I FIRST encountered the term “fintech” while editing a copy for a company I do consultancy for. Apparently, fintech, short for financial technology, is a very hot sector right now.
For instance, there are online-only banks that offer higher interest rates and lower handling fees. Other fintech companies are into asset management.
Fintech is a very broad category that cuts across several segments, including lending, financial advice, investment management and even bills payment. Of course, fintech companies use mobile data and other technologies to make their services available to a greater number of people.
Start-ups and traditional financial companies, like banks, are some of those who are into fintech. In the case of start-ups, they usually offer targeted solutions such as money transfers or credit rating, depending on the market where they’re in.
TrueMoney, a new fintech player in the Philippines, has rates that go as low as only 2 percent of the transaction amount, without any additional charges to the recipient.
For remittances of P1,000, the total cost of sending is only P20. The recipient also gets the entire amount without any additional charges.
On the consumer side, there are no fears or apprehensions because fintech companies, like TrueMoney, are regulated by the Bangko Sentral ng Pilipinas (BSP). Fintech services “underbanked” or “unbanked” Filipinos, which is still around 70 percent of working adults today according to data from the BSP.
“Our mission is to provide affordable and innovative financial services to those who are underbanked and underserved today,” TrueMoney Philippines CEO Xavier Marzan said. “That means going beyond a purely digital UI [user interface] and being present in the physical world where these segments are transacting today.”
For example, if you are working in Metro Manila and you need to send money to your sister who lives in Baguio City and she doesn’t have a bank account, fintech would be the way to go.
Fintech has also made it easier for entrepreneurs to start their own businesses.
The good thing about TrueMoney is that, unlike many fintech companies in the world, it has many face-to-face transactions. So for those who are uncomfortable with doing everything online, you may go to a TrueMoney center.
TrueMoney centers in the Philippines provide convenient payments and financial services to provinces and far-flung areas, including Albay, Bataan, Benguet, Bohol, Bukidnon, Cagayan de Oro, Camarines Sur, Cavite, Cebu, Davao, Ilocos, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan, Quezon, Rizal, Tarlac, Zambales and many more.
In less than a year, TrueMoney has grown from a small company into an organization with hundreds of employees across the country and a distribution network comprised of 5,000 TrueMoney centers. These centers perform remittance transactions, bills payment, gaming credits and even payments for e-commerce purchases.
If you are a TrueMoney agent, you will receive a POS and Agent Card that you can use for transactions. The POS gives you a receipt for every transaction.
To know more about TrueMoney and how to become a TrueMoney partner agent, visit www.truemoney.com.ph or call 718-9999.
You may also text them at 0977-8063775 (Globe) or 0998-565999 (Smart).