KUALA LUMPUR: GHL Systems Bhd’s unit in the Philippines has received the approval from the authorities there to start its lending operations.
The payment services provider said on Monday GHL Philippines Financing Services, Inc had received the relevant certificates.
The lending operations are covered under two laws, namely, Financing Company Act 1998 and Foreign Investment Act 1991.
“GHL Philippines Financing Services Inc.’s certificate of operations was granted by the Philippine Securities and Exchange Commission and this lending business will also be under the purview of the Anti-Money Laundering Council (AMLC), ” it said.
GHL Philippines follows closely behind GHL’s Malaysia and Thai operations which launched their lending operations towards the end of 2019.
CEO of GHL Group Danny Leong said the Philippines operations was part of the group’s strategy to add value to its merchants in addition to payment services.
“Covid-19 has brought many challenges to many SME merchants and we hope to be able support them through the difficulties and to assist them to catch the recovery wave, ” he said.
Leong said this pandemic has brought with it many challenges and disruption to many businesses, including retail, commerce and tourism.
“However, it has also accelerated the adoption of cashless options such as online transactions and the growing use of debit/credit cards and e-wallets as consumers opt for cashless instead of cash as one of the many precautions against Covid-19, ” he said.
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