Delhi Fintech to expand Filipino group

Makati City-headquartered EZAdvance Consumer Lending has acquired the tech assets of New Delhi’s Alconomy Technologies to expand into digital banking.

Financial details of the deal were not disclosed in the announcement on 8 Jan 2019.

EZAdvance Consumer Lending is a rapidly growing financial services company specializing in Consumer lending and Trade Finance with offices across Philippines.

Alconomy Technologies started as Fintech in 2017in India.

Their technology will help EZAdvance in providing digital banking services in the Philippines.

Kashish Manocha, founder of Alconomy, said: “With over 100 million population, only 23% banking penetration and a 58% mobile phone penetration, the Philippines is ripe for fintech innovation.”

Boris Merkenich, CEO of EZAdvance, elaborated: “EZAdvance has been successfully serving clients for years, developing a powerful body of knowledge and expertise in consumer finance in the Philippines. With our customer-centric philosophy and technology capabilities, we will be offering banking services nationwide digitally.” fiinews.com