MANILA, Philippines--(BUSINESS WIRE)--Philippines based EZAdvance Consumer Lending has acquired the tech assets of New Delhi based Alconomy Technologies to expand into digital banking. Financial details of the deal were not disclosed.
EZAdvance Consumer Lending is a rapidly growing financial services company specializing in Consumer lending and Trade Finance with headquarters in Makati City and offices across Philippines.
Alconomy Technologies was started in 2017 as a cryptocurrency exchange and wallet based in India. The cryptocurrency trading got banned by Reserve Bank of India in 2018. Their technology will help EZAdvance in providing digital banking services in the Philippines.
Kashish, 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, said, “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.”