Twino and VIA SMS Group launch joint venture in the Philippines
Twino and ViaInvest’s parent company, VIA SMS Group, have expanded their joint venture into the Philippines under the Vamo brand.
The two European peer-to-peer lending groups have an existing partnership in Vietnam, where they launched a joint venture under the consumer lending brand Vamo in 2019.
Vamo Philippines securities are now available on the Twino platform, allowing investors to fund business loans issued to Vamo Lending – a consumer lending company operating in the Philippines in 2020.
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The new investment offering has an interest rate ranging from eight to 14 per cent per annum, with a term ranging from three to 36 months.
However, Vamo’s Philippine loans will no longer be listed on the ViaInvest platform. Additionally, an agreement has been finalised that Vamo, in its capacity as the loan originator, will redeem the previously issued asset-backed securities on ViaInvest and guarantee a timely return of the invested capital.
“The Philippines, known for its robust economy and fast-growing digital landscape, presents immense business opportunities,” Twino said. “With a population of over 100 million, a steadily increasing middle class, and a tech-savvy young generation, it is a very attractive market to different financial technology companies. Moreover, its strategic location in the heart of Southeast Asia makes it a great place for operations, linking Twino to other pivotal markets in the vicinity.”
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