The Asialink Finance Corp. has secured a P125 million credit line from KEB Hana Bank Global, its first financial partnership with a South Korean bank.
In a statement on Wednesday, July 10, Eillen Mangubat, Asualink president and chief operating officer, said the agreement aims to bolster the financial firm’s lending resources to support small-scale businesses in the Philippines.
Mangubat added that the partnership with a Korean bank is a milestone in diversifying the company's funding sources for re-lending to the predominantly unbanked business sector.
Francis Koo, KEB Hana Bank Manila Site general manager, meanhwile, said the bank will continue to pursue partnerships that enhance Filipino lives through increased funding and sustainable growth.
In addition to a growing roster of local funders, Asialink partnered with four Taiwanese financial institutions that consistently provide funds to the organization.
Moreover, Creador, a Southeast Asian investment fund, recently invested P4 billion in Asialink, acquiring an 18-percent stake earlier this year.
In 2023, Asialink disbursed over P12 billion in loans to more than 24,000 new borrowers to support the growth and development of small businesses in the Philippines.