Bringing Banking Services to the UNBANKED
Short Trip Turned To Lifelong Mission
A long-awaited trip to Siargao opened our eyes to the other side of island life. Dubbed as the surfing capital of the Philippines, Siargao is over 400 kms. sq. with roughly 100K population and over 150K yearly tourist arrivals… and increasing year to year by around 25%
But all these booming economic activity is supported by a lone atm, often cashless and often offline, 40 kms away by motorbike in another town...
There Was Obviously A Problem In This Island Paradise
access to cash is difficult and challenging in the island economy of Siargao
and in a country of over 7100 islands and 106M population,
only 27% of the population are in the Metro cities… still 73% are in the rural and provincial areas
So the same situation in Siargao is probably happening in a number of other places in the Philippines...
Not to mention the challenging sets of reality and circumstances -
- only 14% of households have bank accounts
- 86% remain unbanked...
and getting larger because of minimum daily balance requirements
- and there’s only 12% credit card penetration nationally
But our unique circumstances bring exceptional opportunities...
"Philippines—I think you have the opportunity to make the world’s best fintech, because you have so many mobile phones. We should make the Philippines a cashless society."
Starting in Siargao... with SIARGAO Pay
But wait, there’s more...
"Community-Targeting" can easily be extended and implemented in other similar places and markets - Pob Pay, ElYu Pay, etc.
We are Filipino founders and developers trying to solve problems unique to the Philippines.