Finance app 'etomo' bares bevy of intl. partners

Back from left: Mr. Akio Yamato, Chief Financial Officer of AND Financing Corporation; Mr. Mitsushige Kanaya, Chief Strategic Officer of AND Financing Corporation; Mr. Hideyuki Matsuda, General Manager Finance and Leasing Department of Marubeni Corporation; Front from left: Mr. Taro Kawabe, Executive Officer, Chief Operating Officer, Finance, Leasing & Real Estate Business Division of Marubeni Corporation; Mr. Katsuhiko Madono, President and CEO of AND Financing Corporation; Atty. Cherryl Carbonell, Officer-in-Charge Director of Consumer Affairs and Advocacy Bureau - Department of Trade and Industry Philippines; Mr. Yohichi Shibata, President & CEO of Premium Group Company Limited; Ms. Rosemarie Estellar, Chief Operating Officer and Chief Corporate Officer of AND Financing Corporation; Mr. Khos-Eedene Baatarkthuu, Chief Executive Officer of AND Global Private Limited; Mr. Batbaatar Purev-Ochir, Sales Head of AND Solutions Private Limited

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12 Aug 2024, 05:31

AND Financing Corporation (AFC), the firm behind the consumer finance app "etomo," has announced new partnerships with three international companies: Marubeni Corporation, Premium Group Co., Ltd., and AND Global Pte. Ltd. This strategic alliance aims to bolster AFC's presence in the Philippine consumer finance market.

Founded in 2018 as a subsidiary of AND Global, AFC launched its Online Lending Platform (OLP) under the name “LendPinoy.” The company specializes in microloans, leveraging AND Global’s fintech expertise. As the middle-income class in the Philippines has driven domestic consumption, AFC has expanded its offerings to include longer-term and multi-purpose personal loans.

In 2023, Marubeni, a major Japanese trading and investment business conglomerate, and Premium Group, an integrated car service provider listed in Japan, became shareholders, leading to their joint acquisition of AFC’s majority shares in June 2024.

In July 2024, AFC rebranded its OLP and personal loan products under the name etomo. The rebranding, supported by the new alliances, aims to enhance etomo’s market presence, expand its customer base, and advance its digital financial services.

AFC has stated that its vision is to provide innovative financial products and services to positively impact Filipino society. Etomo currently offers the etomo Term Loan and will soon introduce the etomo Revolving Loan, designed for salaried workers and their families. These loans, accessible through the etomo App, feature competitive rates and a fully digital application process, and are collateral-free, promoting financial inclusion.

Etomo also leverages AI and machine learning to offer financial products on their user-friendly smartphone app. Through these advancements, AFC seeks to address the financial needs of underserved populations and contribute to the country’s economic growth.

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