Seventy percent (70%) of Southeast Asia’s population are unbanked or underbanked. A recent report by the Bangko Sentral ng Pilipinas (BSP) revealed that 41 million Filipinos, which equates to a little over half of the country’s adult population, face challenges such as an inability to get credit cards, loans, or adequate insurance.
This was the very reason BillEase was born exactly 5 years ago today.
As we take time to express our gratitude for the years that have gone by, we also fix our eyes on the years ahead.
Paving the Road to Financial Inclusion
Launched in 2017, BillEase had the vision to help every Filipino take control of their financial future. The brand is from a product-focused fintech company leveraging machine learning technology in building financial products and global best practices in credit underwriting to meet the needs of unbanked customers.
BillEase provides different types of financial services such as personal loans, e-wallet top-ups, prepaid load, gaming credits, bills payment, as well as a customizable shop now, pay later option which allows customers to pay for their purchases online and offline in interest-free or interest-bearing installment plans. Currently, BillEase offers merchants and their customers light and easy options to pay for small-to-medium ticket purchases to big purchases which can be interest-free or interest-bearing.
Engaging Young Adults
In other more developed countries, there is a general trend for Millennials and Gen Z to move away from credit cards. BillEase makes sure to provide room for them in the growing space of financial technology.
Through BillEase, even the young professionals can split payments in easy installments without a credit card or the need to top up an e-wallet account. After downloading the app, they can register anytime, even outside of banking hours and weekends. As fast as 1 day after completing the easy sign-up process and requirements, they can be approved and get instant credit of up to P50,000 for online shopping or get a personal loan with easy payback options.
The Philippine digital economy’s revenue is projected to grow to the equivalent of 12% of gross domestic product (GDP) by 2030. According to data from the Competitiveness and Innovation Group of the Department of Trade and Industry (DTI), the use of technology in many Filipino startups allowed digital transformation and paved the way for the growth of the digital economy.
To date, BillEase has over 1 million monthly active users and is now a top-rated consumer finance app in the Philippines, trusted by big brands and reputable payment gateways.
“A young organization in a fast-changing world, BillEase has adapted and reformed many times in the past 5 years. One thing that has not changed is our mission to transform the lives of Filipino consumers by innovating towards greater financial inclusion,” said Georg Steiger, Chief Executive Officer and Co-Founder of BillEase.
Promoting Work-life Blend
Originally a temporary response to the pandemic, hybrid and remote working arrangements have become more permanent. Operated by fintech company First Digital Finance Corporation (FDFC), BillEase recognizes that employees are the most valuable assets of an organization.
Here is what some of our staff have to say:
Adapting to Change
An unexpected silver lining of the Covid-19 pandemic is the adoption of digital platforms among Filipinos, such as fintech, e-commerce, and digital providers and services.
With lockdowns and restrictions easing up, BillEase started to be more proactive in the offline segment of the industry. Hundred of stores have partnered with us to bring easy installment options for in-store shoppers through the QR scan now, pay later option.
Truly, it’s still a long journey not just for BillEase as an organization, but also for the entire country to achieve greater financial inclusion.
We accept the challenge and move forward to pursue further until we achieve the noble goals we set for ourselves 5 years ago.