Fintech firm offers BNPL, flexible loan vs inflation woes

Skyro, a financial technology firm, has launched its buy-now-pay-later (BNPL) financing and flexible loan as a growing number of Filipinos find ways to cope with inflation and the impacts of recent typhoons.

"With high inflation and the typhoons we have experienced, consumers may have money to spend now, but who knows if the money will still be there in the future?" Skyro head for point-of-sale system Lowen Medina said.

Skyro's BNPL and flexible loans are available on its app, making financial services accessible to Filipinos nationwide.

Through its partnership with Paynamics, Skyro also connects consumers with over 4,000 merchants, including e-commerce websites, hotels, airlines and insurance companies.

Medina said Skyro offers zero to low interest rates and adjustable payment periods.

"They can go to the app and adjust their monthly amortization and due date. In this way, we ensure that they will still be able to pay their loans based on the payment term they have selected," he said.

Vision

“Our vision is for Filipinos to enjoy a life they’ve always dreamed of. Now we’re slowly making that happen through our partnership with Paynamics, allowing its online merchants to offer our flexible financial lending solutions," Medina continued.

Using Skyro's own artificial intelligence and data analysis system, Medina said loan applications can be approved in as fast as two seconds up to five minutes.

He added that Skyro registered a high approval probability rate, with 80 percent of all loan applications usually approved.

"Together, we bring stronger cash flow to businesses while offering customers flexible payment options and terms, fostering a more inclusive and digitally empowered economy," Paynamics co-founder and chief executive officer Mylene Chua-Magleo said.