FinTech company TrueMoney Philippines has signed a Partnership Agreement with bills payment center company CIS Bayad Center Inc. The partnership will give Bayad Center customers in far-flung areas of the Philippines access to its payment services, thanks to TrueMoney Philippines’ nearly 7,000-strong agent network.
“Teaming up with TrueMoney gives Bayad Center access to community-based establishments in the rural areas. We all work hard to pay our bills. One way of rewarding Filipinos for paying their bills is giving them access to more convenient channels of payment by bringing the service closer to them,” said Manuel Lorenzo Tuason, President and Chief Executive Officer of CIS Bayad Center Inc.
TrueMoney – whose shareholders include the C.P. Group from Thailand and Jack Ma’s Ant Financial from China– is the largest and fastest growing financial life platform in the region. From one market nearly two years ago, it is now present in six emerging markets in the region: Thailand, Vietnam, Indonesia, Myanmar, Cambodia and the Philippines. TrueMoney started operating in the country a year ago and it now has approximately 7,000 centers or partner agents, with continuing expansion across different regions in the country.
“TrueMoney and CIS Bayad Center are two industry leaders in their respective fields. Bayad Center is a top aggregator of payments and billers, so this partnership will give us access to more biller relationships. TrueMoney, on the other hand, has wide reach and distribution of financial services centers across the country, most especially in the provinces outside the urban areas,” said Xavier Marzan, President & CEO of TrueMoney Philippines.
TrueMoney is present in far-flung areas in Albay, Bataan, Benguet, Bohol, Bukidnon, Cagayan de Oro, Camarines Sur, Cavite, Cebu, Davao, Ilocos, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan, Quezon, Rizal, Tarlac and Zambales and more.
TrueMoney’s goal is to be the largest FinTech network in the country, endeavouring to build in just under two years’ time what other similar companies have taken a decade or two to establish. This is consistent with the company’s mission of serving the unserved and unbanked segments of the population, which is over 70% of the population in the Philippines. The term “unbanked” refers to adults who do not have their own bank accounts, those who may rely on alternative financial services such as TrueMoney for their payments and financial needs. TrueMoney’s transactions include money transfer & remittances, bills payments, payments for e-commerce purchases, and loading of various products.
Like banks and other financial institutions, TrueMoney is regulated by the Bangko Sentral ng Pilipinas.