Ecofinance, a European financial technology company, has officially forayed into Southeast Asia by launching its operations in the Philippines.
The firm introduced a new consumer brand, Honey Loan, as part of efforts to tap into the region’s burgeoning fintech landscape space, according to the announcement.
Honey Loan offers financial products tailored to the specific needs of local consumers by leveraging user-friendly technology and a streamlined application process for great customer experience.
It provides loans from PHP1,000 ($18) to PHP10,000 ($178) for new customers and up to PHP30,000 ($533) for returning ones, with repayment terms of up to six months.
To qualify, the customer must be a citizen between the ages of 22 and 60, have a stable source of income, and have a valid government-issued ID.
Ecofinance is part of Dyninno Group, which has been operational in the Philippines for over 10 years in travel and entertainment industries.
The company’s entry into the fintech market marks a strategic expansion, leveraging its existing presence and advanced technological capabilities to meet the growing demand for reliable financial services in the country.
“We believe in the benefits Honey Loan will bring to the Philippines market, which is dynamic and fast-growing with significant demand for reliable and accessible financial services,” said Rucsandra Larisa Stanciu, Group Chief Executive Officer of Ecofinance.
Kirill Kalashnikov, General Manager of Honey Loan, said the new consumer brand is committed to responsible lending practices and fostering financial inclusion in the Philippines. He adds:
Our platform is designed to provide Filipinos with the financial tools they need to secure financing quickly. We prioritize customer support, offering live assistance through our call center to guide users through every step of the process.
Ecofinance’s foray into the Philippines is a significant addition to its global operations, which serve over 5 million customers across multiple markets. Since its inception, Ecofinance has issued more than EUR480 million in loans.
The company plans to continue leveraging its expertise and technology to expand its reach, providing innovative financial solutions that contribute to the financial well-being of diverse communities.