PayJoy, a financial services provider for underserved in emerging markets, has announced its expansion into Asia with the launch of operations in the Philippines.
The latest move marks the company’s entry into its eighth market as it continues to extend its global reach.
In the Philippines, where smartphone penetration is said to have surged over the past four years, PayJoy has identified a strong market opportunity.
The financial services provider aims to offer greater access to smartphones, finance, and the modern financial system.
Leveraging its experience in expanding and scaling operations in other emerging markets, PayJoy intends to begin serving customers across all major Philippine islands within the next two to three months.
PayJoy has already introduced its smartphone financing services in the country and plans to launch additional credit lines and financial services in the near future.
Currently, smartphone financing is available through large retail partners, including Comworks, MX MemoXpress, and Jr MX MemoXpress.
PayJoy Philippines country manager Rene Payan said: “The demand in the Philippines has been unparalleled. We have seen a swell of commercial partners eager to bring our service to their customers.
“This rapid growth is a testament to the need for our services, and our efforts to democratise access to the modern financial system through smartphone financing.”
Established in 2015, PayJoy is focused on empowering under-served customers in emerging markets to achieve financial stability and success. The firm lends through its patented technology that turns a smartphone into digital collateral.
Additionally, PayJoy employs cutting-edge machine learning, data science, and anti-fraud artificial intelligence (AI) to offer the lowest cost and qualify the most customers in the industry.
As of 2024, PayJoy is said to have brought billions of dollars in credit to 12 million customers.
