• To launch a new consumer-lending app, Cashalo, to provide on-demand lending and other personalized financial services to millions of underserved consumers
  • Cashalo will create over 1,000 jobs in Manila by end-2018
  • The partnership will leverage JG Summit’s vast resources, network, and data sets to accelerate financial inclusion in the Philippines

Oriente, the leading global financial services and technology company committed to unlocking financial inclusion for underserved communities, and JG Summit Holdings, Inc., one of the Philippines’ largest and most diversified conglomerates, today announced an initial investment of USD 200 million (PHP 10 Billion) over 3 years to build and expand the reach of a bespoke suite of mobile-first, lending products, and other smart financial services under Cashalo, to millions of underserved and underbanked people in the Philippines.

Last August, Oriente (whose founders are behind internet giants Skype and LU.com) and Express Holdings, Inc., a subsidiary of JG Summit Holdings, Inc., stated that they were joining forces to create a joint-venture company that would focus on building a new infrastructure designed to accelerate financial inclusion in the Philippines. Cashalo is the first product offering to result from this forward-thinking partnership and is on track to create over 1,000 jobs by end-2018.

Cashalo draws on Oriente’s proprietary cutting-edge technology, data science capabilities and its highly successful teams with a wealth of experience building and scaling businesses in emerging markets, as well as JG Summit’s local knowledge, extensive resources and vast datasets on consumer behavior, to offer affordable and secure access to credit and other financial services tailored specifically for Filipinos.

“This investment is a testament to the tireless efforts of everyone involved in this partnership and our long-term commitment to building a more financially equitable future for Filipinos,” said Lance Gokongwei, JGSHI President & CEO. “Cashalo is set to transform the lives of millions of underserved people in the Philippines through financial awareness and independence.”

“JG Summit is a phenomenal partner, and with their considerable resources we are in a strong position to connect millions of hardworking Filipinos to the type of financial infrastructure they deserve and will help advance their lives,” said Geoffrey Prentice, co-founder, Oriente. “We share a common goal to unlock financial freedom, trust, and opportunity for undervalued communities and Cashalo is set to be the agent of change in the Philippines.”

“Through the Cashalo app, we will collate and analyze hundreds of alternative data points on consumer behavior to develop robust credit and risk assessments, effectively filling the gap left by traditional credit scoring methods and lenders,” said Hamilton Angluben, Cashalo’s General Manager. “We are excited to   take the lead in enabling more Filipinos to take control of their financial lives.”

Cashalo is set to be the leading mobile-first lender in the Philippines, enabling millions of customers with no credit history to uplift their livelihood and participate in the global economy. It is an end-to-end digital solution that provides on-demand access to fast, easy, and affordable loans securely via a smartphone. Initially, Cashalo will be available to employees and customers of JG Summit group companies, before being marketed to all Filipinos in the coming weeks.

The full press release can be downloaded here