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Premier digital challenger bank Rizal Commercial Banking Corporation (RCBC) and number one finance super app GCash are joining forces to make loans more accessible and financially inclusive to Filipinos in low-income, rural, and remote areas. The two financial behemoths are collaborating to reach the highest number of Filipinos who cannot access fair lending terms due to traditional financial credit scoring methods.
RCBC will introduce Pasado Loans, a 24/7 loan product that requires zero collateral. It will also use the digital Pasado Loan Engine to measure the creditworthiness and profiles of potential applicants. In addition to the portal, Filipinos can also apply through partner merchants or digital channels found in digital marketing engagements.
GCash will enable people to apply for Pasado Loans through the GCash app, making the application more seamless and highly convenient for Filipinos who are always on the go yet face hurdles in applying for formal loans and credit in banks and other financial institutions.
Prospective loan applicants may borrow from Php 30,000 to Php 500,000. They must submit their credentials through the Pasado Loan portal or partner merchants to apply for a loan. The Pasado Decision Engine will evaluate these applications, delivering results within seconds. The applicant will receive the disbursed amount through their RCBC Diskartech account upon approval. Loan payments can also be facilitated through an auto-debit arrangement in RCBC Diskartech.
As it continues to be the undisputed leading finance app in the country, GCash champions financial inclusion by offering an unparalleled suite of services, including payments, savings, and loans. With its user-centric approach and commitment to enhancing financial well-being, GCash is helping pave the way for greater financial empowerment for every Filipino wherever they are.
“GCash is committed to transforming the financial landscape in the Philippines. By partnering with RCBC, we’re not just making loans accessible; we’re opening doors to opportunities for countless Filipinos. Together, we’re shaping a more inclusive future for all,” said Tony Isidro, CEO of Fuse Lending, the official lending arm of GCash.
RCBC executive vice president and chief innovations and inclusion officer Lito Villanueva lauded the partnership as a great example of how collaborations can empower more Filipinos. He added that Pasado Loan is set to change lives positively and open many doors to Filipinos.
“Our partnership with GCash is a great example of bayanihan in the fintech sector. By fusing our powers, we reach a larger group of Filipinos and serve them by helping them reach their goals and materialize their aspirations,” Villanueva said.
“Pasado Loans is set to transform lives. Our partnership with GCash will accelerate that positive change by opening financial options to more Filipinos.” Villanueva added.
About RCBC
RCBC emerged as the fastest-growing bank in the country, leapfrogging from eighth position in 2018 to fifth in 2023 in the list of the Philippines’ largest privately owned banks in terms of assets. Among its global and local recognitions include a five-peat award as the Philippines’ Best Bank for Digital by Euromoney (formerly Asiamoney), the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, Number 1 in the Philippine Best Customer Service 2023 survey by the Philippine Daily Inquirer and global research firm Statista, and No 1 in system uptime according to a regional banks study by Brankas.
About Fuse Lending, Inc.
Fuse Lending, Inc. is a company that offers simple, affordable, and secure loans in the Philippines. Its primary goal is to enable individuals and small businesses to achieve financial security and growth through various digital lending products. Fuse Lending is a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines. It’s also regulated by the Securities and Exchange Commission (SEC).
Mynt, through its fintech operations, is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
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