By The Financial District
Nov 18, 20231 min
Asialink Finance Corp. has entered into a partnership with credit information and risk management firm CIBI Information Inc. to access creditworthiness data of small and medium enterprises (SMEs).
Asialink lends out about P1.3 billion a month to SMEs. I Photo: Philippine Information Agency
“We are in an expansion mode, and we need to be guided with credit scores to manage our risks in lending to these companies that banks do not lend to," explained Asialink Chairman Ruben Lugtu.
Asialink lends out about P1.3 billion a month to SMEs. In 2022, it reported a 44% growth in total revenues of P3.096 billion from P2.15 billion a year earlier. Its asset value increased by 39% to P11.37 billion.
The firm borrows from banks and, lately, from the capital market for relending to this unbanked sector, approving loans within a day for known and repeat clients. The securities are usually motor vehicles.