Fintech helps transform Philippines into a cash-lite economy

Lawrence Agcaoili - The Philippine Star

MANILA, Philippines — Financial technology firm Zybi Tech Inc. is further expanding its digital services amid a shift in consumer behavior due to the COVID-19 pandemic.

Zybi Tech CEO  Raymond Ong said the company is structuring its various offerings in a way that is easy to comprehend for the users through JuanCash and Juan Exchange.

“That is why we continuously improve and create products for the benefit of every Juan. We seek to expand our suite of digital services, offering domestic and international payments to consumers and businesses across the country by leveraging our technology and industry expertise,” Ong said.

He said JuanCash has strong partnerships with banks and institutions to ensure that transactions are secured and transformative.

Ong said the number of players in the digital payment industry continues to grow with the Bangko Sentral ng Pilipinas (BSP) issuing the framework for digital banks and is now finalizing an open banking framework.

“With the rise of new technological innovation, open banking will provide ease and comfort involving every Juan’s money. JuanCash submits to the rules and regulations of higher regulating bodies such as the BSP and the Anti-Money Laundering Council,” he said.

Zybi Tech is a remittance and transfer company with electronic money issuer (EMI) and virtual currency exchange (VCE) licensed by the BSP.

To make it different from other players, Ong said JuanCash accepts payments from Wechat and Alipay users, thus creating more options for its ecosystem. It provides ease from bills payment, load top-up, remittance, and scan to pay amid the virus outbeak.

Ong said the fintech also has a reseller program, wherein sari-sari stores and individual users are able to earn through the company’s app while promoting JuanCash.

The pandemic, Ong said, has created an opportunity for the company to gain more users and merchants.

“From simple load top ups of 10 pesos to thousands of pesos from bills payment, our business is getting stronger than ever.JuanCash serves as every Juan’s shield against the COVID-19, with just one click, users will be able to pay their dues and needs in the app without the risk of physical interaction and the use of physical money,” he said.

The central bank has launched a three-year digital payments transformation roadmap wherein BSP Governor Benjamin Diokno committed to convert 50 percent of the total volume and value of retail payments into digital form and expand the number of financially included to 70 percent of Filipino adults by 2023.

The company has an ongoing promo called Juan Grabehan, where for every P20 transaction in the app, users get a chance to win Honda Click, Honda Beat, smartphones, smart TV and recharge cards.

A lucky winner would drive home a brand new Toyota Vios at the grand draw scheduled on March 1.

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