FINTQ Technologies Corp., the financial technology unit of Voyager Innovations Inc., is pushing for ‘sacheted’ banking services to serve the unbanked Filipinos.
“We have a bold goal of including 30 million Filipinos in the formal financial system by 2020. This may be a long shot for an economy that is still cash-heavy, but we know from the very start that unbanked families could be served better when banks tap the most ubiquitous device—the mobile phone – and the most pervasive touchpoint in the country—sari-sari stores,” Orlando Vea, president of FINTQ and president and chief executive of Voyager Innovations, the digital innovations arm of PLDT Inc. and Smart, said.
The second Inclusive Digital Finance Report Vol. 2 titled Retail Financial Services in a Sachet Economy found that about 70 percent of Filipino families had no savings account, effectively tagging them ‘unbanked’ under the survey’s definition.
However, this segment earns ample income and owns assets that can help banks and non-banks to design finan
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