Asialink Finance Corp. said Thursday it expects to sustain its strong growth in 2024, fueled by an expanding customer base and strategic partnerships.
The company said in a statement it released more than P12.6 billion in loans in 2023, after signing up more small and medium companies that need funds to finance their growing businesses.
It said it had close to 29,500 new borrowers as 2023 drew to a close. To serve these customers, Asialink struck up partnerships with some of the Philippines’ largest banks and investment firms.
The company raised P2 billion from a corporate notes facility with Rizal Commercial Banking Corp., Security Bank, East West Banking Corp., Philippine Bank of Communications and Union Bank of the Philippines as noteholders arranged by RCBC Capital and SB Capital.
It also raised P1 billion from Yuanta Saving Bank and the state-run Small Business Corp. These deals are now opening up a new window to small and medium companies with little to no access to traditional sources of funding, Asialink said.
Asialink said to expand its portfolio and make its security process more robust, it linked up with online car sales firm Carbay Philippines Inc. and CIBI Information.
“One of our strengths is in our partner network,” said Asialink chief executive Robert Jordan Jr.
Jordan said Asialink is seeking to gain more market share by partnering with dealers selling brand-new cars and trucks across the Philippines and on-boarding more dealers of second-hand vehicles.
“We are strategically expanding our network by actively seeking partnerships with both institutional entities and individual lead generators. This initiative is geared towards broadening our reach and diversifying the sources that contribute to our lead generation efforts,” said Jordan.
Asialink was named as the 2023 Financing Company in the prestigious Asian Banking and Finance Awards.