Source: https://businessmirror.com.ph/2022/07/04/online-lender-sees-a-lot-of-space-in-open-banking/
EXECUTIVES at Digido Finance Corp., operator of financial mobile app “UnaCash,” are unfazed at the slow Internet connectivity in the country because of opportunities offered in “open banking.”
“Internet connectivity is a big deal; but there’s a lot of space to improve in open banking,” Digido Finance CEO Nikita Saigutin said during a recent news briefing in Makati City. “Definitely, it affects the transactions; but it’s the reality.”
“Open banking” is the system of using third-party applications for access and management of consumer banking and financial accounts.
Saigutin said the company aims to capture the informal lending sector, popularly known as “5-6” money lending. He explained the move is part of the company’s plan to expand its presence in the country and reach out to the unbanked sector.
Although a big number of the unbanked population are not smartphone users, Saigutin expressed confidence the company can penetrate this sector as the digitalization of markets go into full swing.
Right now, the financial inclusion gap remains to be a major challenge in the banking sector in the Philippines, he further said. In response, Digido Finance formed a partnership with over a hundred merchants, he added.
Huge demand
SAIGUTIN believes that Filipinos have become one of the front-runners in adopting and mastering digital financial solutions “despite previously lagging behind the peers in Southeast Asia.”
He said to address such demand, Digido would focus on diversifying the financial products and services it offers to tap new markets.
“In doing so, we will work on establishing new partnerships while strengthening old ones. It enables us to reach farther and offer more to the community,” he added. “Going further, we are looking towards the offline market and introducing them to a safer and more technologically driven financial service.”
Saigutin said that they see “a huge demand for quality financial services.”
“This becomes our driving force. It encourages us to work relentlessly on UnaCash, improving existing services and introducing new ones,” he added.
Through a robust technica base and expertise financial mobile app that provides seamless access to digital finance and installment e-shopping options. Saigutin said UnaCash can provide the underbanked Filipinos with financial services they could use for their daily activities.
Currently, Digido Finance offers through the UnaCash app cash loans and revolving credit for buying goods on a “buy now, pay later” plan from partner merchants.
“Moving forward, we have to hope things would get better,” he said.