Manila, Philippines – Packworks, a Philippine-based startup company providing technology-based solutions to Filipino sari-sari stores, has recently announced its strategic collaboration with Cebuana Lhuillier’s Kanegosyo Centre.
In this partnership, the two are set to launch Sari Fund, an inventory financing service aimed at offering sari-sari stores the financial freedom to stock up on their inventory.
The said initiative will utilise Packworks’ Sari.PH app, which the Kanegosyo Centre will use to extend an exclusive credit line to eligible users. This will allow them to procure inventory from partner megastores.
To ensure affordability, on the other hand, eligible sari-sari store owners will be charged only a minimal transaction fee, enabling them to concentrate on expanding their business.
Micro-retail stores can also replenish their inventory without the immediate burden of upfront costs. This enables them to maintain a diverse range of items to serve their communities’ needs while also fostering growth and stability in their businesses.
Talking about the collaboration, Bing Tan, co-founder and chief executive officer at Packworks, said, “We at Packworks are thrilled to embark on this journey with Cebuana Lhuillier, uniting our strengths to bring a transformative change in the grassroots retail sector. The Sari Fund is more than just a financial solution but a beacon of hope for the heart and soul of our communities—the sari-sari stores.”
“We believe that by unlocking their potential, we’re contributing to a more vibrant and resilient MSME sector in the Philippines. Through this partnership, we are not only providing essential financial support but also fostering financial inclusion. This is a significant step towards a future where every sari-sari store owner has the opportunity to grow and succeed,” added Bing.
Jean Henri Lhuillier, president and CEO at Cebuana Lhuillier, also commented, “The dynamic alliance between Cebuana Lhuillier’s Kanegosyo Centre and Packworks exemplifies a harmonious strategy in advancing financial inclusion for MSMEs. Through the fusion of technology, they dismantle conventional barriers, presenting groundbreaking and accessible micro-financing solutions to empower the unbanked and under-banked segments.”
With an innovative inventory financing programme, this partnership between Packworks and Cebuana Lhuiller’s Kanegosyo Centre intends to overcome the traditional barriers to empowering the unbanked and underbanked sectors.
