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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

  • October 17, 2023

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​

  • May 15, 2023

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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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​

  • January 18, 2023

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

  • December 21, 2022

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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