Latvian Fintech VIA SMS Enters Philippines Market Through Investment in VAMO.phby Fintechnews Baltic May 3, 2021
Latvian fintech VIA SMS Group continues to expand its presence in Asia-Pacific by investing in the development of consumer lending brand VAMO.ph in the Philippines.
The decision on further strategic expansion in the region follows successful business operations in Vietnam launched in 2019 in partnership with another well-known consumer lender TWINO.
Since the company’s launch in 2019, Vietnamese VAMO.vn has issued loans with a total value of more than 3 million EUR.
VAMO.ph launched its operations in Philippines in the beginning of this year, and currently the company is engaged in intensive technical development to prepare for the product public launch in Q3 of 2021.
The main office of VAMO.ph is located in Manila, the capital of Philippines and majority of local employees will be engaged in ensuring customer service, data processing and debt collection.
Other business processes will be provided by the VIA SMS Group headquarters in Riga.
Besides the core business of consumer lending, VIA SMS Group also offers investment opportunities with the investment platform VIAINVEST and operates the digital payments platform VIALET.
“VIA SMS Group is constantly looking for new potential markets, so expansion outside of Europe seemed like a logical step for the company’s development. Philippines seemed a great choice that was backed by market research and projections of development opportunities,”
said Deniss Šerstjukovs, Member of the Board at VIA SMS Group.
This article first appeared on fintechnews.ph