Pay8 has signed a memorandum of understanding with secretary Raul Lambino of the Cagayan Economic Zone Authority (CEZA) in the Philippines.
Pay8, which specialises in payment solutions, is providing the CEZA with last mile connectivity using their proprietary platform to enable online payments in remote areas.
The project is in line with the programs of the Duterte administration for financial inclusion, giving the 80% of the unbanked population in the Philippines access to the banking network.
This will includes residents, locators, small businessmen in the Sari Sari stores, fishing operators, and transportation operators.
Pay8 serves as a payment gateway by utilising a portable point of sale (POS) system, bringing mass transactions online for often isolated communities.
It also dovetails with the ecotourism push, allowing hotels and resorts in CEZA to accept and receive tourist payments under bancnet and Visa/MC.
This connectivity will also take advantage of the proximity of the new airport in CEZA to major North Asian cities being a short 45 minute flight from most of the coastal cities of China and Taiwan, and less than two hours from Japan and Korea.
“We are excited to be part of the pivot of CEZA towards being the Fintech leader in Asia. We look forward to working hand in hand with them to provide an effective platform for financial inclusion.
“This Filipino developed platform is scalable and can be a showcase for other emerging markets in Asia and is aimed at helping CEZA constituents compete in the digital world”, said HatchAsia president, Kirk Arambulo.
Pay8 is a majority owned subsidiary company of HatchAsia Inc., which has filed for its listing by introduction with the Philippine Stock Exchange (PSE).