Robocash Group has rolled out personal loan app UnaCash in the Philippines.
UnaCash allows customers to obtain credit online and borrow up to $600 (£440) for one to six months.
The maximum loan amount will be increased to $2,000 in the foreseeable future, Robocash Group said. Borrowers can repay the loans online or offline through one of the partner banks or a partner outlet.
UnaCash has partnered with the six biggest banks in the Philippines and will soon start accepting online repayments from any bank account and launch recurring payments with special privileges for its clients.
This is the latest expansion of Robocash Group’s operations in the Philippines. In December 2020, it launched UnaPay, offering a buy now, pay later payment product and salary-linked loans.
“We see the great market potential in the Philippines,” said Sergey Sedov, chief executive at Robocash Group.
“At present, 63.3 per cent of Filipinos have a mobile phone. As of May 2021, 80.2 per cent of Filipino adult registered internet users have already purchased something online.
“This is a highly engaged mobile audience with rapidly growing e-commerce in the region. However, there is still a significant number of customers in the region without solid credit history, resulting in many people being unbanked. In 2019, 71 per cent of the population did not have a personal bank account, and about 15 per cent were underbanked.
“By emphasising customer experience, we aim to provide a better financial infrastructure. Integrating all our services into UnaBank will enable us to create an efficient ecosystem and deliver even better value to our customers.”
In August, Robocash Group announced it achieved a 152.5 per cent year-on-year rise in revenue to $144.4m (£104.4m) in the first half of the year, as it prepares to expand into new markets and products.