Instalment loans provided on the Cashwagon platform have been well-received in Indonesia, Philippines and Sri Lanka
SINGAPORE – Media OutReach – 31 January 2020 – With the ongoing goal of driving financial inclusion in South East Asia, Cashwagon, a fintech company, today shared that it has seen strong customer interest in the instalment loan consumer finance product offered by its partners in the Indonesian market.
Following this, the company has plans to introduce access to instalment loans in its other markets soon, starting with the rapidly growing market of Vietnam in the first quarter of 2020. By connecting users with the instalment loans that they are looking for, the company has helped local Indonesians obtain the personal financing necessary to take charge of their lives.
The instalment loans offered through the Cashwagon platform has been launched in three markets: Indonesia, Sri Lanka and the Philippines, where many locals are underserved by traditional financial institutions. Cashwagon’s AI-powered evaluation algorithms have sped up the loan approval process helping to drive strong demand for its partners’ loan products and providing customers with a hassle-free application process and quick turnaround. Cashwagon, together with its partners, offers access to free trial products to individuals who have not used Cashwagon’s platform before, providing them with the financing options that they need.
Mr Maxim Chernuschenko, CEO and Founder of Cashwagon, said: “For the local people, securing credit is very difficult because they are often turned away from traditional financial institutions. They are not getting access to the financial resources that they need, and this is what our instalment loans help with. We’re glad to be able to bring financial inclusion to those in Indonesia, Sri Lanka and the Philippines. We’re excited to provide our Vietnamese market with access to instalment loans in early 2020.”
The company has developed the digital platform used on websites and mobile applications by its lending partners in local markets. To date, Cashwagon has reached a cumulative global loan processing milestone of 4,500,000 loans valued at US$400 million, which were disbursed by its local partners to more than 1,250,000 customers in 5 different countries.