Mocasa Revolutionizes Credit Assessment to Drive Financial Inclusion in the Philippines
Mocasa, a cutting-edge AI-powered fintech business, is leading the charge to promote financial inclusion in the Philippines with its revolutionary credit evaluation system. Mocasa is tackling the difficulties of cashless payment infrastructure and inadequate credit data to bridge the gap in financial services with the goal of boosting credit facilities for Filipinos and enterprises.
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| Mocasa CEO Robin Wong and COO Julien Chien |
In terms of financial inclusion, the Philippines falls behind its Southeast Asian neighbors as of 2022, with around 78% of the population remaining unbanked or underbanked. Furthermore, credit card adoption is only 3%, owing to a lack of a comprehensive cashless payment infrastructure and insufficient credit data.
Recognizing the importance of addressing these challenges, Mocasa has chosen the Philippines as the first market for its pioneering Pay Later Anywhere program, making it the only fintech business to offer a zero-interest rate credit line.
"Our entry into this market was driven by a simple goal: to offer a unique app that addresses the challenges of cashless payments and limited credit opportunities for Filipinos underserved by traditional banks," stated Mocasa CEO Robin Wong.
Banks offer cheap interest rates to only 3% of Filipinos. Even those with access frequently find the existing solutions difficult, as they require users to top up their e-wallets before usage rather than having seamless interaction with their bank accounts.
"As we conducted further research, we discovered that more Filipinos require flexible credit payment options that can expand their financial capabilities," Wong continued. "This is precisely what we have enabled through the Mocasa app, the country's first credit payment app."
Wong's optimism is fueled by the Philippines' 73% mobile internet penetration rate and excellent GDP growth rates, which beat other Southeast Asian countries by 5.6% and 7.6% in 2021 and 2022, respectively. Furthermore, the Bangko Sentral ng Pilipinas intends to digitize 50% of payments this year, creating a favorable climate for Mocasa's debut.
While established cashless payment infrastructures remain restricted, Mocasa has taken an early lead in delivering flexible credit choices, providing consumers with a digital, convenient, and reasonable payment solution. Thanks to its 50-day no-interest and no-downpayment offer, shopping and payments have never been easier.
Furthermore, through its innovative cooperation with Mastercard, Mocasa enables qualified borrowers to make credit payments at over one million online and offline shops.
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| Mocasa Credit App Scan To Pay Feature |
The Mocasa app, which is available for download on Google Play and the Apple App Store, offers a secure financial channel for users, as well as a dependable anti-fraud solution and 24/7 chat help to handle customer concerns. Mocasa has also joined with the Philippine government's QRPH QR code payment network promotion to enable seamless connectivity with merchants and users.
"Mocasa's dedication to providing a seamless customer experience begins with the application process." For KYC and credit checks, we use cutting-edge AI technology. We also have an in-house auditing team that does manual inspections to guarantee the accuracy, allowing us to achieve optimal clearance times of three to five minutes or within the same day," Wong stated. "As a comprehensive platform for Mocasa users, our customers receive disbursed loans via the app, while our merchant partners can view their sales there as well."
Prospective customers can apply for a Mocasa credit line by gathering three essential requirements: a valid government ID, an active mobile number, and proof of income, which may include pay stubs from the previous three months, bank statements of the prior year, or social insurance records from the last 1-2 years. Customers will be notified once they have been approved.
Become eligible for one of two types of credit balance accounts: the Standard Account, which provides an adjustable credit limit based on the customer's financial capacity, and the Constructive Account, which requires a holdout deposit to establish a credit track record for those who do not have a previous record in the central credit bureau.
Mocasa plans to onboard 10 million new users and acquire over 3 million credit accounts by 2024, with merchant payments accounting for 70% of monthly retail purchases in the country.
Visit https://www.mocasa.com/ for more information on Mocasa and its objective to foster financial inclusion.