The AEON Financial Service Co., Ltd (a president-director: Kenji Kawahara hereafter referred to as AEON Financial Service) and the Global Mobility Service, inc. (president-director corporate executive officer/CEO: Tokushi Nakashima hereafter referred to as GMS) have started the provision of auto loan services for four-wheeled taxis in the Philippines from July, 2018. Both companies offer auto loans for Tricycle taxis in the country from July 2017 in cooperation with the local taxi association, and have shown achievements in employment opportunities and environmental improvements through the management and support of drivers.
We have signed a capital and business alliance with the view of great demand in the future. The two companies will contribute to more markets and business expansion through the auto loan business for four-wheel taxis, and will actively expand their business in ASEAN countries from now.
1. Background of the cooperation
In this world today, mostly in emerging countries, there are two billion people who are deprived of their access to cars due to their failure in loan assessments. There is a great demand to create better opportunities for the many people who need cars to make a living, through jobs as taxi drivers, logistics, and more.
In such situation, AEON Financial Service is increasing efforts to enrich the lives of customers throughout 12 Asian countries, through installment projects for those who do not own credit cards. In addition, GMS provides an innovative FinTech service utilizing its proprietary IoT device MCCS (Mobility-Cloud Connecting System) and Mobility Service Platform (MSPF), creating opportunities for people in need of automobiles for their jobs and livelihoods to purchase and use automobiles both domestically and internationally.
As a part of our first collaboration, AEON CREDIT SERVICE (PHILIPPINES) INC. (Headquarters: Pasig City, Philippines, Representative Director: Takayuki Araki), a local subsidiary of Aeon Financial Service in the Philippines, and GMS subsidiary Global Mobility Service, Philippines Inc. (Headquarters: Makati City, Philippines, President / CEO: Tokushi Nakashima) started a trial launching of auto loans for three-wheeled taxis (tricycles) from July 2017. Regarding the significant increase in the number of transactions as well as the smooth business performance we have shown, we came to reach a full-scale introduction of the service between the two companies from January 2018
2. Overview of the cooperation
In the Philippines, the number of newly-marketed four-wheeled vehicles sold in FY2017 was 425 thousand units, which is a 18.4% increase from the previous year. Accordingly, the spread of ride sharing services is also in rapid progress. In order to further contribute to the market and expand our business, AEON Financial Service and GMS have begun offering four-wheel auto loans targeting drivers of ride sharing services in addition to auto loans for three-wheeled taxis.
With the view that this auto loan service will have equivalent needs in other ASEAN countries such as Indonesia and Cambodia, and to actively promote the development of each country from the viewpoint of solving social issues including the creation of jobs and income improvement, AEON Financial Service agreed to a capital increase through the third-party allocation of GMS and signed a capital and business alliance.
※ The contents, capital related information, service, inquiries, and other information posted in the press releases are those at the time of the presentation. Thereafter, it may be changed without prior notice.
【About AEON CREDIT SERVICE (PHILIPPINES) INC.】
Within the ASEAN countries, the Philippines has the second largest population after Indonesia and has achieved steady economic growth. We believe that personal consumption will further expand in line with this economic growth in the future in addition to the increase of credit needs. In February 2013, we established this company in such a promising market, and started installment projects at local affiliated stores specializing mainly in mobile phones, homeware electronics and furniture. We plan to issue prepaid cards during the current fiscal year and we are making efforts to improve the convenience of local customers by offering various means of settlement.