Financial details of the deal were not disclosed.
Alconomy Technologies was started in 2017 as a cryptocurrency exchange and wallet based in India, However, after cryptocurrency trading was banned by the Reserve Bank of India in 2018, Alconomy pivoted to a financial technology venture and is now working on a blockchain-based credit scoring solution.
EZAdvance intends to use Alconomy’s technology to provide digital banking services in the Philippines.
“With over 100 million population, only 23 per cent banking penetration and a 58 per cent mobile phone penetration, the Philippines is ripe for fintech innovation,” Alconomy founder Kashish Manocha said.
Established in 2015 in Oriental Mindoro, Philippines, EZAdvance specialises in consumer lending and trade finance. It is headquartered in Makati City, with offices across the Philippines.
Some of the other players operating in the digital banking space in the Philippines include Ayannah, Coins.ph, FINTQnologies Corp, First Circle, Acudeen, PayMaya, and PesoPay.