NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Omar Faridi

Philippines based Ayannah, an online financial services provider, and India’s payments firm Equity Capital Advisors (ECAPS) have merged their operations in order to provide cost-effective and more accessible financial services to South Asia and Southeast Asia’s growing middle-class population.

The merged entity will aim to provide digital financial services to more that 10 million consumers via mobile apps and a growing regional network of more than 60,000 retail touchpoints.

Ayannah Global plans to serve the region’s unbanked and underbanked residents by providing various Fintech solutions, which are offered via agent networks for remittances, payments, insurance and loans.

The group’s remittance and payments business is focused on serving the Indian market and also offers services in the Philippines. The group recently introduced a digital marketplace, called Kaya, which is focused on serving middle-class clients and SMEs. The Kaya platform aims to provide access to banking, lending and insurance services in the Philippines and also plans to launch in India, Indonesia and Vietnam this year.

Photo courtesy of fabio.