FinVolution Group, a trailblazer in the FinTech industry, announced a significant development in its Philippines operations.
The company’s financial subsidiaries in the region, Wefund Lending Corporation and Lightning Financing Company, have struck a substantial loan facilitation deal valued at 2.75 billion Peso ($47.5m) with Maya Bank, a leading digital bank committed to enhancing the financial landscape for consumers and businesses alike.
FinVolution is renowned for its pioneering role in online consumer finance, particularly among the younger demographic. The company leverages advanced technology to connect borrowers with financial institutions, enhancing the efficiency and accessibility of financial services.
FinVolution’s Vice Chairman and Chief Executive Officer, Mr. Tiezheng Li, commented, “In line with our Local Focus, Global Outlook strategy, FinVolution is proud to foster economic and digital development in the Philippines through this strategic partnership. Together, JuanHand and Maya Bank will enhance credit accessibility nationwide, marking a significant milestone in our efforts to promote financial inclusion and empowerment. We are confident this partnership will pave the way to a brighter and more financially secure future for underserved communities throughout the Philippines.”
Mr. Angelo Madrid, President of Maya Bank, added, “We are proud to work with WeFund, and this initiative is a powerful step in getting more Filipinos banked through technology. This joint effort significantly expands the financial options available for borrowers, helping to promote better financial health, especially among the unbanked and underserved.”
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