The Asian Development Bank has approved a $300 million policy-based loan to support the Philippine government in creating a stronger institutional and policy environment to help expand access to financial services.

Orion Innovation is excited to announce a strategic partnership with Philippines-based Cebuana Lhuillier Bank in its transformative journey towards financial inclusion and modernized banking services.

This initiative aims to help the unbanked—particularly those who lack documentation—build a financial profile and credit history and, over time, access loans and other services that were once out of reach.

The loan aims to strengthen the financial sector’s stability, integrity, and resilience; expand financial inclusion especially for MSMEs; and help climate and disaster risk finance.

By offering a frictionless and friendly lending experience, the firm aims to empower traditionally underserved Filipinos to achieve their goals and bring them into the formal and secure financial ecosystem.

The funding will allow Esquire, a market leader in the unsecured small and medium enterprises loan segment, to grow its loan portfolio and better serve women-owned SMEs during and after the global pandemic.

The investment will enable Voyager to grow its platform and offer integrated, end-to-end digital financial services to consumers, micro, small, and medium-sized enterprises (MSMEs), and large enterprises.

Voyager, which serves 47 million people through its consumer platforms that include e-wallet and digital payments, said the fresh capital will fund its digital banking venture and other services like cryptocurrency and micro-investments.

The Bangko Sentral ng Pilipinas said the use of satellite technology to expand broadband services would boost financial inclusion, as well as help banks in remote areas improve disaster resiliency.

Under the terms of the agreement, CIMB Bank Philippines will leverage Zoloz's eKYC solution for frictionless user onboarding and enhanced payment experience, making financial services more accessible and inclusive to Filipinos.