BHF Rural Bank pilots programme with PearlPay
Fintech start-up, PearlPay, signed a first-of-a-kind pilot program agreement with Philippine-based, BHF Rural Bank to use cloud-based technologies, Ruby Hinchliffe reports.
In a bid to reach customers with limited or no access to the internet, BHF is the first ever Filipino rural bank to use core banking solutions, agent banking solutions and white-label eWallet solutions.
“Previously, it was nearly impossible for rural banks to become part of the e-money landscape,” says BHF president Armand Bonifacio. “The foremost concern is, of course, cost. It’s too expensive and risky for us. PearlPay will help us solve that challenge.”
He added: “PearlPay is one of, if not, the most promising enablers out there. This agreement will allow us not only to offer better and high-quality services to our customers, but also become an excellent example of what rural banks could achieve given the right partners and resources.”
Currently only 23% of Filipinos have access to formal financial products, but PearlPay is tackling this economic inclusion rate by offering BHF the ability to serve micro SMEs electronically.
“As a mobile tech wallet enabler, we will not compete with banks,” says PearlPay CEO Spark Perreras. “Instead, it will actually enable institutions in the Philippines like rural banks, schools, pawn shops, sari-sari stores, gasoline stations, and other micro, small and medium enterprises.”
The start-up is an end-to-end solutions provider for financial institutions and its pilot program with BHF is set to last for 12 months.
