Lending institution Asialink Finance Corp. (AFC) is now the pioneer partner of the DiskarTech financial app for the Philippines’ first loans marketplace offered by a local universal bank.
Rizal Commercial Banking Corp. (RCBC) has signed a memorandum of agreement with AFC, one of the country’s premier lenders, to forge the loan service partnership.
“Asialink Finance Corp. is here to provide its expertise on financing solutions for the mobile Filipino entrepreneurs and individuals who need assistance in achieving their dreams during these uncertain times through RCBC’s DiskarTech app,” said Robert Jordan, CEO, AFC.
He added DiskarTech’s financial inclusion thrust is compatible with their company’s vision of making loans accessible even to low-income, unbanked, and underserved Filipinos. For DiskarTech, the partnership offers another opportunity for Filipinos to cope with the pandemic.
“We welcome Asialink joining forces with DiskarTech in providing valuable loan services in our super app. With the uncertainty of the pandemic weighing on Filipinos, RCBC is a reliable partner in providing users tools they can depend on in these trying times,” said Eugene Acevedo, president and CEO, RCBC.
Difficult times usually push low-income families to borrow from loan sharks and informal lenders with high-interest rates. The DiskarTech loans marketplace provides an opportunity for its users to take loans online and with the security provided by established financial institutions. Through a more convenient loan system, DiskarTech hopes to encourage the underbanked and the underserved to participate in the formal financial system.
Some of the loans offered by DiskarTech loan market are doctor’s loan, car loan, truck loan, motorcycle loan, secondhand car loan, secondhand truck loan, PUV/taxi loan, multicab loan, multicab refinancing, tricycle loan, housing loan, OFW loan, and seafarer’s loan.
Established in 1997, AFC has been providing Filipinos with convenient lending options for more than 20 years. Coupled with RCBC’s widest reach — the only local universal bank to register customers across all 81 provinces in the Philippines via the DiskarTech ap — the partnership promises to aid more Filipinos through digital, contactless loan services.
With RCBC’s engagement with Credit Information Corp., borrowers will be able to create a credit profile which will enable the lending institution to provide them a much higher loanable amount at a much lower interest rate.
“Individual and micro, small, and medium enterprises (MSMEs) taking loans from DiskarTech don’t only benefit from the transaction because of the loaned amount. The transaction also helps them improve their credit ratings. This, in turn, helps them become credible borrowers which will entitle them to more loan opportunities in the future. So, it’s not a one-time thing. We really want them to get used to this and enable them to borrow responsibly,” said Lito Villanueva, EVP and chief innovation and inclusion officer, RCBC.