FinVolution's Philippine Subsidiary Cooperates with Union Bank of the Philippines, Accelerating Financial Inclusion

Rhea-AI Summary

FinVolution Group's Philippines financial application, Juanhand, has partnered with UnionBank of the Philippines, receiving a funding facility of 45 million pesos to accelerate financial inclusion. The agreement strengthens FinVolution's service offerings and mission of connecting underserved borrowers with financial institutions, paving the way for future collaborations.

SHANGHAI, April 24, 2024 /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform, today announced that its Philippines financial application, Juanhand, has entered into a strategic cooperation agreement with UnionBank of the Philippines (UnionBank), a digital bank dedicated to embracing technological innovations to empower its customers. Under the terms of the agreement, UnionBank will provide Juanhand with a funding facility of approximately 45 million pesos, accelerating financial inclusion for Juanhand users.

This agreement further strengthens FinVolution's service offerings in the Philippines and advances the Company's mission of connecting underserved borrowers with financial institutions, while also serving as an opportunity to explore deeper future cooperation.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution Group, commented, "We are honored to be UnionBank's first fintech partner to be granted a credit facility. Guided by our effective Local Focus, Global Outlook strategy and commitment to improving financial services through technology, we will continue to innovate, educate, enhance user experience, and expand our customer base in all markets we operate while improving efficiency across all our operations. We are confident that new partnerships like this, will empower FinVolution to replicate our success in China and Indonesia throughout the Philippines and other international markets, bringing our diverse financial solutions to more customers and driving the rapid growth of the fintech industry in Southeast Asia and beyond," concluded Mr. Li.

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 has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2023, the Company had over 180.2 million cumulative registered users across China, Indonesia and the Philippines.

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

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SOURCE FinVolution Group

FAQ

What is the strategic cooperation agreement between FinVolution's Juanhand and UnionBank of the Philippines about?

The agreement involves UnionBank providing Juanhand with a funding facility of approximately 45 million pesos to accelerate financial inclusion for its users.

Who is the Vice Chairman and CEO of FinVolution Group?

Mr. Tiezheng Li serves as the Vice Chairman and Chief Executive Officer of FinVolution Group.

What is the mission of FinVolution Group in the Philippines?

FinVolution aims to connect underserved borrowers with financial institutions and expand its customer base through innovative financial solutions.

What markets does FinVolution Group operate in besides China and Indonesia?

Besides China and Indonesia, FinVolution Group operates in the Philippines and other international markets.

How does FinVolution plan to drive the growth of the fintech industry in Southeast Asia and beyond?

By forming partnerships like the one with UnionBank, FinVolution aims to replicate its success in China and Indonesia across the Philippines and other international markets, expanding its diverse financial solutions to more customers.