GCash, through its lending arm Fuse Lending, Inc., teamed up with e-commerce platform Lazada Philippines to help support Filipino entrepreneurs by offering cash loans to eligible platform sellers.
The partnership allows Fuse to reach micro, small and medium enterprises beyond the GCash platform while enabling Lazada to offer loans to its sellers.
“As we continue to grow our presence in the micro, small, and medium enterprise [MSME] sector, which is the backbone of the Philippine economy, we are glad to be Lazada Philippines’ entrusted partner in providing their extensive network of small business owners with cash loans that are easier, safer, and more convenient,” said Anthony Isidro, president and chief executive of Fuse Lending.
GCash and Lazada Philippines piloted the program with selected sellers earlier this year and are now looking to extend their user base over the coming months on the eCommerce platform.
The partnership is also in line with the digital roadmap of the Bangko Sentral ng Pilipinas to strengthen the landscape of digital payments and digital financial inclusion by making 50 percent of retail transaction volumes in the country digital.
The collaboration is a testament to the efforts of both fintech and e-commerce giants to provide effective access to a wide range of digital financial services for all, especially the underserved sectors.
“We’re excited to provide Lazada seller loans together with Fuse Lending, and we believe this offering will give Filipino entrepreneurs more opportunities to thrive in the digital retail space. This partnership represents an important step in our shared mission: contributing towards Sustainable Development Goal 17, expanding financial access to Filipino MSMEs, and accelerating progress in the Philippines,” said Benjamin Ng, head of seller financing at Lazada.