owned subsidiary of Oriente, whose founders are behind internet giants Skype and LU.com. JG Summit Holdings is a strategic partner of Oriente.

The company uses artificial intelligence, machine learning, and anti-fraud algorithms to analyze a mix of traditional and non-traditional data to score those who were previously “credit-invisible.” 

This data-driven approach to credit scoring creates a level playing field for every Filipino, who have been undervalued and ignored by traditional financial institutions, regardless of their historical or current economic situation.  

The Cashalo app provides products for underserved and unbanked Filipinos and MSMEs. Through the app, consumers can apply for digital credit and cash loans and receive a decision within minutes through a fast and convenient process.  

“At Cashalo, we believe in creating value for our consumers and merchant partners. While other companies focus on financing products, we use technology to finance people and help them build a strong credit profile,” Angluben said.