TrueMoney – Supporting Financial Inclusion with its e-Wallet Business
TrueMoney Philippines, which operates under Ascend Money, is the largest Fintech company in Southeast Asia and a digital finance joint venture of the C.P. Group and Ant Financial. TrueMoney aims to drive financial inclusion across the various countries by offering innovative and affordable financial services to the masses.
In a country where a large percentage of the market remains unbanked, TrueMoney’s mission is to champion financial inclusion for this underserved market through technology. With the right mindset, team, business model, and the application of technology, TrueMoney managed to build a strong partner branch/agent network of up to 20,000 storefronts covering 98% of provinces in the Philippines to date. These TrueMoney Centers provide payments and financial services that enable Filipinos to more conveniently and affordably pay their utility bills, send & receive remittance money from their families, and get access to new financial products such as micro-insurance. This 2022, given the advancement of mobile connectivity and affordable smartphone devices, TrueMoney is preparing to reach more farther flung areas and service more Filipinos with the development of a TrueMoney wallet app for the Philippines.
TrueMoney Chief Commercial Officer Manuel Cabanero said the launch of the e-wallet will further support the company vision for Financial Inclusion. “The TrueMoney Wallet will be For Filipinos who seek convenience in their financial activities, it will be the preferred application to perform payments, transfers, purchase and remittance by providing superior customer experience, bringing advanced technology and safeguarding customer data and privacy.” he said.
TrueMoney will capitalize on the wide reach of its agent network for wallet cash-in & out. According to global studies, the Philippines currently has a 75% internet usage penetration which will help TrueMoney address the market’s challenges and achieve the goal of financial inclusion for all Filipinos.