Two fintech giants are joining forces to reshape the Philippines’ financial landscape. Digido, a leading online lending platform, has announced a major partnership with PalawanPay, the Palawan Group of Companies’ (PGC) e-wallet sensation that has exploded to delighting 15 million users in just after two years.
The newly signed Memorandum of Agreement promises to bring unprecedented access to credit to PalawanPay’s vast and rapidly growing user base.
The agreement will see the integration of the digital lending platform’s services inside the digital wallet of the Palawan Group of Companies, enabling its customers to take a Digido loan at their own convenience.
According to the company’s press release, this strategic alliance will allow PalawanPay’s over 20 million users to seamlessly apply for and manage Digido loans directly within the familiar PalawanPay interface. Beyond simply accessing the loans, users will also be able to utilize their approved Digido funds for a wide range of digital transactions.
This includes online purchases, bill payments, and transactions at QR Ph-accepting merchants, effectively turning the loan into readily available spending power within the PalawanPay ecosystem. Furthermore, loan repayment will be conveniently handled through the user’s PalawanPay account, streamlining the entire lending process.
Benefits of integrating Digido’s services into PalawanPay
The partnership extends beyond the digital realm.
Digido’s services will be promoted through customized advertisements across PGC’s extensive network of Palawan Pawnshop branches, leveraging the company’s strong physical presence and established customer relationships. This omnichannel approach aims to reach a broader audience and further accelerate the adoption of digital lending services.
For first-time borrowers, the company shall offer fair loans of up to PHP 6,000, providing an accessible entry point into the world of digital credit. Repeat clients can access larger loan amounts, with standard Personal Loans reaching up to PHP 25,000. This tiered approach allows Digido to cater to a diverse range of financial needs.
Aleksei Kosenko, president of Digido Finance Corp., expressed his enthusiasm about the partnership. “This landmark partnership reflects the synergy of both companies’ products and our aligned goal in promoting financial inclusion through access to safe and trusted digital financial services,” Kosenko stated.
“We are incredibly excited to embark on this endeavor with PalawanPay and are looking forward to serving more Filipinos with our credit services,” he added.
Third Librea, president and CEO of PalawanPay, echoed this sentiment, saying, “Anchored in PGC’s thrust to foster financial inclusion among Filipinos, we at PalawanPay are very keen to kick off this partnership with Digido. I can’t wait to see more of our kababayans enjoy reliable digital financial services.”
Democratizing access to credit in PH
The integration of Digido’s services into PalawanPay represents a significant step towards democratizing access to credit in the Philippines.
By leveraging PalawanPay’s extensive reach and established user base, Digido can extend its services to millions of Filipinos who may have previously been underserved by traditional financial institutions. The convenience of applying for and managing loans within a familiar digital wallet environment is expected to significantly increase adoption rates.
Digido Finance Corp., the entity behind the Digido platform, is registered with the Securities and Exchange Commission (SEC Registration No. 202003056) and holds a Certificate of Authority No. 1272.
The company’s commitment to responsible lending practices and innovative financial solutions has garnered recognition from numerous prestigious organizations, including the Global Retail Banking Innovation Awards, International Finance Awards, World Business Outlook Awards, International Business Magazine Awards, Pan Finance Awards, The Global Economics Awards, the Global Banking & Finance Review, and the Global Financial Market Review. These accolades underscore Digido’s position as a trusted and reliable player in the rapidly evolving fintech landscape.
The partnership between Digido and PalawanPay signifies a powerful convergence of resources and expertise. By combining Digido’s cutting-edge lending technology with PalawanPay’s extensive network and deep understanding of the Filipino market, both companies are poised to make a substantial contribution to financial inclusion in the country.
This collaboration promises to empower millions of Filipinos with greater access to the financial tools they need to achieve their goals.