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
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SOURCE FinVolution Group