ONLINE LENDING platform Digido, operated by Digido Finance Corp., has partnered with the Palawan Group of Companies’ (PGC) PalawanPay to integrate its loan products into the e-wallet.
Digido and PalawanPay signed a memorandum of agreement to allow the latter’s customers to take out Digido loans via the PalawanPay digital wallet application.
“This landmark partnership reflects the synergy of both companies’ products and our aligned goal in promoting financial inclusion through access to safe and trusted digital financial services. We are incredibly excited to embark on this endeavor with PalawanPay and are looking forward to serving more Filipinos with our credit services,” Digido President Aleksei Kosenko said in a statement on Monday.
“Anchored in PGC’s thrust to foster financial inclusion among Filipinos, we at PalawanPay are very keen to kick off this partnership with Digido. I can’t wait to see more of our kababayan enjoy reliable digital financial services,” PalawanPay President and Chief Executive Officer Emiliano Librea III said.
PalawanPay users can use the funds borrowed via Digido for online transactions and at merchants that accept QR Ph payments.
They can also repay the loans through their PalawanPay accounts.
The Palawan Group of Companies will also roll out Digido advertisements at its Palawan Pawnshop branches.
PalawanPay, PGC’s e-wallet app, has over 20 million users. It allows customers to send and receive remittances, and also offers other services like bills payment, mobile load top-ups, and scan-to-pay QR Ph codes.
Meanwhile, Digido offers loans of up to P6,000 for first-time borrowers. It also has a standard Personal Loan product, through which repeat clients can borrow up to P25,000.
A recent Digido study said the Philippines’ digital lending market could surpass $1 billion by the second half of the year, with growth to be driven by strong demand for online financial services.
This is bigger than Digido’s estimate of a $796-million value at end-2024 and the $693 million recorded in 2023.
The Philippines’ digital lending market has been growing at an average of 28% or $68 million annually from 2013 to 2023, it added. — A.M.C. Sy
