CEBU CITY—A new financial-technology player in the Philippines has partnered with a Cebu-based cooperative as part of its efforts to provide financial services to Filipinos that do not have bank accounts.
TrueMoney, a financial-technology brand backed by Thailand’s CP Group and China’s Alipay, officially sealed a partnership deal with the Cebu People’s Multi-Purpose Cooperative (CPMPC), a community-based savings and credit cooperative with over 55,000 members.
The partnership is part of TrueMoney’s goal of putting one financial center in each of the country’s more than 42,000 barangays and serve those who need a remittance network, but have no bank accounts.
“Our goal is to provide everyone access to financial services, such as remittance, payment services and mobile-phone loads, among others, that will lead to better lives, especially to those who do not have bank accounts,” TrueMoney Corporate Sales Manager Albert Antig said.
Since its launch less than a year ago, TrueMoney has already served 1 million Filipinos through its 45,000- strong agent network in the country, Antig added. In Cebu TrueMoney has 300 agents.
TrueMoney’s partnership with CPMPC will transform the cooperatives’ entrepreneurs to owners of TrueMoney Financial Centers to allow remittance, bills payment and telephone company and gaming-load top-up.
“This partnership will help generate more business for TrueMoney. It will also help CPMPC remain true to its vision of bringing sustainable growth and development to the community,” said Xavier Marzan, TrueMoney Philippines CEO.
Through the TrueMoney-CPMC partnership, TrueMoney Centers will accept payments for CPMPC. CPMPC will also pay out loans to its members through TrueMoney’s online disbursement facility.
“This makes it easier for CPMPC members, as they can now conveniently withdraw at ATMs via TrueMoney ATM cards and pay their dues without having to physically visit CPMPC offices,” Marzan added.