The app will provide access to the company’s e-Wallet, local food delivery, and other mobile ecommerce solutions, as well as its recently announced mobile fintech platform for microlending, driver’s license testing payments, and mental health consultations.

The grant from the French Development Agency is expected to enhance the BSP’s initiatives to empower marginalized sectors in the Philippines by providing them access to financial products and services.

Expanded collaboration will offer outbound and inbound money transfer services through Cebuana Lhuillier mobile app.

The investment aims to support a resilient recovery by promoting business growth, creating jobs, and fostering financial inclusion.

A 2020 Financial Services Demand Side Survey Report released by the Reserve Bank revealed that the level of formal financial inclusion among Fijians has increased to 81 percent from 64 percent in 2014.

The measure will promote financial inclusion and literacy especially to those living in rural and underdeveloped areas to ensure equitable access to financial technology.

Ongoing shifts toward e-commerce, digital payments (including contactless), and instant payments have all been significantly boosted during the pandemic with real-time payments surging by 104 percent.

Loan restructuring applications peaked in April-May with the second wave of COVID-19, reaching about 20,000 applications per week, and are now down to about 2,000 per week.