The New City Commercial Center (NCCC) has partnered with blockchain company TraXion Tech Inc. for a program that will provide credit facility to members of cooperatives and companies in Mindanao.
The Ka Partner program allows members of the cooperatives and companies to shop at retail stores and supermarkets of NCCC by either using their card or mobile phones with application on credit, said officials of the two companies.
Lafayette A. Lim, NCCC Group of Companies chief executive officer, said those members of the program can shop for credit with their credit limit dependent on how much their cooperatives or companies will provide them.
The program, pilot-tested at the NCCC mall in Buhangin, hopes to attract about 500,000 enrollees this year.
“(The program) will benefit the users using the Ka Partner Card,” said Lim as the company is also using the program as part of its Ka-Coop Card program, its partnership with cooperatives.
He explained that cooperatives and companies who want their members to become part of the program will enroll into it and will be assessed on their respective credit limit which they will divide among members.
Ann J. Cuisia, founder and chief executive officer of TraXion, said the Ka Partner program will allow members of cooperatives and companies to have credit lines without go to banks as the latter require their borrowers to submit cumbersome requirements.
“Our focus is the underserved (by financial institutions) and unbanked communities,” said Cuisia, adding that the partnership will have bigger functionalities in the future as the partnership is looking at how it can expand its offerings. “When there is technology, there are so many things that you can do, there are so many things that you can go into for as long as there is engagement,” she explained.
