SINGAPORE - Media OutReach - 26 July 2019 - Cashwagon , a fintech company for South-East Asia's unbanked, has officially rolled out a software feature of cash pick-up options in the Philippines to provide access to funds and other financial resources to over 60 million unbanked and underserved Filipinos. This is not only the country's first-ever cash pick-up service for the unbanked, it is also a significant step forward towards true financial inclusion.
With the cash pick-up feature now introduced, customers can now collect their cash loans from thousands of Cashwagon's partners throughout the country by simply presenting the reference number sent through SMS and the identity card used in their online application. Customers now do not need a bank account to access financial products accessible via Cashwagon's platform.
The newly introduced feature pushes the boundary on technology innovation, as Cashwagon now provides unparalleled access to financial products that will transform the customer experience, increase convenience and more importantly, bring true financial inclusion to its customers.
As a trailblazer in the industry, Cashwagon has continually strived to improve their FinTech services, by leveraging on new technology applications in self-service and online banking, machine learning, Big Data, and artificial intelligence (AI). From loan application, processing, to disbursement and repayment, every aspect of the process has been enhanced with IT solutions.
Mr Maxim Chernuschenko, Founder and CEO of Cashwagon , said "We are a pioneer in the industry and our very own innovative digital platform that builds digital bridges which outperforms traditional financial institutions, allows us to serve the many instead of the few . Our goal is to serve the unbanked market, to provide relief to Filipinos, especially to those without a bank account and are stressed from financial challenges and seeking immediate solutions, with our inclusive service features and real-time transaction benefits."
While the cash pick-up feature was developed to enhance Cashwagon platform's offerings, it also represents another milestone achieved in Cashwagon's ongoing mission to extend financial inclusivity to the underbanked. A 2017 Financial Inclusion Survey conducted by the Central Bank of the Philippines revealed the presence of a huge market unbanked and underserved in the country, where only a minority were served by traditional financial institutions - only 22.6% of Filipino adults had formal financial accounts, and only 11.5% had a bank account.
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