Sunday, July 1, 2018

Mynt Launches First Trust Score in PH, Elevates Lending Accessibility to Filipinos

GCat poses with Mynt executives at the launch of  GCredit on June 29, 2018 at Kickstart, Makati City.  From left, Kim Seng Mynt Head of Lending, Anthony Thomas, Mynt President and CEO, Jean-Francois Darre Fuse CEO, and Myles Salud GScore Product Head

Many Filipinos have no other recourse but to turn to informal or unlicensed money lenders, called "five-six", since they extend loans without collateral, or documentary requirements. To this end, Fuse offers GCredit and GScore for lending and credit scoring. 

Mynt's Head of Lending Kim Seng, explains to the media how to use GCredit.

How does it work? Download the GCash App in your mobile phones. Activate GCredit, which is a credit line attached to one's GCash account, with funds they can use to buy groceries, medicine, or even school supplies in partner merchants via GCash scan to pay.

Mynt, the fintech startup owned by Globe Telecom, Ant Financial, and Ayala Corporation, takes the next big step in financial inclusion by making hassle-free loans available to every Filipino through its lending arm, Fuse, which primarily caters to the under-served, and unbanked population in the country.

Anthony Thomas, president and chief executive officer of Mynt.

"We are committed to enable the aspirations of the financially-underserved.  With Fuse, we aim to create, and sustain opportunities for growth and stability for individuals, and businesses alike through responsible, and fintech-enabled lending," said Anthony Thomas, president and chief executive officer of Mynt.

GScore, a credit scoring platform, addresses the difficulty of most Filipinos to access credit approvals due to absence of formal documents that prove financial capacity. GScore provides a "trust score" that people can earn without too much barrier by engaging in regular GCash transactions, such as buying load, paying bills, purchasing goods, and services among other things. The higher the GScore, the more GCredit comes in.

Fuse CEO Jean-Francois Darre believes that with data-driven lending, they can create a sustainable and scalable credit product in the country.

This is GCash's move towards Finance For All Campaign. For more information, visit: