Women in the Philippines apply for financing more than twice as often as men
The Philippines has been the first market in Southeast Asia for the international financial holding Robocash Group. Since the launch in October 2017, its affiliated lending company Robocash Finance Corp. has served more than 400 thousand customers.
In overall, the own figures of Robocash Group in the Philippines correspond with the recent report “Digital 2019” stating that Filipinos are the first in the world by the time per day spent online. With an opportunity to visit offline outlets, 61% of all customers of Robocash.ph prefer applying online. Remarkable is that 90% of them use mobile Internet to access the service. It is the highest rate compared to figures of other companies of Robocash Group in Southeast Asia. Then, similar to the overall predominance of female online transactions in the Philippines (12% vs. 8%), Robocash figures show that women apply for an advance almost more than twice as often as men do. Thus, 64% of all applicants are women.
The largest number of customers are in the age of 30-39 years (39%) and 21-29 years (30%). Predominantly, they work in private companies (63%). Far less customers are freelancers (15%) and government employees (7%). An average income amounts to PHP 25,053 (~USD 480). Most commonly, granted financing serves as additional business capital, helps customers to pay for emergency and daily allowances, pay bills or cover education expenses.
Commenting on the findings, Sergey Sedov, Founder and CEO at Robocash Group said, “Communicating closely with customers, we clearly see the gaps in access to banks and financial services. Despite distinct improvements in this direction, there are still many people without full and fast access to financing. Nevertheless, we are positive about the contribution of digital adoption to inclusive growth both in the Philippines and throughout Southeast Asia. Fintech has already become a game changer for the region”.
Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing lending to customers in Russia, Kazakhstan, Spain, the Philippines, Indonesia, Vietnam and India and operates its own EU-based investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.
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