Netbank, a banking as a service platform, and Investree, an SME lender from Indonesia, have announced a partnership to expand loans to SMEs in the Philippines.
This partnership allows Investree to accelerate its growth and so serve more of the underserved SME market. SME lending is very underdeveloped in the Philippines. SME loans as a percentage of GDP is approximately 3%, compared to 37% in Thailand and other countries in the region. As a result, SMEs struggle to grow, slowing job creation and economic development, according to the official press release.
Investree and Netbank are collaborating to expand the loans to this critical sector. Providing account opening services will allow Investree clients to finance their trade receivables, giving them cash to accelerate their growth.
Netbank is a banking as a service platform in Southeast Asia. Investree Philippines is a fintech-based joint venture company between the Gotianun-led Filinvest Development Corp. (FDC) and Investree Singapore that received approval from the Philippines' Securities and Exchange Commission (SEC) to operate a licensed crowdfunding platform for SME Financing in the country.
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