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Felicia Tan
March 5 21:07

Oriente expands its services in the Philippines by receiving US$20 million

Oriente is a company from Hong Kong, which works in the field of financial technologies.
Oriente recently received US $20 million in debt financing from the Silverhorn Group, whose core business is multi asset investments. 

In 2017, Oriente was established by co-founder of Skype Geoffrey Prentice, together with founder of BlackPine Private Equity Lawrence Chu and CEO of Oriente Hubert Tai. The company provides online and offline lending in Southeast Asia using modern technology and artificial intelligence. 
The new loan portfolio is planned to be spent on expanding the company's activities and increasing the coverage of payment solutions in the Philippines. The plan should be supported by the company's own platform called Cashalo, which operates in the Philippines. It is specified that there is a prospect of increasing the portfolio to US $50 million.
Cashalo already shows positive results in the market. In less than 18 months, the application has increased the number of its users to 2.5 million with 6.5 million downloads. Overall, since its launch, the application has shown steady growth of more than 20% each month.
Today, there is a large gap between small and medium enterprises in Southeast Asia, as only 33% of them can access credit. The Asian Development Bank has made estimates that if this problem is solved, the region's gross domestic product could grow to 14%, and annual bank revenues should reach over US $380 billion.
"As we enter the next phase of growth on our mission to help ignite economic opportunities for tens of millions of consumers and microenterprises, the support we receive from our debt partners is critical," said Oriente co-founder Geoffrey Prentice.
In addition to Cashalo, there is the Indonesian credit firm Finmas. Most recently, it has been licensed to work in high-tech lending as a special platform.