HatchAsia subsidiary Pay8 to provide remote banking

Pay8, a Fintech company, represented by chairman Kirk Arambulo, has signed a Memorandum of Understanding with Secretary Raul Lambino of the Cagayan Economic Zone Authority (CEZA).

Pay8, which is a majority owned subsidiary company of HatchAsia Inc., is providing the CEZA Zone with last mile connectivity using their proprietary platform to enable online payments in remote areas.

Pay8 serves as a payment gateway by utilizing a portable point of sale (POS) system, bringing mass transactions online for isolated communities. It also dovetails with the ecotourism push, allowing hotels and resorts in CEZA to accept and receive tourist payments under bancnet and Visa/MC.

This connectivity will also take advantage of the proximity of the new airport in CEZA to major North Asian cities being a short 45 minute flight from most of the coastal cities of China and Taiwan, and less than two hours from Japan and Korea.

“We are excited to be part of the pivot of CEZA towards being the Fintech leader in Asia. We look forward to working hand in hand with them to provide an effective platform for financial inclusion. This Filipino developed platform is scalable and can be a showcase for other emerging markets in Asia and is aimed at helping CEZA constituents compete in the digital world”, said HatchAsia President, Kirk Arambulo.

Pay8 is a majority-owned subsidiary company of HatchAsia Inc., which has filed for its listing by introduction with the Philippine Stock Exchange (PSE).

According to a company press release, the project is in line with the programs of the Duterte administration for financial inclusion, giving the 80 percent of the unbanked population in the Philippines access to the banking network. This will include residents, locators, small businessmen in the Sari Sari stores, fishing operators, and transportation operators.