Majority of Filipinos live paycheck to paycheck, with only four out of 10 of those surveyed by the country’s central bank in 2015 having emergency funds for rainy days. There are also an estimated 36 million still borrowing cash for their daily needs, leaving them vulnerable to predatory lenders that charge high interest rates.
This is why Advance, a Manila-based fintech startup, aims to simplify financing for Filipino workers and promote responsible debt management.
Tech in Asia covered Accion Venture Lab’s latest investment in Advance, a digital platform providing salary on demand to workers in the Philippines.