Philippines-based finance company Asialink has teamed with ecommerce platforms Lazada and Shopee to offer an easier way for clients to pay their loans, according to a recent statement.
According to Robert B. Jordan, Jr., the CEO of Asialink, the company aims to overcome the challenge of loan payments by partnering with online and offline payment solutions. The partnership with Shopee is powered by ECPay, an electronic purchase and payment system provider, which allows for offline and online channels to be integrated in a one-stop-shop option.
In turn, the partnership with Lazada is powered by Bayad, a full-service fintech company that offers a suite of financial products and services through physical and digital touchpoints. Asialink has tapped into these platforms to make it easier for clients to pay their loans and insurance premiums. Clients can also pay through ECPay via Gcash, 7-Eleven CLIQQ, Truemoney, ExpressPay, Gaisano Grand, Cebuana, Tambunting and ECPay accredited sari-sari or family-owned stores.
Through the partnership, loan payments can also be made via Bayad’s all-in-one per transaction applications, the Bayad Online, a web-based facility accessible; and the Bayad App, a mobile-based solution downloadable via Google Play, App Store, and Huawei App Gallery.
Asialink wider partnership portfolio
Asialink has payment partnership deals with other institutions such as Asia United Bank, BDO, Eastwest Bank, RCBC, and Robinsons Bank. According to Business World Online, the company’s loan products cater to the unbanked and under-served sector and offer competitive interest rates at a streamlined application process.
The CEO of Asialink stated that the company sees a huge untapped market in this area and that ‘business owners who have a truck or car and in need of additional capital can come to us. It doesn’t matter what the model of the vehicle is, as long as we see value in it.’
Recent geographical expansions for Shopee and Lazada
The two Asian ecommerce giants each took different paths in 2022 in their bid to expand outside of the Asia-Pacific region.
For Shopee, expanding its payment capabilities in the Philippines comes as a follow-up to two big decisions the retailer made in 2022. First off, Shopee ceased operations in India in March 2022. The announcement follows India’s decision to ban Sea’s title ‘Free Fire’ in the country in March 2022, a move that contributed to a loss of over USD 15 billion in Shopee’s market cap.
Company officials stated that in view of global market uncertainties, they have decided to close their early-stage Shopee India initiative. During this period of transition, they will focus on supporting the local seller and buyer communities and the local team to make the process as smooth as possible.
Closely after, in May 2022, Shopee received an authorisation from Brazil’s central bank to operate as a payment institution. SHPP Brasil Payment Institution and Payment Services, controlled by SHPP Brasil, were offered the legal capacity to manage prepaid payment accounts, in which funds must be previously deposited.
In turn, Alibaba-owned Lazada Group announced in September 2022 it was preparing to launch into Europe, according to a Bloomberg report.
Building on its past scaling in Southeast Asia, the marketplace stated that it aims to take on rivals such as Amazon and Zalando across the European ecommerce market. According to Lazada Group Chief Executive Officer James Dong cited by Bloomberg News at the time, its specific plans will depend on macroeconomic and market conditions. Alibaba has disclosed it invested USD 912.5 million in its Southeast Asian arm — taking the year’s capital influx to USD 1.3 billion.