Don't think I'd be too dismissive of the other aspects of the business, Brewstex.
Speaking with the Company recently I gained the impression, for example, they have been carefully refining the BizmoLoan product in real-world conditions so they're fairly confident now of its efficacy, applicability and of the demand for the product.
You can gauge the potential of that aspect of the Bismoto offering from Chris Kain's remarks in the latest interview (from about 7:20):
Peter Kapsanis: Okay, let's hone in a bit more on the BizmoLoan product. How big is the consumer finance market in the Philippines which allows you to offer that BizmoLoan service, and how fast is it growing?
Chris Kain: Yeah, that's a good question. So in the last 12 months to April ’23, the total lending market in the Philippines grew by just over 10%, and the value in Aussie dollar terms is circa AU$320-$330 billion.
Peter Kapsanis: Hang on. Say that figure again - that sounded like a quite a whopping figure!
Chris Kain: It is. Three hundred and twenty billion Australian dollars is the size currently of the lending market in the Philippines.
Now the advantage we have as a non-bank lending company is that we're able to provide alternate sources of finance for borrowers who might not meet the stringent needs and requirements of the banks. And indeed the Central Bank of the Philippines, the BSP, says that 41% - or up to 47% - of the Filipino people borrow money. So that’s a large base from a population of 110M people.
And it really is undeniable, and particularly brought on by the Covid situation, the pandemic across the world, that the future of lending is digital. So people don’t go into branches any more to borrow, they like to borrow and access funds via their mobile app. And that’s exactly what BizmoLoan allows people to do. They can apply for a loan through the Bizmoto app, and then they can be paid a loan into a wallet through the Bizmoto app.
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