TrueMoney Hits 4M Customer Mark in the Philippines


E-payment services provider TrueMoney Philippines has reported nearly 30% average month on month growth on transaction volumes and over 4 million Filipino customers served only two years since it began operations locally.

Meanwhile, in a separate announcement, AscendMoney, which operates the consumer-facing TrueMoney brand in the Philippines and across five other countries in Southeast Asia, reported that it transacted a total payment volume of $5 billion across the region in 2017.

TrueMoney Philippines’ leadership team is pleased with the results of its operations in the country and remains bullish on the local market. TrueMoney primarily provides financial inclusion by offering prepaid top-up services, bills payment, and remittance.

TrueMoney Philippines President Xavier Marzan commented, “In just a short span of time, TrueMoney has achieved a significant level of growth and scale in the financial services industry. Since it started operations in the Philippines just under two years ago, the company has grown to serve over 4 million Filipino customers. We remain committed to growing our products and operations in the local market.”

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Meanwhile, according to TrueMoney Philippines CEO Jacqueline van den Ende, “The business already has over 15,000 partner agents nationwide today, from 5,000 partners just a year ago and is aggressively growing its footprint in far-flung areas across the Philippines to attend to the underserved and unbanked sectors.”

Key to the growth of TrueMoney in the Philippines is its hybrid model, wherein the company provides both online services with its wallet and offline transactions via its agent network. In the Philippines, this model is especially crucial as 52.8 million Filipinos, or 77.4 per cent of the total Philippine population, remain unbanked, this is according to the 2017 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas (BSP).

Also Read: Philippine Savings Bank Posts P1.35bn Net Income in H1

The two main shareholders of TrueMoney are CP Group and Ant Financial. TrueMoney leverages CP Group’s merchant and customer networks through strategic partnerships and benefits from Ant Financial’s technical and strategic expertise to widen its service offerings and payment options. –