Fintech PR
Philippines Auto Finance Market Drives up a Gear: $51.6 Billion Growth Forecast by 2027: Ken Research
GURUGRAM, India, Feb. 14, 2024 /PRNewswire/ — The Philippines’ auto finance market is accelerating onto a fast track, fueled by a rising middle class, increasing car ownership, and a growing appetite for financing solutions. Ken Research’s “Philippines Auto Finance Market Outlook to 2027″ report predicts a robust 10.2% CAGR, translating to a substantial $51.6 billion market size by 2027. This press release unlocks the key drivers, challenges, and exciting prospects waiting to be explored in this dynamic arena.
Market Overview: Shifting Gears towards Financial Inclusion
Beyond facilitating car purchases, the Philippines’ auto finance market plays a crucial role in driving economic growth, promoting financial inclusion, and empowering Filipinos to achieve their car ownership dreams. In 2022, the market reached a size of $23.2 billion, and it’s poised for remarkable growth, fueled by:
- Rising Middle Class: With a growing middle class and increasing disposable incomes, more Filipinos are aspiring to car ownership, creating a larger customer base for auto finance solutions.
- Urbanization & Car Dependency: Rapid urbanization coupled with limited public transportation options is driving the demand for personal vehicles, making auto finance more relevant.
- Favorable Government Policies: Initiatives like the Auto Loan Moratorium Act and the Ease of Doing Business Act support the auto finance industry and enhance consumer confidence.
- Technological Advancements: Online loan applications, digital onboarding processes, and mobile banking are making auto finance more accessible and convenient.
Interested to Know More about this Report, Request a Free Sample Report
Market Segmentation: Diverse Solutions for Diverse Needs
The report delves into the various segments of the Philippine auto finance market, offering a comprehensive view:
- Loan Type: New car loans dominate the market (70%), with used car loans (20%) and refinancing options (10%) gaining traction.
- Lender Type: Banks hold the largest share (60%), followed by captive finance companies (25%) and non-bank financial institutions (15%).
- Loan Term: Loans with terms of 3-5 years are most popular (60%), with longer-term options (5-7 years) growing in demand.
Competitive Landscape: A Fierce Race for Market Share
The market features a mix of established players, new entrants, and innovative fintech companies vying for dominance:
- Established Leaders: BDO Unibank, BPI, and Metrobank hold significant market share with their extensive branch networks and brand recognition.
- Captive Finance Giants: Toyota Financial Services Philippines and Ford Motor Credit Philippines cater to their respective brand loyalists.
- Emerging Fintech Challengers: Startups like East West Bank’s CoVault and online lending platforms like Money store are offering innovative solutions and disrupting the traditional landscape.
Visit this Link :- Request for custom report
Challenges: Roadblocks on the Journey to Growth
Despite the promising outlook, some challenges need to be addressed:
- High Interest Rates: Relatively high interest rates can deter potential borrowers and limit accessibility, especially for lower-income segments.
- Economic Fluctuations: Economic downturns and rising inflation can impact loan repayment capabilities and increase credit risks for lenders.
- Fraud & Data Security: Robust fraud prevention measures and data security protocols are crucial to protect consumers and enhance industry trust.
Future Outlook: Cruising Towards a Brighter Financial Future
The Philippine auto finance market is poised for continued growth, driven by several exciting factors:
- Technological Advancements: AI-powered credit scoring, blockchain-based solutions, and big data analytics will enhance risk assessment, personalize loan offerings, and optimize operations.
- Focus on Financial Inclusion: Partnerships with fintech companies and microfinance institutions will expand access to affordable financing for underserved segments.
- Regulatory Reforms: Government initiatives aimed at promoting responsible lending and enhancing consumer protection will create a more stable and sustainable market.
Key Takeaways for Stakeholders:
This report offers valuable insights for various stakeholders in the Philippine auto finance market, including:
- Auto Finance Providers: Identifying high-growth segments, adopting innovative technologies, offering competitive rates and flexible loan terms, and prioritizing risk management.
- Investors: Understanding market trends, assessing investment opportunities in promising segments like fintech and digital lending platforms.
- Policymakers: Formulating regulations that balance innovation with consumer protection and promote responsible lending practices.
- Car Buyers: Gaining insights into the diverse range of auto finance options available and making informed choices based on their budget, creditworthiness, and needs.
Conclusion:
The Philippines’ auto finance market is on an upward trajectory, offering exciting opportunities for businesses and investors who can adapt to the changing landscape.
Request free 30 minutes analyst call
Taxonomy
Philippines Auto Finance Market Segmentation
By Category of Lenders
Banks
NBFC’s
Captive Financing Companies
By Nature of Vehicle
New
Used
By Type of Vehicle Financed
Four Wheelers
Two and Three Wheelers
Buses, Trucks & LCVs
By Loan Tenure
12-24 months
25-48 months
49-60 months
By Type of Vehicle (Automobile) Financed
New Passenger Vehicle
New Commercial Vehicle
For More Insights On Market Intelligence, Refer To The Link Below: –
Philippines Auto Finance Market
Related Reports by Ken Research: –
The market will grow at a CAGR of 16.6% during 2022-2027 due to high growth in online loan aggregator players. Major investments in petrochemicals, manufacturing, & logistics will uplift the need for lubricants in machinery, processing plants & transportation fleets. Globally, the financial sector including Saudi Arabia, has been undergoing digital transformation. This includes the adoption of online and mobile banking services.
The market is expected to grow at a CAGR of 12.1% during 2022-2027. The rise of per capita disposable income by 7.4% from previous year and further expected rise is likely to represent a potential opportunity for industry. Technological advancements from online loan aggregators is expected to provide a boost in the market’s growth due to increased efficiency in operations, scalability and marketing.
According to Ken Research estimates, the Philippines Home Finance Market –has increased in 2022 at a CAGR of 3.7% owing to growing demand for used vehicles and financing penetration in the sector. Property values in the Philippines are rising remarkably, with a sizable increase observed throughout the real estate sector. Property prices have reached unheard-of heights as demand for homes and investment options rises steadily, showing a robust and vibrant market in the nation.
Mexico Car Finance Market Outlook 2027F driven by government regulations & technological innovations
According to Ken Research estimates, the Mexico Car finance Market which grew at a CAGR of ~% from 2017-2022 & is forecasted to grow at a CAGR of ~% from 2023-2027F owing to government regulations, increased demand for cars & technological innovations. The Mexico car Finance market is witnessing a steady growth & is recovering from the negative impact it suffered as a result of the global pandemic.
Follow Us –
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
[email protected]
+91-9015378249
Logo: https://mma.prnewswire.com/media/1954972/3782349/Ken_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/philippines-auto-finance-market-drives-up-a-gear-51-6-billion-growth-forecast-by-2027-ken-research-302061693.html
Fintech PR
Mergermarket unveils 2024 European M&A Awards winners
LONDON, Nov. 28, 2024 /PRNewswire/ — Mergermarket, an ION Analytics service, hosted the 2024 European M&A Awards on 27 November in London, celebrating excellence in the mergers and acquisitions landscape. This year’s event featured 147 firms shortlisted across 49 categories, showcasing the region’s exceptional talent.
The awards recognize standout advisory achievements on complex deals — with entries evaluated using Mergermarket’s industry-leading data to highlight excellence across the investment arena. With only one winner per category and categories spanning multiple deal sizes — from small-cap to large-cap private equity — these awards set industry benchmarks that inspire confidence in the sector.
The event was attended by 250 senior leaders representing firms across finance, law, and advisory services. This year’s awards highlight Europe’s resilient M&A market and celebrate landmark transactions, providing insight into how leading firms are adapting to economic challenges.
John West, Head of Europe, Mergermarket, said, “The awards showcase the true grit of the European M&A community in driving growth amid the shifting sands of the financing and regulatory environment. European M&A year-to-date stands at EUR 665 billion, up 21% since 2023. Key drivers have been the UK, where total deal values are up 72%, and private equity buyouts and exits rose 30%. With big money on the table for landmark deals such as FiberCop, Adevinta, Darktrace, Royal Mail owner IDS, and many more, it’s clear the European M&A investment banking, advisory, legal, and private equity industries have been on the front foot to deliver for clients and investors.”
The winners are:
Legal adviser: Financial adviser: |
||||
European M&A |
Freshfields |
European M&A |
Goldman Sachs |
|
European Mid-Market M&A |
Latham & Watkins |
European Mid-Market M&A |
Rothschild & Co |
|
European Private Equity |
Kirkland & Ellis |
European Private Equity |
Goldman Sachs |
|
Austria |
Schoenherr |
Austria |
Deloitte |
|
Baltics |
Ellex |
Baltics |
Superia |
|
Benelux |
Linklaters |
Benelux |
Morgan Stanley |
|
CEE |
CMS |
CEE |
Goldman Sachs |
|
Denmark |
Gorrissen Federspiel |
Denmark |
Citi |
|
Finland |
Krogerus |
Finland |
Carnegie |
|
France |
Weil, Gotshal & Manges |
France |
BNP Paribas |
|
Germany |
CMS |
Germany |
Morgan Stanley |
|
Ireland |
Arthur Cox |
Ireland |
Rothschild & Co |
|
Israel |
Goldfarb Gross Seligman |
Israel |
Bank of America |
|
Italy |
Gianni & Origoni |
Italy |
Mediobanca |
|
MENA |
Freshfields |
MENA |
Rothschild & Co |
|
Norway |
Wiersholm |
Norway |
ABG Sundal Collier |
|
Iberia |
Garrigues |
Iberia |
Deloitte |
|
Sweden |
Vinge |
Sweden |
Carnegie |
|
Switzerland |
Baer & Karrer |
Switzerland |
UBS |
|
Turkey |
Ozmen Yalcin |
Turkey |
UNLU & Co |
|
United Kingdom |
Latham & Watkins |
United Kingdom |
JP Morgan |
Accountancy |
|
Due Diligence Firm |
EY |
Tax Advisory Firm |
EY |
Private Equity |
|
European Large-Cap (entry value range $500 million+) |
Permira |
European Upper Mid-Market (entry value range $250-500 million) |
Ardian |
European Lower Mid-Market (entry value range $50-250 million) |
Eurazeo |
European Small-Cap (entry value range $0-50 million) |
BGF |
Deal of the year |
Adevinta (Blackstone and Permira) |
About ION
ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporate organizations. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation. For more information, visit https://iongroup.com/
About ION Analytics
ION Analytics delivers personalized, targeted data and market intelligence to banks, investors, and corporates, helping clients find opportunities and drive better decisions in markets ranging from equities and fixed income to infrastructure and private equity. For more information, visit https://iongroup.com/analytics/
About Mergermarket
Mergermarket is the premier global proprietary M&A intelligence, data, and predictive analytics provider. With access to coverage of 1.4 million companies, almost 3,000 sponsors, and powered by 300 journalists and analysts globally, we bring transformative M&A insight and a competitive edge to capital markets professionals, shaping the future of M&A. For more information, visit https://info.mergermarket.com/
All product and company names herein may be trademarks of their registered owners.
Logo – https://mma.prnewswire.com/media/2433150/ION_Analytics_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/mergermarket-unveils-2024-european-ma-awards-winners-302317988.html
Fintech PR
International Schools Partnership Deploys Workday to Empower Educators and Drive Global Growth
Leading Global Schools Network Streamlines HR Processes Across 24 Countries (and Counting)
LONDON, Nov. 28, 2024 /PRNewswire/ — Workday Inc. (NASDAQ: WDAY), a leading provider of solutions to help organisations manage their people and money, today announced International Schools Partnership has gone live on Workday Human Capital Management (HCM) to empower its 12,000+ person workforce across 92 schools and 24 countries.
International Schools Partnership (ISP), a leading global network of schools committed to providing a transformative education, is prioritising its human resources strategy with a focus on attracting, developing, and retaining exceptional educators and staff. Recognising that dedicated and passionate teachers are the cornerstone of a high-quality education, ISP is investing in initiatives that support professional growth, foster a collaborative work environment, and champion the well-being of its team. Workday will help enable ISP to achieve a seamless employee experience and connected people function, in turn creating vibrant learning communities where students thrive and employees excel.
“At ISP, we know that investing in our people is investing in the future of education.” said Jo Pertwee, Group Head of People Operations, International Schools Partnership. “Workday will help us to both unify our HR processes and create a seamless and supportive employee experience, enabling our educators to focus on what they do best: inspiring students and fostering a love of learning. This is just the start of our journey with Workday and we’re excited at what the future holds.”
World Class Workforce: Empowered Teachers Inspire Students
Workday HCM will empower ISP with a unified view of its global workforce, enabling data-driven decision-making and streamlined HR processes for greater operational efficiency. By standardising core HR processes, Workday will help ISP focus on attracting, developing, and retaining top educators. Leveraging solutions such as Workday Talent Optimisation, ISP will provide growth and development opportunities, reduce attrition, and boost engagement, fostering a collaborative environment where teachers feel supported and empowered to make an impact.
Good to Grow: Expanding the ISP Global Footprint
Workday’s scalability will help enable ISP’s global expansion, helping ensure a consistent and user-friendly experience for all employees regardless of location. As the organisation adds new schools and employees, Workday will adapt to meet the unique needs of each region, including diverse compliance regulations and reporting requirements. This flexibility will empower ISP leaders to effectively manage its growing global workforce.
“Our solutions are purpose-built to help organisations like ISP navigate the complexities of managing a global workforce while maintaining a culture of learning and innovation,” said Daniel Pell, CEO, UKI, Workday. “Workday will provide ISP with the insights and agility they need to achieve their ambitious growth plans and continue delivering exceptional educational experiences.”
About Workday
Workday is a leading enterprise platform that helps organisations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,500 organisations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com.
© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialise, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
Logo – https://mma.prnewswire.com/media/1724389/5052006/Workday_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/international-schools-partnership-deploys-workday-to-empower-educators-and-drive-global-growth-302318239.html
Fintech PR
KryptoGO Leads the Way with Top-Tier Wallet Security Standards
TAIPEI, Nov. 28, 2024 /PRNewswire/ — KryptoGO, a leader in Web3 financial infrastructure, has taken another groundbreaking step to ensure unparalleled user and enterprise safety by completing a rigorous security audit aligned with industry-leading methodologies. This milestone solidifies KryptoGO’s position alongside globally trusted platforms like 1Password, Metamask, and Trust Wallet, known for their exceptional security standards.
The audit, conducted with methodologies comparable to those used for 1Password—a benchmark in secure password management—focused on ensuring KryptoGO’s mobile applications, backend systems, and API endpoints meet the highest security standards. 1Password’s robust security features, such as end-to-end encryption, zero-knowledge architecture, and constant vulnerability testing, serve as the foundation for KryptoGO’s enhanced protection framework.
Demonstrating Excellence in Cybersecurity
KryptoGO has consistently showcased its expertise in security through achievements in prominent cybersecurity competitions and hackathons. Recognized for exceptional performance in events like 2024 BlazCTF, ETH Tokyo Hackathon, and ETH Taipei Hackathon, KryptoGO has solidified its reputation as a trusted innovator.
This audit marks another significant step forward, addressing potential vulnerabilities and reaffirming KryptoGO’s ability to safeguard user assets in an increasingly complex Web3 landscape. Notably, the findings resulted in a 50% reduction in vulnerabilities compared to prior assessments, demonstrating tangible progress in security hardening.
Why Security in Web3 Wallets Matters
In the Web3 ecosystem, wallets act as critical gateways, holding sensitive keys that grant users exclusive control over their digital assets. A single security lapse can lead to catastrophic consequences, including the loss of assets and the erosion of user trust.
Recognizing this, KryptoGO employs a multi-layered approach to private key management, ensuring the highest levels of security and reliability for its users:
- Device-Level Encryption: Private keys are encrypted with a Device Encryption Key and securely stored in the device’s protected environment (Keychain for iOS and Keystore for Android). Access to these keys is tightly controlled through biometric authentication, preventing unauthorized access.
- Password Protection with Argon2: For users who opt for password backups, KryptoGO utilizes Argon2-HMAC-SHA256 with 310,000 iterations to derive an Account Unlock Key (AUK). This industry-standard process, aligned with NIST guidelines, offers robust resistance to brute-force attacks while ensuring compatibility across a broad range of devices.
- Cloud Backup with Shamir’s Secret Sharing: To enhance convenience and accessibility, KryptoGO employs Shamir’s Secret Sharing Scheme (SSS) for password-free cloud backups. This approach splits private keys into multiple fragments (Key Shares) stored across diverse platforms like iCloud and Google Drive. Restoration is possible with any two fragments, ensuring data availability without compromising security.
These measures collectively address the most critical challenges in wallet security:
- Token Integrity: Robust lifecycle management prevents impersonation or unauthorized access.
- Advanced Encryption Standards: Sensitive wallet data and transactions are safeguarded by cutting-edge cryptographic techniques.
- Resilience Against Data Loss: Diverse and secure backup options ensure users can recover their wallets without fear of permanent loss.
- Access Control Enhancements: Multi-layered authentication mechanisms safeguard accounts.
- Secure APIs: Backdoor vulnerabilities and information leaks are actively prevented.
Results That Build Trust
The rigorous Cure53 audit, leveraging white-box and gray-box penetration testing, verified KryptoGO’s resilience against security threats. Cure53’s global reputation for securing critical systems further amplifies the credibility of KryptoGO’s security achievements. The resolution of key vulnerabilities identified during the audit, including token mismanagement and API access concerns, reflects KryptoGO’s dedication to continuous improvement and operational excellence.
Raising the Bar for Web3 Security
By achieving security certifications on par with 1Password and other leading platforms, KryptoGO has set a new benchmark for wallet safety in the Web3 era. These advancements empower users to confidently manage their digital assets while positioning KryptoGO as the trusted partner for enterprises seeking high standard and scalable blockchain solutions.
About KryptoGO
KryptoGO is a pioneer in Web3 solutions, providing secure, compliant, and user-friendly wallet services. Focused on stablecoin payment infrastructure and asset management, KryptoGO empowers businesses to seamlessly transition into the decentralized economy, backed by cutting-edge technology and industry best practices.
For more information on how KryptoGO can support your Web3 business needs, please visit www.kryptogo.com or contact us directly.
Media Contact: [email protected]
Learn more: www.kryptogo.com | X | LinkedIn
View original content:https://www.prnewswire.co.uk/news-releases/kryptogo-leads-the-way-with-top-tier-wallet-security-standards-302318212.html
-
Fintech7 days ago
Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations
-
Fintech PR6 days ago
Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
-
Fintech PR6 days ago
Corinex Ranked Number 331 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™
-
Fintech2 days ago
Fintech Pulse: A Daily Dive into Industry Innovations and Developments
-
Fintech PR6 days ago
Cathay Financial Holdings Advances Climate Finance Leadership at COP29, Championing Public-Private Partnerships and Asia’s Low-Carbon Transition
-
Fintech PR6 days ago
ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024
-
Fintech PR5 days ago
Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
-
Fintech PR7 days ago
Critical Metals Surge Opens Prime Opportunity for Mining Investors