FinTech company TrueMoney Philippines has signed a partnership agreement with Bayad Center, enabling the latter’s customers to have access to TrueMoney Philippines’ nearly 7,000-strong
agent network in remote areas of the country.
Manuel Lorenzo Tuason, President and Chief Executive Officer of CIS Bayad Center Inc. said ” We all work hard to pay our bills. One way of rewarding Filipinos for paying their bills is giving them access to more convenient channels of payment by bringing the service closer to them.”
TrueMoney – owned in part by the C.P. Group from Thailand and Jack Ma’s Ant Financial from China– is the largest and fastest growing financial life platform in Southeast Asia. From one market nearly two years ago, it is now present in six emerging markets in the region: Thailand, Vietnam, Indonesia, Myanmar, Cambodia and the Philippines.
TrueMoney started operating in the Philippines a year ago and it now has approximately 7,000 centers or partner agents, with continuing expansion across different regions in the
“TrueMoney and CIS Bayad Center are two industry leaders in their respective fields. Bayad Center is a top aggregator of payments and billers, so this partnership will give us access to more biller relationships. TrueMoney, on the other hand, has wide reach and distribution of financial services centers across the country, most especially in the provinces outside the urban areas,” said Xavier Marzan, President & CEO of TrueMoney Philippines.
TrueMoney services could be found in remote areas like Albay, Bataan, Benguet, Bohol, Bukidnon, Cagayan de Oro, Camarines Sur, Cavite, Cebu, Davao, Ilocos, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Nueva Ecija, Nueva Vizcaya, Pampanga,
Pangasinan, Quezon, Rizal, Tarlac and Zambales and more.
Its goal is to be the largest FinTech network in the country and its mission is to serve the unserved and unbanked segments of the population. The term “unbanked” refers to adults who do not have their own bank accounts, those who may rely on alternative financial services such as TrueMoney for their payments and financial needs. TrueMoney’s transactions include money transfer and remittances, bills payments, payments for e-commerce purchases, and loading of various products.
Like banks and other financial institutions, TrueMoney is regulated by the Bangko Sentral ng Pilipinas.