Ecofinance, a European financial technology company under the Dyninno Group, has officially entered Southeast Asia by launching its operations in the Philippines.
The firm, which operates in multiple markets globally, marked its foray into the Philippines by launching Honey Loan, a new consumer brand that provides loans to qualified customers.
Honey Loan is licensed by the Securities and Exchange Commission to offer financial products tailored to the specific needs of consumers. Ecofinance said Honey Loan leverages technology and a streamlined application process to provide a great customer experience.
“We are confident that our platform will provide Filipinos with financial tools needed to receive financing in a short amount of time,” said Kirill Kalashnikov, general manager of Honey Loan.
Per the announcement, Honey Loan disburses loans from P1,000 to P10,000 for new customers and up to P30,000 for returning ones. To avail of the loan, the applicant must be 22 to 60 years old, have a stable source of income, and have a valid government-issued ID.
Ecofinance Group CEO Rucsandra Larisa Stanciu said Honey Loan will benefit the Philippine market, which has a strong demand for reliable and accessible financial services.
Stanciu added that Ecofinance’s entry into the Philippines is a strategic move that adds to the group’s existing presence and allows it to contribute to the continuously growing fintech landscape in Asia.
After its launch in the Philippines, Ecofinance disclosed that it will continue to expand its financial solution services to a wider audience online.
While the expansion is Ecofinance’s first in the Philippines and in Southeast Asia, its parent company Dyninno Group has been operational in the Philippines for over a decade in travel and entertainment industries. The group is a multinational conglomerate present in over 50 countries, per the announcement.
The launch of Honey Loan also comes as government data shows that the total loans in the Philippines as of April 2023 reached P11.67 trillion. That includes loans from commercial banks, government banks, rural banks, and digital banks.