Philippine banking software firm Netbank launches credit services with Investree

Philippine-based banking-as-a-service (BaaS) platform Netbank has launched a credit services product for small and medium-sized enterprises in the country.

To facilitate the service, Netbank has partnered with Investree, an SME-focused business-to-business marketplace for lending.

Eleveted, night view of Makati, the business district of Metro Manila.

Investree Philippines CEO Kok Chuan Lim said the partnership would allow his firm to digitize its offerings and better manage credit risks for its investors. He added that Investree was also partnering with other regional digital banks to channel funds into micro, small, and medium-sized enterprises.

“SME lending is very underdeveloped in the Philippines. SME loans as a percentage of GDP (gross domestic product) is approximately 3%, compared to 37% in Thailand and other countries in the region. As a result, SMEs struggle to grow, slowing job creation and economic development,” Netbank said in a press note.

The partnership comes after Netbank joined Mastercard’s Fintech Express program just last week. This allows the neobank to access Mastercard’s digital services and also issue debit and credit cards.

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Netbank, which claims to be the first BaaS platform in Southeast Asia, offers businesses a range of services that simplify opening accounts, managing payments, and handling loans. The firm, which went live last month, says it is a fully regulated bank and operates under a rural banking permit.