CreditCare Tech Partners with Moneygram International,
San Francisco, California, Sept. 06, 2022 (GLOBE NEWSWIRE) — Creditcare Technology, an innovative, multinational consumer finance company, today announced that it has partnered with MoneyGram International, Inc., a global leader in developing digital P2P payments to continue expanding into the emerging markets of the Philippines, Vietnam and now Nigeria with Moneygram.
CreditCare provides formal, innovative financial products, including personal loans and remittances, to the unbanked population with a fully digital experience or at CreditCare’s 35,000 brick-and-mortar locations.
A CreditCare Technology spokesperson said, “The partnership with MoneyGram is a significant milestone in our mission to provide comprehensive financial services to users in emerging markets. We believe that financial services should be easy, affordable and not just accessible to 10% of the population. The CreditCare and MoneyGram partnership offers people more access, security and ease in transferring funds and accessing lines of credit.”
Launched in January 2019, thousands of customers responded immediately for low-cost, affordable lines of credit. After two years of repeated rejection by financial regulators, founder Julia G. Ko, through hard work and perseverance, secured 50-year non-deposit banking licenses in the Philippines and Vietnam. Due to strict financial regulation and oversight, there are only six credible competitors serving 105 million people per country.
With regulatory approval, Ko has been able to integrate with an infrastructure network consisting of more than 20,000 physical locations operated by SoftBank affiliates to serve consumers. These include convenient physical locations such as 7-11 Stores, SM Mall, Robison’s Groceries and BDO Banks. CreditCare continues to expand to a further 12,000 locations with Moneygram International and now Nigeria, utilizing Moneygram’s backend infrastructure and 9 partner banks.
Founder Julia G. Ko was striving to build the fintech business from scratch with no known connections in emerging markets to improve the lives of consumers. “The digital revolution has accelerated access to finance for EMs and reduced the high cost of customer acquisition through increased underwriting efficiencies. This offers compelling investment opportunities and cross-selling of products in fast-growing economies,” said Julia G. Ko, Founder of CreditCare Technology. “We are pleased to make digital financial products accessible to a broader section of the population. Improved access to finance accelerates GDP in emerging markets by an impressive 14%. By helping to drive economic development, we improve the lives of women and on behalf of their families.”
About CreditCare Technology
Creditcare Technology expands access for more than 450 million and gives digital financial identities in key emerging markets. They are trying to solve the problem of financial exclusion by digitizing valuable analog customer data and creating a 360-degree profile of their customers. CreditCare is a non-custodian in emerging markets. They act as a direct lender and there is no intermediary and the customer experience is 100% online. However, the majority chose physical location for withdrawal and repayment.
For more information, visit www.creditcaretech.com
For media inquiries please contact Shar Tolentino, [email protected]
Facebook: @CreditCarePH, @CreditCareNG, @CreditCareVN
Company name: Creditcare Technology
Company email: [email protected]
City: San Francisco, California and Manila, Philippines
Country: United States
About Moneygram International, Inc.
MoneyGram International is a global leader in developing P2P digital payments, delivering innovative financial solutions to connect the world’s communities. With a focused money mobilization strategy, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to over 150 million people in the past five years.
Company name: Moneygram International
Corporate Email: [email protected]
City: Dallas, Texas
Country: United States
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