Zed Has Been Issued a License by the BSP to Operate as a Standalone Credit Card Issuer

Zed, a credit-led financial technology company which has been on a sanctioned pilot for the last six months, has finally secured its license from the Bangko Sentral ng Pilipinas (BSP). This makes the company the first neobank to offer credit cards as a standalone issuer in the Philippines.

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"This independence, [as well as] our foundation as a technology company, [mean] we can rapidly and continuously improve our product, unconstrained by legacy systems,” Danielle Cojuangco Abraham, co-founder and CEO of Zed, said.

Zed is now set to officially roll out its credit cards to the public on an invite-only basis. Initially, it can only be availed through a waitlist during its pilot phase. With the neobank’s authority to operate, those who signed up can expect invitations to apply for a Zed card in the coming months. Close to 40,000 people are currently waitlisted, according to the company.

“We’re overwhelmed by the excitement for Zed and the number of signups we’ve received,” said Abraham. “Given the significant demand, it will take some time for us to open up spots for all 40,000 individuals on the waitlist. Rest assured [we are] already sending out invitations and will get to everyone [who] signed up.” 

Zed is a Mastercard credit card with no interest, annual fees, and foreign transaction charges, and is the only one of its kind in the Philippines. Its credit limit is determined through a user’s current and potential income to avoid limitations based on traditional credit scores, as well as to promote responsible spending. Founded by Danielle Cojuangco Abraham and Steve Abraham, Zed specifically targets Gen Zs who have limited to no credit history, providing them with access to basic financial tools.