FinVolution's Philippine Subsidiary Partners with Security Bank to Drive Financial Inclusion

Rhea-AI Summary

FinVolution Group (NYSE: FINV) announced that its Philippine app JuanHand has secured a credit facility agreement with Security Bank , becoming the bank's first fintech lending partner. This partnership follows JuanHand's existing collaborations with Maya Bank, Union Bank, and SeaBank.

The agreement enables JuanHand users to apply for unsecured loans using basic personal information and one valid ID, with loan approvals and fund disbursals processed within 5 minutes using FinVolution's AI-powered screening technology. This streamlined process eliminates the need for proof of income or billing address documentation.

The partnership aims to enhance financial inclusion and credit accessibility in the Philippines, aligning with FinVolution's 'Local Excellence, Global Outlook' strategy to expand its Southeast Asian market presence.

Positive

• First platform to introduce loan facilitation model with local banks in Philippines
• New credit facility agreement expands lending capabilities
• Partnership with major bank (Security Bank) increases market presence
• Rapid 5-minute loan approval process enhances competitive advantage

Negative

• None.

SHANGHAI, Feb. 26, 2025 /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform, today announced that its Philippine financial application, JuanHand, has entered into a credit facility agreement with Security Bank Corporation (Security Bank), one of the Philippines' leading universal banks.

Under this agreement, JuanHand will become Security Bank's first fintech lending partner, demonstrating JuanHand's growing regional recognition following its partnerships with Maya Bank, Union Bank and SeaBank. The partnership will enhance FinVolution's service offerings in the Philippines and advance the Company's mission of connecting underserved borrowers with financial institutions.

JuanHand will leverage Security Bank's credit facility to empower individuals, families, and businesses with quick and accessible financial solutions. Under the terms of the agreement, JuanHand users may apply for unsecured loans using only their basic personal information and one valid ID, eliminating the time-consuming process of gathering proof of income or billing address. JuanHand utilizes FinVolution's proprietary AI-powered screening technology to rapidly assess borrowers' creditworthiness, enabling loan approval and disbursal of funds under 5 minutes.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution Group, commented, "We are proud to share that we are the first platform to introduce the loan facilitation model with local financial institutions in the country. Our partnership with Security Bank will create a more financially inclusive environment and increase credit accessibility for underserved customers throughout the region. Guided by our effective Local Excellence, Global Outlook strategy, FinVolution remains committed to improving financial services and elevating user experience for a growing customer base in the markets in which we operate. By expanding our footprint and strengthening our local relationships, we are well positioned to capture Southeast Asia's enormous opportunities."

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 accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, feature a highly automated loan transaction process, which enables a superior user experience. As of September 30, 2024, the Company had 199.2 million cumulative registered users across China, Indonesia and the Philippines.

About Security Bank

Security Bank Corporation is one of the Philippines' leading universal banks serving retail, commercial, corporate and institutional clients. Established on June 18, 1951, it was the first private and Filipino-controlled bank of the post-World War II period. Security Bank was publicly-listed with the Philippine Stock Exchange (PSE: SECB) in 1995. Security Bank's major businesses include retail, commercial and corporate banking, and financial markets. It offers a wide range of services including financing, leasing, foreign exchange, stock brokerage, investment banking and asset management through its subsidiaries (as of December 31, 2017): SB Cards Corporation, SB Capital Investment Corporation, SB Equities, Inc., SB Forex, Inc., SB Rental Corporation, and SBM Leasing, Inc., a joint venture with Marubeni Corporation of Japan, and SB Finance Company, Inc. (formerly Security Bank Savings).

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
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

View original content:https://www.prnewswire.com/news-releases/finvolutions-philippine-subsidiary-partners-with-security-bank-to-drive-financial-inclusion-302385661.html

SOURCE FinVolution Group

FAQ

What is the significance of FinVolution's (FINV) partnership with Security Bank in the Philippines?

The partnership makes JuanHand Security Bank's first fintech lending partner, expanding FINV's presence in the Philippines and enhancing credit accessibility for underserved customers.

How fast can JuanHand process loan applications under the new FINV-Security Bank partnership?

Using FinVolution's AI-powered screening technology, JuanHand can approve loans and disburse funds in under 5 minutes.

What documentation is required for loan applications through FINV's JuanHand platform?

Applicants only need basic personal information and one valid ID, without requiring proof of income or billing address.

Which other banks has FinVolution's JuanHand partnered with in the Philippines before Security Bank?

JuanHand has existing partnerships with Maya Bank, Union Bank, and SeaBank in the Philippines.