Cashalo, a financial services mobile app developed by Oriente Express, the partnership between Express Holdings, Inc. (a subsidiary of JG Summit Holdings, Inc.) and Hong Kong-based financial services company Oriente, was launched to the public on October 23, 2018, at the One Canvas events space in Makati.
The event was attended by Lance Y. Gokongwei, President and CEO of JG Summit Holdings, Inc.; Geoffrey Prentice, co-founder of Oriente; and Hamilton Angluben, General Manager of Cashalo. Acting Deputy Director Ellen Joyce Suficiencia of the Bangko Sentral ng Pilipinas’ Inclusive Finance Advocacy Office was the guest of honor.
“With Cashalo we are developing a new infrastructure that addresses the needs of underbanked Filipinos that don’t have access to essential financial services. Our cutting-edge proprietary technology has allowed us to build a reliable alternative to traditional credit assessment models that is purpose-built for the unbanked majority of consumers and MSMEs in the Philippines, unlocking economic potential for millions,” said Oriente co-founder Geoffrey Prentice in a statement.
Representing Express Holdings, Mr. Lance Gokongwei remarked, “At the core of Cashalo is a strong social purpose, designed to empower and transform the lives of every Filipino. The team at Cashalo is laser-focused on this goal and we are thrilled to fully support them in our common mission to build a brighter and more inclusive future for every Juan.”
According to Cashalo GM Hamilton Angluben, “Cashalo believes in purpose-based lending and has refined its suite of innovative products based on feedback from tens of thousands of consumers. We’re excited to roll out the Philippines’ first-ever digital basket finance solution Cashacart in the Philippines and allow more Filipinos to elevate their financial wellbeing.”
The Cashalo app provides consumers with access to the following:
- Multiple purpose-based financing options (Cashaloan, Cashaquick, and Cashacart)
- A service that is paperless, collateral-free, and available 24/7
- The lowest non-bank interest rates in the market (as low as 3.95% per month)
- Real-time credit scoring
- Flexible repayment schedules
- Approval in as fast as 10 minutes
In her statement, Chuchi G. Fonacier, the Bangko Sentral ng Pilipas’ Deputy Governor for the Financial Supervision Sector, lauded Cashalo’s goals which are fully in tune with the BSP’s. “Promoting responsible and customer-centric innovations has been the core theme of BSP’s financial inclusion initiatives. Innovative digital solutions can potentially transform the lives of Filipinos by making financial services more convenient, affordable, and contextualized to their needs and aspirations.”
The Cashalo App is now available for free on the Apple and Google Play mobile app stores. To learn more, visit www.cashalo.com.
