What are we trying to achieve with Tang?
The visionary Bangko Sentral ng Pilipinas (BSP) former Governor (2017-2019), Nestor A. Espenilla Jr. believes: “the future of the financial system lies in going digital and using it to achieve financial inclusion. We are too fragmented geographically to reach out using traditional means. Digital technology provides such a chance.”
This is also Tang’s vision: to make transactions like money transfer or phone load top-ups from abroad as simple as sending a text message, in a convenient, instant, and safe manner.
With the Tang app we bring Filipinos closer by connecting OFWs to their loved ones back home in the Philippines, who are unfortunately often financially excluded and an under served population. The Tang app is for Filipinos by Filipinos and aims to connect remittances to domestic last mile daily e-payments. The habits in the Philippines of transacting mainly in cash are partly due to the lack of effective access to formal financial services. It will only change when simplified digital access to these services is provided. Tang is here to help both Filipinos abroad, and at home, get the best financial digital services.
The benefits of being digital:
It provides greater access to a larger population of people. Our aim is not only to improve that reach and to provide easy access, but at better prices. With blockchain backed secure technology we are using the most innovative payment rail services, that will allow for money to arrive from the US in the Philippines within a day.
Secondly, digital transactions lead to enhanced economic empowerment and improved personal well-being, by providing better access at the touch of their fingertips. It is, for example, that ability that your lola can now call you and her friends using the phone credit that you in seconds sent across to her mobile phone from the US.
Moreover, better technology reduces the risks and costs that might be related to carrying cash. Ultimately, our goal is that our digital solutions also introduce a traceable way of making transactions that help give our customers better control over their finances
So join us at Tang and do your bit to change the consumption habits of so many Filipinos for the better. We’re launching the Tang App for phone load top-up, this summer. Use it to recharge your friends' and family’s phone connections. Sign-up with your e-mail on our website and we will let you know when our app is ready. www.tangapp.org
Images: (1) GMA Network Inc. (2-4) Taken by Tang CEO and Founder, Rebecca Kersch
Written in collaboration with The Fin Lit Project