FinVolution's Philippines Subsidiary Cooperates with Maya Bank, Boosting Credit Accessibility

Rhea-AI Summary

On June 20, 2024, FinVolution Group (NYSE: FINV) announced that its subsidiaries, Wefund Lending and Lightning Financing Company, have entered into a loan facilitation agreement with Maya Bank in the Philippines. The agreement, worth 2.75 billion Peso (US$47.5 million), aims to enhance credit accessibility for unbanked and underserved communities. JuanHand, an online lending platform under Wefund, will play a significant role in this initiative. The partnership aligns with FinVolution's strategy to expand its services and foster financial inclusion in the Philippines.

Positive

• Entered a 2.75 billion Peso (US$47.5 million) loan facilitation agreement with Maya Bank.
• Partnership aims to increase credit accessibility for unbanked and underserved communities in the Philippines.
• Expands FinVolution's service offerings and potential for future collaborations in the Philippines.
• JuanHand, with 6 million registered users, will serve as the main platform for this initiative.

Negative

• None.

News Market Reaction

+1.26%

1 alert

+1.26% News Effect

On the day this news was published, FINV gained 1.26%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SHANGHAI, June 20, 2024 /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform, today announced that its Philippines financial subsidiaries Wefund Lending Corporation and Lightning Financing Company entered into a loan facilitation agreement totaling 2.75 billion Peso (US$47.5 million) with Maya Bank, a pioneering digital bank dedicated to empowering the experience of its consumers and enterprise clients, and improve credit accessibility for the unbanked and underserved communities in the Philippines.

JuanHand, an online lending platform with around 6 million registered users under Wefund Lending Corporation emerged as the preferred online platform for tech-empowered cash lending and other financial solutions among Filipinos. This strategic partnership expands FinVolution's service offerings in the Philippines and advances the Company's mission of connecting underserved borrowers with financial institutions. It will also open avenues for more extensive future collaborations, creating opportunities to broaden the Company's reach in the Philippines through tech and funding innovation.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution Group, 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 said, "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."

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition in China and the international markets connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, feature a highly automated loan transaction process, which enables a superior user experience. As of March 31, 2024, the Company had over 185.5 million cumulative registered users across China, Indonesia and the Philippines.

About Maya Bank

Maya Bank, Inc. (Maya Bank) powers the digital banking experience of consumers and enterprises across the Maya family of products, including Maya all-in-one app, Maya Business, and Maya Center. As a pioneering digital bank, it is transforming how money works for Filipino consumers and MSMEs, through innovative and relevant financial services, including savings, deposits, and credit via Maya.

Maya Bank is the digital banking arm of Maya Innovations, the leading technology company in the Philippines. With Maya Philippines, it is creating Maya, the Philippines' only end-to-end digital financial services platform.

Maya Bank is a digital bank supervised by the Bangko Sentral Ng Pilipinas (BSP). Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor. For more information, visit www.mayabank.ph

For investor and media inquiries, please contact:

In China:

FinVolution Group
Head of Investor Relations
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com  

In the United States:

Piacente Financial Communications 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

For Maya:

Aayush Jhunjhunwala
Chief Investor Relations Officer
Email: aayush.jhunjhunwala@maya.ph

Nick Wilwayco
Head of Public Affairs and Communications
Email: nick.wilwayco@maya.ph 

View original content:https://www.prnewswire.com/news-releases/finvolutions-philippines-subsidiary-cooperates-with-maya-bank-boosting-credit-accessibility-302177707.html

SOURCE FinVolution Group

FAQ

What is the new partnership announced by FinVolution (NYSE: FINV)?

FinVolution's subsidiaries Wefund Lending and Lightning Financing Company have entered a loan facilitation agreement with Maya Bank worth 2.75 billion Peso (US$47.5 million).

How will the partnership between FinVolution and Maya Bank impact credit accessibility?

The partnership aims to improve credit accessibility for unbanked and underserved communities in the Philippines.

What is the role of JuanHand in the FinVolution and Maya Bank partnership?

JuanHand, an online lending platform with 6 million registered users, will be the primary platform for tech-empowered cash lending and other financial solutions.

How much is the loan facilitation agreement between FinVolution and Maya Bank worth?

The loan facilitation agreement between FinVolution and Maya Bank is valued at 2.75 billion Peso (US$47.5 million).

What is FinVolution's strategy in expanding its services in the Philippines?

FinVolution's strategy focuses on local economic and digital development through partnerships that enhance credit accessibility and financial inclusion for underserved communities.