Zed launches first credit card created for PH yuppies

DESPITE the financial industry’s recent attempts at digitalization, Filipino customers still face significant hurdles when accessing credit products.

“If you talk to any Filipino, there’s still significant frustration with the complexity, lack of transparency, and bureaucracy embedded in financial services. Only 8 percent of Filipinos own a credit card, largely because it is incredibly difficult to get one if you don’t already have one,” Zed co-founder Danielle Cojuangco Abraham said.

Complicated application processes, tedious documentation and arbitrary underwriting methods are among the challenges that disproportionately impact young people when applying for their first credit card accounts.

Those lucky to get approved face astronomical APRs, punitive fees and a broken customer experience. These observations led to the creation of Zed, the first credit card for young Filipino professionals.

“We founded Zed on the belief that young people in the Philippines and Southeast Asia deserve better financial products, better technology and ultimately better service tailored to their lifestyles and exceeding their expectations,” Abraham said.

Created by two Stanford engineers and Y-Combinator alumni, Zed is a credit-led neobank regulated by the Bangko Sentral ng Pilipinas (BSP). Its first offering is a Mastercard Titanium credit card that boasts no interest, foreign transaction fees or annual fees and is backed by a groundbreaking app — all of which makes it the ideal credit card for everyday spending, travel, utilities, and everything in between.

“Our proprietary technology platform allows us to remove the pain in traditional banking, deliver powerful first-to-market features, and provide a fair and transparent cost structure where both Zed and the customer could win,” Zed co-founder Steve Abraham said.

Visit https://www.zed.co/ for more information.