China Bank Savings offers online marketplace for consumer loans

MANILA, Philippines – China Bank Savings (CBS), the thrift unit of China Banking Corp., becomes the first of its kind to adopt an online marketplace platform for consumer loans.

CBS has partnered with Voyager Innovations, the digital innovations unit of PLDT and Smart Communications Inc., for Lendr, the country’s first online marketplace platform for consumer loans.

Lendr is a fully digital, multi-channel, telecommunications and bank agnostic solution that financial institutions and credit providers can use to reach consumers planning to avail of loans.

Through Lendr, consumers will be offered a convenient, transparent, fast and secure service through a marketplace that provides an all-in-one account and multiple loan options, delivered straight to the mobile device.

Voyager Innovations president and chief executive officer Orlando B. Vea said financial technology is changing the banking industry.

With Lendr, any consumer can apply any time whenever they need money for emergencies, minor house repairs or school tuition via SMS, mobile app or online with any device or telco provider.  Consumers are in full control as they can keep track of their loan application status, loan repayments and amortization schedule.

CBS president and chief executive officer Alberto Emilio V. Ramos called Lendr as a game-changing solution - one that will pave the way for broadening the thrift bank’s market share, he added.

Ramos said the platform would enable CBS to service the needs of its clients more efficiently. More importantly, Lendr will empower both existing and prospective clients who will now have a convenient, fast access to product information and options,” he added.

CBS is one of the fastest growing and leading thrift banks in the country. It began operations in 2008, following China Bank’s acquisition of Manila Bank in 2007.

With the acquisition and merger of Unity Bank in 2012, and Planters Development Bank (Plantersbank) in 2014, CBS emerged as a strong banking franchise that serves the needs of retail customers and small to medium scale businesses.

As of end September, CBS has total assets worth P72.35 billion. Loan portfolio stood at P49.72 billion while deposits is valued at P64 billion.

It is the fourth largest among the country’s thrift banks in terms of assets, loans and deposits.