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Manila Bulletin devider Business devider Trade & Industry devider Fintech seeks improvement in credit access for Filipinos

Fintech seeks improvement in credit access for Filipinos

Published Sep 7, 2023 09:34 am

Lista, a fast-growing financial management app in the Philippines, announced a partnership with MoneyMax, a leading personal finance platform, to improve Filipinos' access to credit by raising credit card penetration from the current 25 percent. 

Lista co-founder Khriztina Lim said the product of the collaboration is the addition of a new Credit Cards feature on the Lista app. The new feature gives users the ability to view curated card offers, compare cards, and easily apply for their preferred card in just a matter of clicks. 

“Lista was created to provide Filipinos with purpose-driven solutions for their personal and business finances. Credit plays an important role not only in driving economic growth, but also in helping people purchase goods and services that can change lives for the better,” said Lim. 

In today’s economy, credit cards are a convenient way to extend one’s spending capabilities. However, many Filipinos perceive applying for a credit card to be a difficult and stringent affair. 

Additionally, a recent TransUnion Philippines study on local perceptions towards credit found that despite most Filipinos having a general understanding of credit concepts, the penetration rate for credit cards in the country stood at only 25 percent.  

Better access to credit can help foster greater financial inclusion. The integration of seamless credit card application on the Lista app does away with many of the perceived difficulties in applying for a credit card. Having a side-by-side card comparison feature also makes it easier for users to pick the card that best fits their needs. 

These user-centric solutions provide Filipinos better control and convenience over their financial choices – potentially opening greater financial opportunities to more people.

“Through this partnership, we will utilize technology to bridge the gaps that keep Filipinos from greater financial inclusion – empowering more people to live healthier financial lives,” Lim added.

She said that the new Credit Card app feature and the partnership with MoneyMax are the latest milestones in Lista’s commitment to supporting Filipinos throughout each step of their financial journeys. “Users can expect more exciting initiatives to further simplify budgeting, saving, credit, and other aspects of personal financial management to come soon,” said Lim.  

Since its establishment in 2014 as part of the MoneyHero Group – a market leading personal finance aggregation and comparison company in Greater Southeast Asia – over 40 million Filipinos have benefited from MoneyMax’s services. 
 

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