EastWest, Moneymax to widen personal loan access
MANILA, Philippines — East West Banking Corp. of the Gotianun family has partnered with financial comparison platform Moneymax to reach more borrowers through an online channel for comparing and applying for personal loans.
The arrangement allows consumers to view EastWest’s personal loan offerings, or financing for individual borrowing needs, alongside other options on Moneymax and begin their applications through the platform.
Applicants complete an online form, with their details digitally transmitted to EastWest for processing and approval. Lending decisions remain with the bank.
The partnership expands the loan options available on Moneymax, the Philippine platform of Nasdaq-listed MoneyHero Ltd., while supporting EastWest’s efforts to attract customers through digital channels.
MoneyHero Group chief commercial officer Shravan Thakur said the collaboration would strengthen the platform’s personal loan offerings in the country.
“By working with EastWest, we are able to connect more Filipinos with established lenders through a clear and efficient application journey,” Thakur said.
Latest data from the central bank showed that consumer loans grew by 17.1 percent to P2.06 trillion in July from P1.76 trillion a year ago. Growth was driven by continued expansion in credit card and motor vehicle loans.
EastWest CEO Jerry Ngo said the arrangement would bring the bank’s products to consumers while they assess potential sources of credit.
“Our partnership with Moneymax allows us to bring this approach to customers at the point where they are actively exploring financing options, connecting them to personal loan solutions that are supported by the service strength of a full-service universal bank,” Ngo said.
Moneymax offers comparison services across credit cards, loans and insurance. Its parent MoneyHero operates in Singapore, Hong Kong, Taiwan and the Philippines.
EastWest is a subsidiary of Filinvest Development Corp., whose businesses include property, banking, hospitality and power generation.
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