Transcription
Approving 30 less than 30 seconds.
[Music]
>> Hi, Coco. How are you?
>> Nice to meet you. Glad to glad to be here with you in our office. No, we're glad to be here in your office.
>> So, thanks for having us.
>> Thanks for being here.
>> How did this get started? Can you give us like a background how how this all
>> No, one one hand in particular, right? So, okay. So, not a lot of people know it, right? But one hand is actually a well part of a one of the biggest fintech uh companies in Asia, right? So, uh Darper company is called Finolution, right? Finolution. Finolution started uh the peer-to-peer lending platform in all of Asia in in fact I think in the world uh in 2007.
>> and then eventually uh evolved into a fintech lending platform. So it's based in Shanghai then expanded to Indonesia and the Philippines.
>> So 2007 started founded 2019 started in the Philippines. That's why we're celebrating our sixth year anniversary.
>> Wow. Congratulations. Oh nice. in silo. Okay. Which is I think I'll be the creepy old guy in silo. Um but then I think cuz the average age in the office is actually 26 years old.
>> So they want a party. So yeah, Jenz.
>> So that's a six year anniversary. So that's how it started. Launched 2019. Of course, one hand of course the name means like you know helping hand for everyone, right? Um, yeah and and fintech I think um is really a noble um industry wherein we help uh give credit history to the invisible to the unbanked to the underserved yet credit worthy so I think over like I think you were mentioning earlier on in the conversation that
>> uh 44% uh are banked uh in our figures in practical terms maybe less than 30% are banked so over 70% of Philippines Inos are unbanked. Unbanked means you don't have credit history. Yes. Okay.
>> Right. So that you can't go to the bank, right? Bank account. And so when they need some financial assistance whether for
>> they cannot
>> they can't they can't get it right. So where do they go? They resort to 56 or lone sharks or predatory lenders. Right.
>> And so so I think that's the difference that we're trying to make in the industry, right? To give um access in a noble, dignified uh professional way.
>> Um, so that to eradicate the lone sharks and uh and to make it more convenient for everyone without any credit footprint to have financial access. So that's how it all went. Sorry for that.
>> So that's the
>> No, no, no. Good. Take us as much as you need. So that was the I'm guessing that was the vision,
>> correct?
>> To serve the underban.
>> Yeah. uh to serve the underserved/underbanked yet creditworthy. You have to qualify. Yeah. So, how do you balance that? We have a low financial literacy here in the Philippines and we are, you know, somehow promoting people to lend. Well, basically for business or for everything, but a big chunk of the Filipino they lend because of emergencies. So, how do you balance those? Cuz we are promoting having an emergency fund, increasing your income and yet we are also offering lending or borrowing specifically is a force for good. Yes,
>> actually.
>> All the most successful companies in the world
>> borrow money to make themselves more successful.
>> Name me a successful company and I'll name you a company that actually has a lot of loans and that's a beauty about lending. Okay, it's good,
>> but you have to borrow responsibly. So, that's where financial literacy comes in to your point, right? So, Will it generate you more money? So when we started out about six years ago, we were lending to mainly to the ones who need financial assistance. Let's say August 1 by August 10 or 11 days. So they have to make, right? Um, but that's for more for emergency assistance.
>> So more and more I think close to 20% now of our borrowers use our money to make themselves more money. in in particular e-commerce uh sellers really right so to add to their capital and they make more money so so that's where financial literacy comes in that leads to you know financial inclusion what leads to financial empowerment that ultimately leads to national development right so that's the whole uh uh journey that we want all our borrowers to to go through so from financial literacy to financial empowerment Beautiful.
>> So that's I think so
>> that's a really good
>> Okay. Um, let's step back a little bit. What did you see in the market?
>> What's where did this all come from?
>> So personally is that okay. So personally okay. So so in ter Okay, I'm an FMCG guy, right? So I uh you know started out in Lever and you know last job was you might find it a lot of people find it cool and they say oh my last company was actually Nike, right? And uh yeah.
>> No way.
>> Michael Jordan. Yeah. met Nadal, met the whole uh FC Barcelona team cuz I was managing the whole of Southeast Asia. I think I may be the only one or the rare few people in the world who had the whole FCB team, FC Barcelona team sign in one jersey
>> because so there it may be good for my college outside the Philippines football is a big thing actually. We're closing off this conversation.
>> Basketball Philippines, a bit of Taiwan, but outside the Philippines, there's a beautiful sport called football. Correct. Anyway, so during the Pand and then went back home um started had my own startups like you know ride healing and all these things.
>> Uh, and then during the pandemic um uh went into fintech by myself with together with partner from Hong Kong. Uh, and then small world so someone the the founder of Involution asked me to uh to join
>> uh and said yeah of course it's it's really hard to grow a fintech lending company without a lot of capital so better right so joined him but personally really I'm vested talaga into serving the underserved right unilver okay it's good I love unilver okay but you sell soap here we sell really aspirations we sell really access to livelihood and fulfillment of dreams which I think is fantastic because personally right I'm from Davao right
>> and my lola came from Kiddapawan
>> um so decades ago we barely ate anything like nothing right maybe can of sardines because at one point um my lola and lola
>> uh had to borrow money for additional fertilizers no for farming kapawan
>> okay
>> no bank would want to lend them because they have no documentation. They have no ITR. They have no proof of employment.
>> They can't collateralize their land because which is titled to my complicated.
>> So no and we we couldn't they they couldn't plant the rice and the corn that was needed. So harvest. So
>> so basically all the financial institutions at that time turned them down and I we literally as a family went hungry. So I think at that time I said to myself, dude, if there's some way I can change this, if there's some way to help those who really need it. But there's this famous saying that the banks only lend to the ones with money. No, I don't want to diss the banks, but you know, it makes sense for them, right? Um, but what about the ones with no money, with no documentation?
>> To give them the chance because there's a lot of them that can pay, huh?
>> They just don't have documentation just like my Lola Lola Lola Lola. So, um, so that's how I view it, right? It's it's it's making sure
>> other laws and laws out there would not experience the same thing we did.
>> I could actually relate to that cuz I have a I had a I have a client right now who's a multi-millionaire, but they went from as in it just so happened. Wow. And from that business now he's a multi-millionaire just because someone gave them the chance to lend to him discussion number it's it's time to pay it forward instances but yes so a lot of that happens right so I think that's that I think that's a beauty and why and I think I hope I get to commun communicate to the rest of the team in one hand, right? That it it's a beautiful industry that you're in. You're doing a noble job. Um, it's it's actually good karma and good juju for everyone because you're really helping. As long as we don't do what some illegal lenders out there are doing, you mentioned that a while back. collection harassment whether data privacy mean my stalker palig the harassment the fear the stress when you're taking up a loan you have a mind I'm assuming that you they have a mindset that and that added stress of harassment it's not good for the day-to-day decision making especially when you're just trying to get by so Yeah, I appreciate this kind of institutions for sure. Okay, no, how do you uh how do you support borrowers especially when they having challenges paying you?
>> Yeah. So, yeah. So, so our AI and we can probably talk about that a bit later. So, our AI assesses who the creditworthy are. But, yeah, there are instances and even the creditworthy. So, we do have our I think we're the only ones right now with a with a 70 a week live customer service agents who can answer calls and then because we do have so our customer service are trying to turn them into financial consultants and then we we have a a form called PTP a promise to pay and then so we we try to meet halfway and and see and understand where they coming from to be very direct. That's are surprisingly people think with just one valid ID and that's a lot of risk.
>> Oh, it's a lot of risk to take on.
>> It's okay. The risk is manageable simply because of course we have a a great AI I think which is second to none that can assess who really can pay. But the other thing is that really the Filipinos really want to pay,
>> right?
>> And then so because at the end of the day,
>> it's a dignity thing. It's a thing. It's a dignity thing.
>> It's a status thing in a way that I can pay. In fact, I'm a private wealth manager by by profession. The ultra high net worth
>> have huge credit lines
>> because they want to borrow.
>> So it's not it's not a it's not a rich or poor thing. It's a rich Yeah. It's it's a do you know how to handle your money?
>> That's right. It's it's a connotation.
>> Yeah, there you go.
>> The person who owned
>> Oh, correct. Correct.
>> Yeah, that that's that's you hit a good point. There's an negative perception on Utang. Yes. That's what we have to try to change. Utang again like I said, lending is a force for good. Borrowing is a force for good. It is good, but just use it wisely. Just borrow responsibly. use the money.
>> Um, interesting thing, right? So, our AI would usually not approve a borrower who's male, 25 to 45 years old. I mean, who who borrows money on a Thursday night, especially if it's the Thursday night before 15th or 13th doesn't allow
>> usually rejects. You know, I I tried to do this last night. Thursday night profile Friday night audience Friday night usually gamut for gambling drinking party why would you borrow for those kind of
>> some people do my certain you clearly don't have vices
>> yeah no I mean I get it like I have spears How did the treatment I mean I had an experience wherein she uh she borrowed just for Christmas gift and I'm like
>> yeah there you goal just to feed your ego just to feel good because well, it's a status thing also status thing it's very um u in my experience like one an HR previous company HR manager of mine was borrowing money from me Oh my gosh. That's why it's the whole point again lending is good but it has to be used well. Correct. Right. So that's why we have to educate. Yes. There are times when you have to I think that's one thing that Filipinos are forgetting you concept of delayed gratification which a lot of wealthy people have been embodying since
>> and this one talaga hit up talaga especially right now with everything is instant everything you can earn right away just a click on your phone you can play you can gamble you can win so delayed gratification concept right yes Right. But it's I cannot fathom to try to make them aware that to go beyond this kind of thinking or maybe cultural beliefs whatever to to go beyond that and be more responsible.
>> Is it a colonial mentality?
>> No. Trying to keep
>> I think it's a universal
>> pointing to no it's not a racist question. Or you should say I'm offended by that. I think that's racist. [Applause] That's what happened. Brown passport. Okay. Brown passport. No, but but I think it's a universal thing. Yeah,
>> you go anywhere. I think debt will always be a problem and the poor will always have a problem
>> and someone will try to keep
>> managing money, you know, vices are always going to be a problem. Uh, and you're always going to have, you know, gambling addicts and
>> addicts of other natures and sorts of, alcoholics and whatnot. Those those things have to be uh addressed for sure. Talk to me about that AI. Like I I'm really interested like what is how is that?
>> How is it so smart? Yeah. How is that AI?
>> Yeah. How is that intelligence of yours so intelligent?
>> So, so I think that's the beauty about fintech and how it's disrupting, you know, the traditional way of doing financial services.
>> Do you know would you have an idea how they used to screen before AI came along? The traditional way the typical if you I don't know whether you you know loan before from a back with a car or house. Yeah. R and address billing billing.
>> So that's a traditional data, right? The traditional way. And then you do it. You personally go to the
>> bank, you submit all this uh this documentation, they process. So that's really the traditional way of uh of of borrowing. No. So what fintech did is basically just put a technology underneath it to just make it much more convenient and uh much faster. No. So what happens is um so for us in particular cuz we're really reliant heavily on AI because we don't ask for any documentation.
>> The only thing we need is a valid ID,
>> right?
>> The rest you fill up by yourself. So hopefully after this you can just download one and
>> I did it. I did it. I actually did it. I haven't I haven't I haven't gone through it yet. So, thank you. By the end of this direct, can I quote Can you save this clip? I will make this make this claim make this. But if you go through it right and you input so
>> you input get you got ask basic KYC know your customer name personal details your proof of income the way we do it is we validate that
>> using alternative data or or AI so uh uh uh I'm Rafy I live uh let's say in Acropolis right
>> okay
>> ah so we'll know because your phone is in Acropolis from 7:00 p.m. to 7:00 a.m. every night for seven nights. Okay. Oh, I work for PGMN. Ah, okay. When we look at the Facebook profile, oh, he there there's a birthday event in PGMN or the there there was a lot of pictures there. Oh, and then your profile of friends and your your type of Spotify account is premium or your post paid. Get that data. Verify if you're actually telling uh the truth like, oh, my income is 1 million a month. Okay. So when we look at this at his set of friends uh his work his role there oh he has actually a side business when we uh you know surfed um you know did our uh social media scanning
>> and then oh okay, this is your persona and you're telling the truth right with 90% uh degree of confidence
>> correct
>> and so because of that we give you a credit score that credit score we and we do it in
>> maybe as a new borrower less than five minutes
>> no
>> from downloading to dispersing money.
>> That's how fast your AI is.
>> What canon when you say data is gold or data is the new currency. That's what it means.
>> I get whatever I can get from you, right?
>> And I try to get insights about that and who you are.
>> Sometimes we may know you better than you know yourself because how we surf the net, what kind of app you have, how you use your phone, what kind of subscription Yeah. So that's that's really powerful. I mean it can be scary, right? It can be daunting like your reaction.
>> Okay.
>> No, but um again it has to be there's
>> Yeah. You know what about those people who who are not online but they have an app, would you still know?
>> No, because we have permissions. We we have rules, right? We have the NPC. We have to follow the National Privacy Commission that we only use get data from you, ask you for data that we will use directly related to your loan.
>> And then after your loan is done, you're fully paid, we dispose of that.
>> Oh, okay. So that's so you don't you don't keep
>> we can't we we we can't. So we actually also ask for consent, right? Right. uh so when you uh you'll experience that later on to to get permission to get the data that's only relevant to this loan and then
>> the privacy.
>> So so that's a beauty of it. there are guide rails and
>> and that's that's why for part of responsible uh borrowing is that you only go to companies that you know has agreements as of course SEC registered of course follows NPC regulations and who has a lot to lose like we are
>> New York Stock Exchange uh listed company right our
>> fib in fact
>> going through the roof
>> NASDAQ also
>> not NASDAQ we're in NYSE we're in the main one. We're we're in the we're in the stock exchange of all stock exchanges, right? The daddy of all
>> stock exchanges. So, we're there. So, we have more to lose if we do anything silly or under the table. We we're guided by higher standards. In fact, we're guided by FCPA, Foreign Corrupt Practices Act, that if we commit any corrupt or illegal practices in any country that we are in, it's the mother company that pays for it and we lose our listing. And we're a $27 billion loan portfolio company. So we're bigger than all of our
>> telecommunications companies here combined. We're actually bigger than all of our competitors combined. Plenty. Right. So So you have to that's why I think that's that's one thing one key thing about responsible borrowing is that you have to know who you're borrowing from.
>> Correct. Correct.
>> Yeah. Could you say that you have like good borrowers in your lending app?
>> Oh, absolutely. Yeah. Um
>> do you have like numbers or
>> we our default rates are the best uh the lowest default rate in the industry like usually annualized right? So sorry not don't want to bore you but default rates in our industry can be from anywhere from 18 to 25% peranom or actually about 11 to
>> 13%. Right. Oh wow.
>> So for a bank that's pretty high because usually default rates for banks or credit cards is less than 2%. Right. Right.
>> Uh, but for the nature of our business that's it's very low. Um, and and that's because of uh good borrowers and how we actually select who are the underserved but yeah creditworthy operative word you should be credited so they're able to qualify the qualifier um and that's what enables us to actually grow our business and help more uh Filipinos to be financially included
>> and then eventually financial empowerment
>> couldn't help myself know when we found out we were coming here I was like okay let's do some you know let's do some research I'm very ignorant about about this about this whole industry of online.
>> But to my chagrin and my my my pleasant surprise, I saw one hand, it's the number one.
>> Yeah.
>> Or at least in the top three
>> everywhere I go.
>> So how we get there? Like can you talk to me about maybe to
>> the top of mind when whenever they need money, you're the top of mind. So how did you come up?
>> Yeah, actually. So I was in an event, right? So Rotary Rotary Club and then there there's events directors and managers there. I co-hosted anyway and then oh where from three years ago one one and kapang paw one and okay anyway sorry for that joke I love kapangas the food is great uh so anyway so but yeah, so it's very well known now uh it's now the trusted number one uh in terms of dispersion it's
>> the only thing I see on my ex feed Thank you to the brand team who's watching right now. They're doing a great job.
>> 100% 100%. So, sorry sometimes I can be harsh on you, but uh it's working.
>> It's working. It's working. It's working.
>> But anyway, so yeah. So, we have a really good team that that really does ensure that we we build credibility, we be we build trust. But what makes us number one? I I would always try to contain it to ABC. No, ABC is our AI. I think our AI is second to none. 25year-old male actually doesn't have any ID even other proof. So this person is actually earning 60,000 but documentation. So we can do that. Our AI knows I gave you an example of the AI later what we can do to verify if you're telling. So our AI is the gold standard in the industry and and I would think it's because of our Chinese heritage. We're very proud.
>> If there's any cuz AI is like if you're into cars,
>> it's such a welloiled machine.
>> The more data you put in it, the smarter it gets, right?
>> In China, there's hundreds of millions of data that made this machine really extremely smart. And now we brought that to the Philippines and and of course it has to be fed with local data that continues to make it smart and locally relevant. So AI so ABC is branding. So again kudos to the branding team. I do think we separate ourselves um as you know the the really more personal brand one that who's really there for you and we live up to it you know we communicate to you like again going back to my example with my Lola the true to life example that's how I brief the collection. But almost everyone even you right see and then you don't want to be treated with disrespect or undignified in your word you have to treat them with dignity right so that's branding and how we position ourselves a good kiw one hand um and communicate it right and uh have this um
>> being just true to ourselves in terms of our image and communicating it well. So that's the second one branding. The third one is C which is our client ops right? So client ops include collections and just includes our anti-fraud underwriting quality assurance training. So yeah, so we really have a very strong like what I said our customer service is basically 247 right and I think I'll add another C I think culture
>> I think the culture here in the in the company I hope
>> don't disagree
>> I hope the culture is very
>> young I'm twice the average age so but but I try to be
>> as young and energized but it's anyone can give suggestions you know it's okay to fail forward um of course competence right attitude always posit positive um go for broke um things are needed yesterday but we do it within our values and our values are ic
>> integrity competence enthusiasm ability and teamwork that's easy to remember um yeah, so I think that's the ABC of why I think we became
>> I like I actually saw a good YouTube video about how you guys are very compassionate when it comes to if borrower so they have an emergency contact. It's good. [Music] I think I think I think I watched the same video. Yeah. Even the intention is to remind the emergency contact person to ask to ask for support which is I believe it's a good way again and then respect at the end of the Yes. You also have to be considerate. And you just have to be compassionate. I I really don't believe right. Yeah. Well, that's that's so heartwarming. We should Yeah. So, we're featuring stories like that. It's great that you're you're mentioning that that now
>> the difference that we have in the industry is being felt and and and testimonies.
>> Yeah. What can be a disruptor is
>> just being compassionate.
>> Being kind and compassionate is such a big disruptor in in this industry.
>> Yes. Like that's so wild.
>> Being human,
>> correct,
>> is actually the biggest disruptor.
>> Um, giving
>> Can you quote that branding team? Oh, being uh nice or kind is a disrup being disruptor being human. Wait, next logo. Thank you. And you gave it for free royalties for that. Nothing direct. No, but yeah, I mean it it's because they're coming from a background Facebook. So just giving love and compassion. It will be more creative. It will be it will give her more idea to think versus out of fear.
>> Right.
>> Exactly. And that's one thing we were trying to prioritize now in terms of um marketing efforts to make sure that people know about that there are good players out there. There's a lot of bad actors for sure. And that's what makes our industry just sensationalized or bit controversial I might say. But there's good actors out there. Not a lot but there's good and because we have to preserve the industry. indry gap between financial inclusion imperative uh will will not grow. So yeah, of course loan responsibly, choose who to loan from, all these things. Yeah.
>> Yeah. Speaking about these good players, you're also one of the founders of the Consumer Lending Association of the Philippines. Actually, that's a great segue. Sorry. Fantastic. [Laughter] Just so speaking, there's bad actors and there's good players out there. So,
>> so what we did to protect the reputation amount of the industry or or at least stop it from further eroding and then reversing it to be positive reputation to everyone.
>> So, we formed uh to founding members uh uh so one hand or refund G-Cash Fuse. uh C money or shopppee.
>> Okay.
>> Um, Tala, Skyro, Tendo Pay. So
>> anyway, so good and compliant uh players form this association and this
>> Justice League. So um so uh so we formed this so that at least uh people uh can appreciate that hey, these are the good players.
>> So it's a buy invite only association. Very nice. Right. So we actually test you first
>> physical address service uh you know duly license and all these things. So um reputable management. So all these things we have this criteria on who are the kinds of companies that we want to join.
>> It's like eating in a Michelin star restaurant. You have to qualify like you have to pass all of these certain hurdles and
>> um have this certain level of quality certain level of
>> you know you name it but you have to hit these levels to be part of this club
>> and you're part of this club and then you're good and this this is what we really promote to everyone that hey, you know, at least we're making the selection process for you a bit easier these are the good we've already vetted that so having more companies join so that's clap Yeah, Consumer Living Association. Good. Yeah, I think both of you are into financial advice,
>> financial advice.
>> So, we're actually reaching out uh um to people such as yourselves, right? To help spread the word, you know, uh how to identify the good players and the bad actors. So, it's really working together with some other consumer advocacy groups. Um, yeah, we're talking to one Phil flag um and said online application online bad players green flag. So I think um and we're happy that you mentioned the testimonial that you I I like hearing things like that. In fact, recently just yesterday, I don't know if you heard about this site. Apparently they're popular. It's called unbox.ph and I hope it's okay for me to quote them.
>> Okay.
>> But they're more a tech review gadgets, but they're also delving into anything tech right >> and they came out yesterday. This is unbiased, unseeded.
>> So they uh the top three and then what were one of those top three they're telling their audience guys up.
>> Hey, you know one hand go we vetted this. So yeah, so we're really very thankful and grateful. We actually are launching. So wagi is this a we work with fed center and this ah plaque or cert of appreciation from fed center which is financial education center which is one of the biggest umbrella of financial educators in the Philippines.
>> Wow.
>> Um, so we work we're working with them to launch the first financial literacy app in the Philippines.
>> Wow.
>> Financial okay
>> financial literacy is dable it's going to put you out of work.
>> That's right.
>> You can see the content.
>> Yeah. inside the work. They'll give him homework actually typical reaction I don't know time host no time show
>> okay so but what we do is financial literacy so we make it fun engaging and rewards driven so we make it snackable
>> give me my financial house J so for example for one to three minutes it's a really exciting way of learning why why should you have a bank account how to avoid scams. Uh, how to budget, right? How to what can you what is insurance all about to eventually as our audience becomes more sophisticated cryptocurrency.
>> So,
>> but so it's really making it in snackable, understandable, engaging modules and then after they watch it, they take a test and the they they have points for that test and the points get converted into rewards. So they can buy fried chicken from a well-known chain.
>> So just by learning
>> just by learning. So status may ranking as a gamified who's the top 10 right now. So it's called WAGI wealth advice for growth and inclusion. And so we're of course you know the the the colloquial for Wagi, right?
>> So
>> right. Yeah.
>> But yeah. So winner.
>> Yeah. Winner. So uh so yeah, so we're starting that with Fed Center and we actually invite content creators to come and more sponsors.
>> Ready?
>> Ready for my closeup. So yeah, celebrity lit in a minute. Hi, this is RC Munos and in 60 seconds I'll tell you how I reached my financial goals.
>> Beautiful. So snackable, entertaining, engaging, rewards driven. Yeah,
>> that's that's great. That's great. That's great.
>> That's good because it's not part of our education system.
>> Yes. Anywhere you are, just download. So we're relaunching it
>> end of July, let's say August to be safe. Make sure
>> So that's a separate app on its
>> that's separate app because we're working it's Fed Center who's leading it but we're the
>> primary supporter and eventually more and our even our competitors can join in. Come on it's like Lazada every brand is there competing. So it's like financial school and everyone's there.
>> Yeah. I think I think everybody benefits.
>> The more people who join in, the bigger the bigger the pool,
>> the bigger the bigger the impact, I think. Yeah, I think. Um,
>> so
>> please help us, huh? Please don't forget we might we will appreciate this. [Laughter]
>> Sorry. All right. So, I want to get into I want to get into the app. All right. Cuz I I did it. I downloaded it.
>> All right. Oh, okay. You're beyond our market. We will need money from you. Scam scammer. Okay. Talk us through the, you know, the step by step like what how do we get from downloading the app and then to borrowing your first?
>> It's a fairly simple process, right? So, you download we have over 65 million downloads so far. You register. We have over 15 million registrations so far. So yeah, you you put your registration, you put your number, we verify it, you put your KYC, like I said, fill it in, you upload your um one valid ID,
>> right?
>> And that's it. You wait for your approval
>> and that takes 5 minutes.
>> And then you get the cash right away.
>> You get the cash.
>> You get the cash. As a firsttime borrower, you get it in less than 5 minutes. As a repeat borrower, in less than 45 seconds.
>> Wow. Parag withdraw. goes straight in how
>> their designated bank or e e-wallet.
>> Okay. Okay.
>> What's the maximum like amount that they
>> So for now it's about 50,000. So we're into what we I call nano loans. So from 2,000 to 50,000 uh payable between 30 days to 150 days, right? Uh, yeah, we got to designated
>> cuz if your target is to like macro entrepreneur people, you really they really have to start small cuz you imagine if they started with big money, I don't think they will make right or smart decisions.
>> Yeah. So that's a good amount.
>> Same as what you do with the big
>> and it snowball to be bigger of our as you become as we pattern your good behavior.
>> Yeah. Yeah. Yeah. Yeah. as more the more you can prove that you're I guess trust a good
>> trust building exercise between
>> that's a good capital um
>> what do you want to say no target market so par what's a profile of a good borrower and also profile of a bad borrower so a good borrower so all about education
>> women empowerment so it's great to lend to women
>> because really it's being put to good use when we lend to women especially ally 20 to 35 years old uh
>> a lot of them married what but uh university background uh primarily in Metro Manila we have the lowest default rate so that's a profile of a good borrower and when we ask them where they use their money really kids education tuition to pay for the utilities ecommerce selling
>> you know so hustle put to good use bad borrower sorry um white skin naman racist. Here we go. So, no, I mean 25 to 45 years old, high school graduate, not necessary university, uh earning maybe less than 30,000 pesos. So, usually um big high default rates. Right. Right. Right. So, uh for males on that profile, you just reflect on yourself and then you just kidding.
>> Let's look inward. No, but but that those are the no but um so that I mean it's good again really um kudos to all uh the women out there and I and I think a lot of um companies in financial inclusion even the most famous like Grammine right in India right where it's really the women that they lend out to because really the money really just grows but hey men we can do better and I'm sure we will um
>> I represent a community of 12,000 very responsible fathers Shout out to you guys.
>> Um, and and uh, you know, and I I want to promote this to them. No. Um, I mean, we all go through seasons. We all go through seasons of hap and I think having something like this is having something like hand because I think this is really something so important so important and lacking and missing. Um, just having I I can't I can't imagine, you know, with a heart, you know, with a heart.
>> I love all what you're saying. We're really again copyright charging royalties for this. Uh, but but it's really it's really a lot of that. No, and it comes through it comes through in the company culture. It comes through in the office, come through when when I talk to you, it's so I can see that your heart's in the right place. Um, the the companies the intention
>> exactly right um the values are there it's all properly aligned and
>> man I'm blown away this is amazing
>> thank you
>> it changed my you know, my perception towards lending institutions because I've had a lot of like digital banks brands who reach out to me just to promote and then there are there are few of them that I really have to reject because working towards the the the the content it really felt agenda driven
>> right
>> and mission align application process and I it it just didn't feel right to me but with you guys I I what I appreciate is there's really heart into it and for me that's the real uh pro that's the real sustainable negoti the business
>> is just to focus on serving the people cuz once you focus on serving the people, people will just line up
>> because they would know it if this person is genuine or has an agenda. So yeah,
>> thank you for so much for recognizing that, right? I think kudos really to the team because I think you can't fake that the what the what you're feeling when you see here you come to the office and then you you see it resonate through everyone. So I think we we'd like to believe and I think you've felt it and which is great
>> which is it's it's not just a job here right it's not even just an advocacy it's a vocation right it's a calling right to try to uh to really help all the las out there that need uh assistance so I guess the the help we really ask for is really just spread the word right um yeah that there are good actors out there please good players pala
>> um one hand please as again a leading brand hopefully it can be their um preferred choice uh uh for our financial uh uh services app. Uh, and yeah, and we won't stop here. I mean, there's a lot of great things in in place to make um uh financial services turn into financial wellness. In fact, my boss is there right now and we're talking about that like the value added services that we can do with the existing one hand and more products that actually launching some I can't
>> let's just say to more Filipinos. Yeah, I was just about to ask what's the what's what's what's in store for for one end. Um, are you growing? How what's this? What's the next level?
>> Yeah, the first step
>> what's the next step looking going to look like for one end?
>> Uh, yeah, thanks for that question. Right. So, the first one is really financial literacy making sure that Wagi uh is a p platform. So, I'm
>> so excited for that. We will so excited for
>> we will hold you to that. So yes,
>> uh to launch this uh you heard it
>> as big way as possible because that leads to uh literacy and empowerment
>> and then for us specifically um is to launch more products. Uh, that's right now we're catering to let's say subprime uh we want to cater also to near prime. We want to cater to a greater number of Filipinos. What did that okay? Uh, and then we want to have um a new a very exciting new product really soon that will be very masa yet aspirational. Stop right there.
>> I want to see it because sometimes s talk too much. It's not in our culture. We are humble and don't talk a lot. Well, whatever is in store for you guys, I I am very much looking forward to it and very excited to see what you guys have in store. And I hope I hope this isn't the last time we get all get to do this.
>> Oh, please visit us as often as you can. Project should have
>> Oh, help us generate more recognition. Oh, for sure. KPI 100%. [Laughter] But thank you. Thank you for for for being here. Thank you for accepting our invitation to be in our office.
>> A pleasure. This is a pleasure. This congratulations and everything. We're looking I'm a I'm a fan. I'm a big fan. Um, definitely signing up to everything. Uh, definitely looking forward to it. It was really nice to meet you.
>> Great meeting. Thank you. Thank you for Thank you so much. Thank you. 30 less than 30 seconds. [Laughter] They better.
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