Compass To Strongly Focus on Philippine Fintech Industry Through PearlPay
Compass International Management Consulting, Inc., a boutique financial services advisory firm, offering corporate finance, private equity, and debt products, has teamed up with Pearl Pay, a Philippine-based fintech company and mobile wallet enabler, to explore opportunities in the fintech industry in the Philippines.
Nearly three-quarters of the Filipino population (more than 104 million) don’t have the right financial access. There is a substantial problem to be solved posed by the unbanked and underbanked. Fintech, along with continued mobile and internet penetration, presents an opportunity to shift the paradigm for countries like the Philippines.
Fintech through financial inclusion could bridge the gap between banks and the underbanked and unbanked, thus the potential is so vast in the Philippines. Inclusion is a very crucial part of growth for any developing country. The Bangko Sentral ng Pilipinas (BSP) suggest in their survey that only around 23 percent of Filipinos can access formal financial products. Fintech holds the key in unlocking this market – the same opportunity that Compass and its Compass Investment Management Inc. Singapore arm now see through PearlPay.
PearlPay will offer world-class yet affordable banking applications that can interconnect the entire banking and payment industries in the Philippines. The company will provide an ecosystem of products and services such as:
- Mobile payments – bills, remittance, loans, and other payment needs
- Digital Cash – Prepaid E-Wallet
- Cloud-based Core Banking Solution
- Agent and Biometric Banking Solution
- Access to all partners and networks powered by the PearlPay technology
This ecosystem of products and services is meant to solve and tap the very issue of financial inclusion. As a fintech company in the Philippines, PearlPay aims to provide solutions that will not just offer alternative banking solutions but also offer Filipinos the technology to make their lives easier and empower their potential. As a mobile tech wallet enabler, PearlPay doesn’t compete with banks. Instead, it will enable institutions in the Philippines like the rural banks, schools, pawn shops, sari-sari stores, gasoline stations and other MSMEs with world-class mobile wallet payment technologies and a profitable revenue share model are the key to transforming the Philippines. Compass will leverage PearlPay’s mission to turn such potential into a growth opportunity.
CIMCI President and CEO John Salandanan said, “The FinTech industry in the Philippines is a relatively young and exciting one. For a startup fintech company, Pearl Pay is already making inroads in the fintech scene and we are confident that our partnership with them will take us both to the next level, in successfully riding the fintech wave.”
Pearl Pay co-founder and CEO Sparky Perreras said this is the first time Compass is investing in a fintech company.
“We call ourselves aggregators. We are targeting the provinces, the rural banks. A huge majority — around 65 percent – – of Filipinos, especially those living in rural areas still have limited access to banking services. However, many of the unbanked population own mobile phones and are open to new technologies. Therefore, our banking applications for rural banks will benefit them and ultimately their customers who will experience fast, secure online banking transactions,” Perreras said.
He added, “We have a growth roadmap. Manila is our headquarters but we are in the midst of establishing a regional presence. In three months time, we could achieve that.”
About Pearl Pay
Pearl Pay is a FinTech company providing world-class yet affordable banking applications designed to interconnect Filipinos and payment industries in the Philippines. Its Virtual Money Logistics System (VMLS) provides a comprehensive “Mobile Payment and Money Transfer Platform as a Service” relevant and aptly designed for the needs of people for actual use and
financial inclusion. The company continues to develop technologies and products to provide a holistic ecosystem where people across the globe can use to facilitate their financial needs.
Compass International Management Consulting, Inc. (CIMCI) is a boutique financial services advisory firm, offering corporate finance, private equity, and debt products. The company’s services include advising on mergers and acquisitions, strategic investments, and restructurings. We work with clients across Asia, with a particular focus on investments into the Philippines.