In the October issue of Forbes Philippines, the publication identified fintech startups that lead through innovative strides in all things financial and technological. Following the first part of the list, here are more startups that set and change the game.
Purchasing gift cards for online application stores like iTunes Store and Amazon Appstore usually requires credit cards. With Apptivate, users can buy credit through their prepaid or postpaid load instead. Aside from the two stores specializing on mobile apps and entertainment content, Apptivate also offers gift cards for gaming shops such as PlayStation Store, Xbox Store and Steam.
One of the first Fintech companies founded in the Philippines, Ayannah offers digital remittances, payments and business solutions through its own platforms: Sendah, Sendah Direct and Sendah Remit.
The startup mainly caters to OFWs but aspires to grow its network in South Asia and Latin America. Founded in 2006, the company won the main award at the Rising Expo SEA 2015, Forbes Philippines noted.
This startup offers a more advanced technology for its digital remittances with blockchain, instant payments and messenger bots. The result is a faster and cheaper money transfer service (at least by four percent compared to those done in banks). The service is in partnership with 25 banks in the Philippines, including BDO, Metrobank and Bank of the Philippine Islands.
The two-year-old startup offers remittances, fund transfers, bill payments and shopping through the digital currency of Bitcoin. With 17,000 locations nationwide, Coins.ph hopes to reach the underserved markets in far-flung areas with a digital wallet and financial service. In his interview with Forbes Philippines, Coins.ph co-founder Ron Hose said that compared to most remittance centers that charge 7.5 percent of the money sent per transaction, the startup only charges an average of one to three percent.
The crowdfunding platform allows users to invest for as low as Php 5000 to a farmer’s land, earning a share from profits raised by the goods it will produce. Its chief operating officer, Rachel de Villa, was one of the notable personalities named at this year’s Forbes Asia 30 Under 30 list.
One of the biggest earners on the list, Dragonpay raked in Php 35.7 million worth of revenues in 2015 for its online payment system. Through its service, customers may have online transactions even without credit cards, and instead pay with their respective online bank accounts. Merchants will then be notified once transaction is complete. Some of its clients include Cebu Pacific Air and AirAsia.
Emulating the concept of crowdfunding, GiftLauncher allows anyone to pool funds to purchase a gift for an individual. Gift registry for weddings is also allowed, with a personalized website for the couple in tow.
Founded in Malaysia, iPay88 started servicing the local market in 2012 with its payment gateway. Some of its merchants include SM Tickets, Globe Telecom and KFC.
This Korean IT company specializes in three key fintech services: remittances, payment gateway systems and online consumer payments. Coreon Card allows users to pay for bills and remit cash, Coren Pay is used for online shopping while Coreon Wallet serves as a digital credit card.
The startup can gauge an individual’s creditworthiness through his or her social media accounts such as Facebook, Twitter or LinkedIn, veering away from what most traditional financial institutions demand from consumers. The company aims to aid the rising middle class in emerging markets, including those in the Philippines.
The startup plays as a matchmaker between loan seekers and financial institutions in its digital platform. LoanSolutions offers four key products: personal, OFW, car and business loans which users may apply for in three minutes, given that they provide all details needed.
Satoshi Citadel Industries
The startup focuses on providing and growing the Bitcoin ecosystem in the Philippines, Forbes Philippines noted. To further its cause, it launched Boom Cash late last year which allows users to transfer digital money even without internet connection through SMS.
Elyssa Christine Lopez is Entrepreneur.com.ph's staff writer. Follow her on Twitter @elyssalopz.