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Building a nation needs partnerships

We believe every Filipino deserves the chance to build a secure future, one where they can confidently manage their finances and watch their dreams take root. At GoodTech, it’s the driving force behind everything we do.

We are passionate about building strong partnerships with organizations who share our goal of financial inclusion for all Filipinos. This includes:

  • Fintech innovators: Like GoodTech, forward-thinking companies pushing the boundaries of financial technology
  • Rural banks: Established institutions with deep roots in local communities
  • Community–focused MFIs and cooperatives: Organizations dedicated to empowering individuals and families through financial tools and education

Together, we can create a powerful network, reaching every corner of the Philippines.

By joining forces, we can unlock a future where financial inclusion becomes a reality for every Filipino. Imagine families confidently managing their finances, businesses thriving with access to capital, and communities empowered to build a brighter and sustainable future. This is the impact we can achieve together.

Are you ready to join us on this journey? Let’s build a financially secure Philippines, one partnership at a time.

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GoodTech seeks to empower rural banks in the digital era

GoodTech Information Systems Inc., a homegrown sustainable financial technology company, wants to help rural banks make a quick and seamless transition to digital amid growing regulatory pressure and fierce competition from non-bank players.

GoodTech cofounder Jove Tapiador stressed that the digital transformation of rural banks is key to accelerate financial inclusion in the Philippines given its unique role as trusted partners in the community. In the face of heightened competition from technology-enabled players, rural banks must embrace digital to become more efficient and remain relevant to its customers.

Tapiador pointed out that rural banks, however, are currently facing numerous challenges in their transformation journey. These include migrating a predominantly older customer base to digital channels and increasing regulatory requirements on IT risk management, compliance and cybersecurity. In addition, there are bank technology core issues such as lack of technology talent, poor IT risk management and compliance, and non-compliant technology processes.

GoodTech aims to address these key pain points by leveraging the team’s track record on community banking, nation-building and innovation.

To assist more rural banks in their digital transformation, GoodTech is launching its flagship products—GoodBank and GoodLoan—at its inaugural summit on June 5 in Bacolod City. GoodBank is a mobile banking platform that simplifies the customer onboarding process of depositors. GoodLoan, on the other hand, is a cutting-edge application designed to enhance the lending business of rural banks through built–in identity verification and compliance checks, credit scoring, and hassle–free and secure transactions.

One of the early success stories of GoodTech is Rural Bank of Silay City (RB Silay), a 63–year–old bank in Negros Occidental. After partnering with GoodTech, RB Silay has reduced its client onboarding process to five minutes, cut the loan application cycle from seven days to less than 24 hours, and increased outstanding loan portfolio by more than 50% in just six months.

“GoodTech has the digital tools to execute the digital transformation of rural banks. By making the banks more efficient, we are helping financial services become more accessible to the underserved markets through lower cost and ease of access—creating an overall superior digital experience,” Tapiador said.

The GoodTech Summit will bring together stakeholders and technology experts for a meaningful dialogue to help rural banks thrive in the new normal, respond to the changing demands of digital savvy clients and serve the needs of the unbanked and underserved markets.

Tapiador, Cofounder Sylvester Wong, Chairperson Sergio Edeza, and Chief Operating Officer Rowell Saludes will lead discussions in the panel: “The Digital Banking Landscape in the Philippines.”

By leading this discussion with stakeholders, GoodTech aims to differentiate itself from competition, showing it is more than just a fintech platform, but an innovator and a thought leader committed to reimagining banking for financial inclusion.

The GoodTech Summit will coincide with the Rural Bankers Association of the Philippines’ annual symposium on June 4 to 5, also in Bacolod City.

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GoodTech partners with rural banks to develop ADB-funded financial inclusion projects

GoodTech Information Systems, a sustainable fintech company, has partnered with Rural Bank of Silay City to develop two financial inclusion projects co-funded by the Asian Development Bank (ADB).

RB Silay secured two matching grants totaling PHP5 million from the ADB under its Fintech for Inclusion Transformation (FIT) program (www.fit-program.com) for the Digital Infrastructure Shared Services (DISquared) project and GoodBank mobile banking application. GoodTech will provide the technology support for these projects.

The grant will be sourced from the High-Level Technology Fund, a multi-donor trust fund that supports the development and integration of innovative technology and solutions into ADB-financed projects.

The funding grant will enable GoodTech to incorporate more advanced artificial intelligence features and iterate quickly to facilitate faster time-to-market of financial products and turnaround time to resolve technology issues. By developing a fit-for-purpose solution, GoodTech is giving rural banks access to mobile and digital banking capabilities previously available only to the bigger incumbents in the country at a fraction of the cost.

“Rural banks have realized they can compete with the big guys through technology,” GoodTech Cofounder Rogelio Umali said. “What we are launching is what rural banks need and we never stop refining it. That’s where the grant comes in. We are moving to a level where it will rival the best capabilities that is out there.”

For the DISquared project—an undertaking of the consortium of RB Silay, Banco Santiago de Libon, and Rural Bank of Medina—GoodTech will build a cost-effective, standardized, compliant and resilient technology infrastructure for rural banks and other small financial institutions. The GoodBank mobile banking app, on the other hand, will have enhanced electronic Know Your Customer, customer risk profiling, AI-driven analytics and financial coaching features.

GoodTech and its fully integrated product suite played an integral part in the successful digital transformation of RB Silay. The fintech helped the 63-year-old rural bank reduce its client onboarding process to five minutes, slash the loan application cycle from seven days to 24 hours, and increase outstanding loan portfolio by 56% in just six months.

Aware of the challenges faced by rural banks to modernize, GoodTech serves as a one-stop shop for fintech solutions, offering an end-to-end service from conceptualization to actual configuration, all the way to support and maintenance.

The 2021 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas noted that while bank account penetration nearly doubled to 23% from 12% in 2019, e-money account ownership grew more than four times to 36% from 8%.

Umali adds, “The reality for rural banks is that e-wallets are eating their lunch money. There are more e-wallets accounts being opened than bank accounts so sooner or later, if they don’t transform, they will be left behind.”

About GoodTech

GoodTech is a sustainable financial technology company focused on empowering underserved communities in the Philippines through its fully integrated suite of financial, lending and payment products. In crafting financially inclusive tools, GoodTech draws on decades of experience in technology, microfinance, banking and community development. Established in 2019, GoodTech is recognized by the Bangko Sentral ng Pilipinas as a Registered Operator of Payment System.

About Rural Bank of Silay City

Rural Bank of Silay City was established in 1961 in Silay City in the province of Negros Occidental. The bank has embarked on an aggressive digital transformation initiative to expand its services beyond agricultural and salary loans to reach more unbanked and underbanked communities. The bank aims to be a catalyst for financial inclusion by providing affordable, reliable and customized products and services to empower the lives of overseas Filipinos, merchants, freelancers, and farmers.

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Two international orgs recognize GoodTech for financial inclusion efforts

GoodTech Information Systems Inc., a homegrown sustainable financial technology company, was recognized by two esteemed international organizations recently for its efforts to drive financial inclusion in the Philippines.

GoodTech was the lone Filipino fintech company among 12 finalists in the Alliance for Financial Inclusion (AFI)’s Inclusive FinTech Showcase 2024, while being named by The Luxembourg House of Financial Technology (LHoFT) as one of 15 companies driving financial inclusion in Southeast Asia.

After the initial selection and a week-long participation in the pioneering acceleration program “Catapult: Financial Inclusion Southeast Asia” in Bangkok, GoodTech then made the shortlist of 10 fintechs that will move on to the next stage of the program in Luxembourg in June 2024 to further integrate into the global fintech ecosystem and benefit from the country’s extensive financial services network.

These recognitions highlight GoodTech’s commitment to empower the unbanked and underserved communities through its suite of financial products. A one-stop-shop for financial solutions, GoodTech works with small financial institutions to enhance their lending operations and enable them to efficiently serve the needs of rural communities.

GoodTech became a finalist for AFI’s Inclusive FinTech Showcase this year for offering a promising digital solution that improves access to financial services for low-income communities.

The other finalists were Dots for Inc. (Africa), eMaisha Pay (Africa), Giesecke+Devrient (Germany), Hello Tractor (Africa), IFarmer (Bangladesh), Jumo (Africa), Mosabi (Africa), myStash (Africa), Pertence (Africa), Revfin (India), Xchange Box Solutions (Africa).

Meanwhile, The LHoFT, Luxembourg’s dedicated fintech center, honored GoodTech and 14 other outstanding fintech firms last month for their innovative approaches to enhancing financial access and sustainability within their communities, and leading a dynamic movement aimed at creating impactful solutions to address the unique challenges in Southeast Asia.

In selecting GoodTech, The LHoFT noted that it has built a “customer-centric platform targeting the unbanked/underbanked [while] requiring alternative KYC and digital identity approaches.”

Likewise, The LHoFT cited GoodTech’s efforts to “bridge the financing gap and make the livelihood of hardworking families more resilient to economic and environmental threats through savings and insurance” by partnering with established local financial institutions and the strongest players in the technology industry.

As part of this selection, cofounder Jove Tapiador represented GoodTech in “Catapult,” an acceleration program designed to boost financial inclusion across the region and strengthen the connection between the fintech ecosystems of Southeast Asia and Europe.

Catapult’s program featured a curriculum designed to enrich the fintech startups with a comprehensive suite of workshops, mentoring sessions, networking opportunities, and investor interactions, offering an invaluable opportunity for growth.

GoodTech was joined by other Philippine companies Farmvocacy, Global Credit Pros, and InvestEd in the acceleration program.

The other selected fintech firms were Aiforesee (Indonesia), Blue Duck Tech (Malaysia), Ekko Financial Wellness (Vietnam), Fina Fintech (Laos), Finfra (Indonesia), ICare Group (Singapore), Laneth Tech Company (Thailand), Lao Mobile Money (Laos), LTS Ventures (Laos), Noburo (Thailand), and Wahine Capital (Malaysia).

A total of 70 fintechs in emerging countries on the African continent have participated in the Catapult program over the past six years through the collaborative effort of LHoFT Foundation, Luxembourg’s Directorate for Development Cooperation and Humanitarian Affairs and their partners.

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GoodTech and Banco Santiago de Libon partner to help bank with digital onboarding of borrowers

GoodTech and Banco Santiago de Libon partner to help bank with digital onboarding of borrowers

GoodTech, a fintech inclusion company, has recently launched its partnership with Banco Santiago de Libon (BSDL), a rural bank in Albay, Philippines, to help BSDL digitally onboard borrowers more efficiently with better controls. A kickoff meeting was held on October 11, 2023 with both companies’ key teams in attendance.

GoodTech will provide BSDL with GoodLoan, a web application tool which features electronic Know-Your-Customer (eKYC) with anti-money laundering (AML) checks, real-time processing of loans, and e-signature facility.

“We are excited to partner with Banco Santiago de Libon to help them achieve their business goals,” said GoodTech Chief Finance Officer Ria Caintic. “Our solution is tailored to meet the unique needs of local banks in the Philippines, and we are confident that it will help BSDL streamline operations, meet regulatory requirements, and grow its loan portfolio sustainably.”

This is a significant development for the financial technology industry in the Philippines. It demonstrates the growing demand for innovative solutions that can help local banks improve their operations and grow their businesses. With this partnership, GoodTech is looking to expand its reach and replicate its success with Rural Bank of Silay City in Negros Occidental, which saw a 56% increase in outstanding loan portfolio in six months.

BSDL can expect to improve its efficiency and streamline its loan operations with GoodLoan. The web application will automate many manual tasks, freeing up bank staff to focus on more productive activities. GoodLoan also helps the bank meet regulatory requirements and manage its loan portfolio growth.

 

About GoodTech

GoodTech is a provider of financial technology solutions focused on sustainable financing for millions of underserved communities in the Philippines.

About Banco Santiago de Libon

Banco Santiago de Libon is a rural bank in the Philippines, with market presence in four provinces of the Bicol Region. The bank was founded in 1973 and is headquartered in Libon with 12 units in Albay, Masbate, Sorsogon, and Camarines Sur. BSDL has also acquired Municipal Rural Bank of Libmanan, Inc. (Camarines Sur). The bank celebrates 50 years of dedicated service to the Bicolanos this 2023.

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Home ownership made easy with Rural Bank of Silay City, Nook partnership

Home ownership made easy with Rural Bank of Silay City, Nook partnership​

Rural Bank of Silay City has partnered with Nook, the Philippines’ first online mortgage broker, to make home and personal loan products accessible to more Filipinos by simplifying the tedious financing application process.

The partnership with Rural Bank of Silay City broadens Nook’s pool of reputable banking partners to give borrowers more loan options across its online platform.

 

Nook’s efforts to make the loan process easy and convenient are aligned with Rural Bank of Silay City’s thrust to provide a fast, simple, and efficient loan application experience to its customers. Through Nook, the bank has likewise widened its reach in line with its commitment to making financial products available to the underbanked and unserved communities.

Homeownership remains expensive and beyond the reach of most Filipinos. As they make the biggest investment of their lives, Rural Bank of Silay City wants to ease their burden by offering them an affordable financing product. Through the GoodLoan Housing Loan powered by Rural Bank of Silay City, applicants can buy a house and lot for an interest rate as low as 1.25% based on their credit score, payable up to 96 months. 

With the expansion of Nook’s product offerings beyond the mortgage, applicants via the platform can also avail of the full suite of GoodLoan products whether it is to pay bills and tuition fees, raise capital to start a new business or buy a motorcycle. GoodLoan products can also help Nook customers fund home repairs, cover travel and wedding costs, and finance other unexpected expenses.

In offering housing and personal loans, Nook is relying on its proprietary technology to help borrowers find the ideal lender and product that fits their needs. The online platform enables them to compare different loan terms that each bank can offer with a preview of the monthly payment, interest rate, fees, processing time, and other requirements. Applicants can get pre-qualified in minutes and Nook guides them throughout the process, saving them the trouble of filling out several application forms and making several trips to different banks.

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Why We Do What We Do

Why we do what we do

We know money matters can be complicated and overwhelming. These are uncertain times we live in so it is even more important that you have access to financial products that suit your needs and goals. That’s why we established the GoodBank platform.

Build a better life. With GoodBank, you are empowered to make better decisions, take advantage of greater opportunities, and have the confidence to confront adversity. We offer you useful and affordable financial solutions so you can focus on what really matters: living the life you deserve.

Reach the next level. We know you have been discouraged several times from chasing your dreams. You have been told you cannot own that home or your business is doomed to fail. With GoodBank, you can accomplish more with more resources available for you. We are rooting for you. We are not just excited to celebrate all your milestones. We want to be a part of them all.

All about you. Your trust is our most valuable asset. Your ever-changing requirements are shaping the way we do business and how we develop our products. We challenge the status quo and go above and beyond your expectations. The goal is to make a difference in your life and then serve as a catalyst for change in the community.

Always where you are. We know your deepest aspirations because we are powered by the Rural Bank of Silay City which has been in the business for more than 60 years. By getting to know you in person, offline not just online, and hearing and understanding the diversity of your needs, we learn every day. And we put that learning to use by combining our rich history and the power of technology so we can transform your everyday banking experience into something that is simple and reliable, wherever you are, whenever you need it.

With GoodBank, we believe in your unlimited potential. You have what it takes to go further. Take that first step with us and we will be with you the rest of the way. We are your trusted partner, the GoodBank you can count on. We are in this together.

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Easy Franchise taps Rural Bank of Silay City to help Filipinos start their own business

Easy Franchise taps Rural Bank of Silay City to help Filipinos start their own business​

Easy Franchise has tapped Rural Bank of Silay City as its official partner in providing SME loans to help aspiring entrepreneurs make their dream business a reality. 

Officials of Easy Franchise and Rural Bank of Silay City signed a memorandum of understanding last October 2022 to seal the partnership. Present during the signing were Rural Bank of Silay City President Jove Tapiador, Rural Bank of Silay City Marketing and Business Development Consultant Liziel Villavicencio, Easy Franchise Managing Director Bubbles Lim, and Easy Franchise Co-Founder RJ Ledesma.

Rural Bank of Silay City will complement the assistance and mentorship provided by Easy Franchise with access to capital, which is one of the main challenges in starting a business. 

Interested franchisees can now set up their own business through Easy Franchise with minimal cash-out since they can avail of an SME Loan with Rural Bank of Silay City. Applicants can borrow up to PHP 300,000 with no collateral needed.

This partnership becomes even more important as Filipinos become more interested in entrepreneurship. A recent national survey conducted by private polling and research firm Octa Research and commissioned by non-profit GoNegosyo found that four out of five adult Filipinos would prefer to go into business if they have enough capital and mentors to help them become successful.

Rural Bank of Silay City, through its suite of GoodLoan products, is committed to helping bridge the financing gap that has long been a barrier to the growth of the country’s micro, small- and medium-sized enterprises (MSMEs), considered the backbone of the Philippine economy. The bank believes that its digital financial solutions will help the MSME sector realize its potential to become a significant driver of economic growth and job creation.

Easy Franchise, an online platform that simplifies the franchising application process, helps potential franchisees make the right investment decision since they can choose from a list of franchises that can deliver their target return on investment based on the industry they prefer (food and beverage, retail and services) and their budget (PHP 50,000 to more than PHP 1 million). Beyond application, Easy Franchise also assists with the operation and growth of the business by providing mentorship and management assistance.

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GoodLoan showcased at Move It Day Riders Event

GoodLoan showcased at Move It Day Riders Event

Rural Bank of Silay City joined the Move It Day Riders Event last November 13 at the Le Pavilion Tent in Pasay City as part of its goal to make financial services accessible to underserved communities.

About 500 Move It riders submitted a GoodLoan application to help them upgrade their gadgets and motorcycles as well as finance the maintenance of their motorcycle units to support their livelihood.

The partnership with Move It is in line with the Rural Bank of Silay City’s commitment to uplifting the lives of Filipinos through financial inclusion. The bank believes in the potential of Move It riders and giving them access to affordable financial products and services will only unlock more opportunities for them.

In the same event, Rural Bank of Silay City launched the GoodLoan web portal which features a suite of loan products catering to the different needs and profiles of its customers. Micro-entrepreneurs, overseas Filipino workers, and seafarers can avail of additional capital to start or grow their businesses while employees can tap bridge financing to cover their monthly expenses.

GoodLoan is powered by the Rural Bank of Silay City, a trusted partner of Silaynons for over 60 years. The bank is undergoing a massive transformation to empower more Filipinos to reach their full potential and achieve their dreams.

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