Fintech FinQuest Philippines rolls out SME loan-matching platform – BusinessWorld Online
FINANCIAL TECHNOLOGY (fintech) company FinQuest Philippines has launched a loan-matching platform for small and medium enterprises (SMEs) and financial institutions to help the former get access to financing.
The platform will connect SMEs with banks and other financial firms and will act as a marketplace for borrowers and lenders, it said in a statement on Tuesday.
This will allow for streamlined applications and access to multiple financier options, it said.
“Our mission is simple: to empower SMEs and business borrowers with faster access to financing, while helping formal financial institutions reduce origination costs and administrative burden… In a digital world where trust is paramount, I bring to this endeavor my lifelong commitment to financial stability, integrity, and inclusive growth,” said FinQuest Philippines Founder and Chief Executive Officer Jose Carmelo C. Nograles.
SMEs will need to submit only one loan application via FinQuest.ph, which the platform will distribute to its network of partner banks and other financial institutions.
The fintech company said its platform’s automated workflows can help reduce loan processing and approval times.
Borrowers can also compare lenders’ rates and repayment schedules via the platform.
Meanwhile, financial institutions get “curated applicant profiles, reduced origination costs, and a pipeline of vetted leads” through the platform.
“FinQuest is transparent and direct in its role as merely a technological marketplace platform, a space that aims to bring together SMEs and financial institutions. The company itself does not engage in any kind of lending activities, as mandated by its registration with the Securities and Exchange Commission,” it said.
“Additionally, its cybersecurity measures are compliant with the mandates of the Bangko Sentral ng Pilipinas as it anonymizes personal data until loan applications are finalized and deletes applicant data post-acceptance as parts of its procedures in protecting its users and their information.” — A.M.C. Sy
