Fast-growing startup Kwara starts digitizing cooperatives and rural banks in the Philippines
Fintech startup Kwara is launching in the Philippines. Kwara turns cooperatives and rural banks into modern, digital banks by providing them with a cloud-based back-office system. This is combined with a neobank experience for end-clients. The expansion to the Philippines aims to give over 30 million people financial health through cooperatives and rural banks.
Co-Founder David Hwan says: “The Philippines has a rich history of rural banks and multi-purpose cooperatives. Given the distributed islands, millions of people depend on these financial institutions. Kwara has proven to take over 40 cooperative banks to new heights by digitizing their back-office and offering their members a modern banking experience. We are excited to extend our technology and ambitions for the cooperative sector to the Philippines.”
To date, Kwara has successfully brought onboard four cooperatives in the Philippines who serve 2,200 members and counting. There has been an overwhelming positive response from cooperatives and their clients. Kwara aims to triple their client base in the Philippines by the end of this year.
The Chairman of Seafarers and Allottees Credit Cooperative, Mr. Andrew Ke Chua Rojo, shared that they have experienced much comfort and convenience ever since they used Kwara.
“Our operations have become efficient and faster ever since we used Kwara. It has a user-friendly platform that is convenient and has made our transactions easier and faster. With Kwara we have the assurance that all our data is safe in a reliable digital banking system”, he said.