11/1/2019 – EZAdvance Consumer Lending has recently acquired the tech assets of New Delhi-based Alconomy Technologies to expand into digital banking.
Financial details of the deal were not disclosed, but following the acquisition Alconomy’s technology will help EZAdvance in providing digital banking services in the Philippines.
“”With over 100 million population, only 23 percent banking penetration and a 58 percent mobile phone penetration, the Philippines is ripe for fintech innovation,” said Alconomy founder Kashish Manocha.
Alconomy Technologies started in 2017 as a cryptocurrency exchange and wallet based in India. However, after cryptocurrency trading was banned by the Reserve Bank of India in 2018, Alconomy transitioned to a financial technology venture and is now working on a blockchain-based credit scoring solution.
The startup is working on decentralized credit scoring system by storing borrower’s data on a blockchain to make loan decision making intelligent, data driven and automatic.
Founded in 2015 in Oriental Mindoro, Philippines, EZAdvance specializes in consumer lending and trade finance. It is headquartered in Makati City, with offices across the Philippines.
“EZAdvance has been successfully serving clients for years, developing a powerful body of knowledge and expertise in consumer finance in the Philippines,” said Boris Merkenich, the CEO of EZAdvance. “With our customer-centric philosophy and technology capabilities, we will be offering banking services nationwide digitally.”
This news is published on Reuters.