GHL SYSTEMS BERHAD (GHL), a payment service company based in Malaysia, is set to launch its microlending initiative in the Philippines by the third quarter, its chief executive officer said on Monday.
The lender is looking to provide small and medium enterprises (SMEs) with capital to support business growth through the microfinance facility, the GHL SME Loan, the company said in a statement.
The GHL SME Loan will be offered in the Philippines by August after its rollout across GHL’s existing merchant base in the country.
“SMEs are the lifeblood of the Philippine economy. We understand that access to reliable credit is a critical challenge for many small businesses due to the stringent requirements and the lengthy application process of banks,” GHL Philippines Chief Executive Officer Jesus Michael A. Tirona said in a statement.
“The GHL SME Loan aims to address these challenges and provide businesses with the financial capital to compete and grow in the Philippines’ thriving business environment,” he added.
The microfinance loan facility has been approved and registered with the Securities and Exchange Commission, according to the company.
The GHL SME Loan, the company also said, provides a simplified loan application process along with competitive interest rates. There is no upfront payment, which allows businesses to quickly access the funding they need, it noted.
The GHL SME Loan will also allow SME clients to make loan payments through an existing settlement arrangement with the payment service company.
Since its launch in Malaysia last year, the GHL SME Loan facility has served over 700 merchants and disbursed over RM40 million (about P285 million) in loans to date, the company said.
“The GHL SME Loan facility reaffirms the company’s commitment to driving a more financially inclusive ecosystem that enables SMEs to access resources needed for growth,” Mr. Tirona added.
GHL has extended its reach to Malaysia, the Philippines, Thailand, Indonesia, Singapore, and Australia. It has over 434,400 payment touchpoints across the region.
GHL was listed on Bursa Malaysia since 2003. It is also a payment acquirer in ASEAN for about 100 global and regional payment schemes and channels, processing over RM1.5 billion in payment transactions per month. — Keisha B. Ta-asan