Smart Digital Unit and Cash Credit to Offer Mobile-Based Microfinance in the Philippines

Voyager Innovation, a digital financial and commerce unit of Smart Communications, today announced its strategic partnership with Cash Credit, a Sofia-based fin-tech company. The companies will jointly aggressively rollout a mobile-based microfinance program within the first half of 2015 applying big data analytics to offer innovative financial services to Smart’s combined subscriber base of over 75 million.

“Cash Credit’s pioneering expertise in aggregating, analyzing and applying data to offer innovative microfinance solutions will further promote electronic financial access among the underbanked and unbanked segments of the Philippine’s population. It will leverage on the prevalence of mobile phones in the country with over 100 percent penetration rate,” Orlando Vea, president and CEO of Voyager Innovation, commented.

Under the agreement, Cash Credit will bring its expertise on lending to individuals through innovative partnerships with mobile network operators (MNOs) around the world. Based on big data analysis, Cash Credit’s proprietary decision-making model for credit scoring includes subscriber call and texting usage, payment and behavioral data. The credit services to be offered include micro-credit loans, airtime top-up credit, utility bill payments and credit for airtime resellers. Cash Credit will be responsible for underwriting the loans and managing all the risks with their advanced data analytics technology.

“We are very excited to have the opportunity to start cooperation with the leading telecom operator in the Philippines. We look forward to working with Voyager and Smart in helping them attract and retain customers with our innovative financial solutions,” said Georgi Krumov, Cash Credit’s Founder and Executive Chairman.

Cash Credit, which in 2013 attracted a USD 25 million investment for international expansion from the investment arm of Delta Partners, a leading global TMD advisory and investment firm, now operates similar programs in partnership with major MNOs in Africa, the Middle East and Europe.

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Notes to Editor

About Cash Credit
Cash Credit is a tech-based non-banking financial institution founded in 2011 in Bulgaria, which works in partnership with mobile network operators to offer micro financial services to mobile subscribers. The company uses an innovative, proprietary credit scoring approach to offer consumers rapid credit decisions, with convenient service and billing through their partner operators. Cash Credit partners in Bulgaria with the country’s two largest mobile network operators.

About Voyager Innovation
Voyager Innovation is a wholly owned subsidiary of Smart Communications focusing on creating platforms and solutions for digital commerce. Smart’s parent company is PLDT which is the leading telecommunications service provider in the Philippines. Through its principal business groups – fixed line, wireless and others – PLDT offers a wide range of telecommunications services across the Philippines’ most extensive fiber optic backbone and fixed line and cellular networks.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine-listed companies.

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Contact information

Media Contacts:
Cash Credit
Diana Krumova, +359888584259
Diana.krumova@cashcredit.bg
or
Voyager Innovation
Lito Villanueva
lmvillanueva@smart.com.ph