Cashalo recently rolled out its nationwide grassroots financial education initiative CashAcademy that delivers both offline courses and online modules to reach more underserved communities. The program has been purpose-built for Filipinos to learn and understand basic financial concepts enabling them to make responsible financial choices and habits, ultimately becoming “Pera Experts.”
Hamilton Angluben, general manager of Cashalo, explained that fintech platforms like Cashalo are founded on the trust consumers place in keeping their information secure and in turn providing them access to better, more reliable, transparent and honest resources and services that improve their lives.
“Cashalo uses the strictest global standards in security, systems, and processes and prides ourselves on building every customer relationship on a strong foundation of mutual trust to create shared value,” Angluben said.
Cashalo quoted the 2018 report by global consultancy KPMG which said that “worldwide investment fintech firms reached $118 billion, with those in Asia making up 20% at $22.7 billion. That number is expected to grow this year, along with the local fintech industry, making educational campaigns even more important to combat misperceptions that the market is rife with scammers who are exploiting Filipinos.”
Over the last year, over 1.5 million previously “credit-invisible” Filipinos have been able to build financial identities, access credit, and contribute to the formal economy by using the Cashalo app, a major step toward establishing trust with a new digital-first financial services infrastructure designed to serve consumers rather than simply target them.
Cashalo is a founding member of the FinTechAlliance.ph, which has led the development and formalization of a new Code of Ethics and Conduct for responsible online lending and promoting a culture of collaboration among fintech companies. The private sector is also working with new Bangko Sentral ng Pilipinas Governor Benjamin Diokno to continue the late BSP Governor Nestor Espenilla Jr’s work in establishing a supportive regulatory environment that can unlock the potential of fintech to help the economy thrive.
With a user-friendly, secure and simple digital platform, personalized, purpose-built financial solutions, Cashalo is primed on its mission to earn Filipinos’ trust and become the “suki” of responsible digital finance in the country.