Rolled out in January 2019, customers immediately responded to obtain low-cost, affordable lines of credit. After two years of repeated rejections by financial regulators, the company secured non-depository bank licenses valid for 50 years in the Philippines and Vietnam. There are just six compelling competitors to service 105 million people per country market due to strong financial regulation and oversight.
In a statement CreditCare’s officials stated that they believe financial services should be easy, low-cost, and accessible to not just 10% of the population. The partnership provides greater access, security, and simplicity for people to remit funds and get access to lines of credit.
With regulatory approval, the company was able to integrate with a network of infrastructure consisting of 20,000+ physical locations, operated by SoftBank subsidiaries, to service consumers. This includes convenient physical locations like 7-11 stores, SM Mall, Robison’s Groceries, and BDO Banks. CreditCare is further expanding to an additional 12,000 locations with Moneygram International, and now, into Nigeria utilising Moneygram’s backend infrastructure and 9 partner banks.
The digital revolution has accelerated financial access for EMs and decreased the high cost of customer acquisitions with increased efficiency in underwriting. This presents compelling investment opportunities and cross-selling of products within fast-growing economies, as per CreditCare’s representatives. Increased financial access accelerates GDP up to 14% in EMs. By helping drive economic development, we improve the lives of women and by proxy, their families.
The news comes of the heels of a recent MoneyGram partnership with Mobily Pay to enable people in Saudi Arabia to send money in near real time.
This launch marks the integration of MoneyGram's white label offering that enables financial technology companies to access its global money transfer network. Through this partnership, Mobily Pay will increase its existing digital offerings by adding new services and scale, while MoneyGram will expand the number of payments it processes through its API-driven infrastructure and technology.
MoneyGram’s officials stated that the digitisation of their global network is a core component of their growth strategy. As mobile wallet adoption growth accelerates, digital partnerships with companies like Mobily Pay create value for consumers and strengthen their position in this market.
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