Robocash Group, a Singapore-based fintech, announced on Tuesday it has expanded its Buy Now Pay service UnaPay in the Philippines. Founded in 2013, Robocash Group specializes in non-bank lending with a focus on consumer lending both online and offline and marketplace funding.
“We provide a solution, which makes it easier for the underserved by banks to get access to finance in a fast and comfortable way and our time-saving investment services are designed to simplify investing in international alternative lending.”
Robocash reported that with UnaPay, users can make purchases on the Lazada e-commerce platform with up to 12 installments due every two weeks. The customers can apply for a virtual credit amount of up to PHP 30,000.
“Having inherited the ease-of-use and full automation from the existing products of the group, UnaPay provides Filipinos with fast and convenient access to finance. The approval process takes 5 minutes, while the funds are credited to the customers’ Lazada e-wallet within 24 hours. Moving forward, UnaPay plans to increase the number of active merchants, which is expected to reach several hundreds by the end of 2021.”
While sharing more details about the launch, Sergey Sedov, CEO of Robocash Group, added:
“We see a big potential in the new product, as there is a high demand for alternative financial services among Filipinos. More than 50 mln people remain unbanked, but many of them need additional funds. For example, our recent survey showed that over 50% of Filipinos borrowed money from family or friends in 2020. At the same time, the Philippines has a significant share of smartphone (64%) and Internet (70%) users. It means that most of the population has an opportunity to access financial services online to meet their immediate spending needs.”