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.

The refreshed six-year-old National Strategy for Financial Inclusion is meant to make it more current and to reflect the impact of the COVID-19 pandemic and greater digitalization of financial services.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the establishment of a digital banking framework is particularly relevant as billions of people affected by the pandemic are driving a historic and dramatic shift in consumer behavior.

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.