Fintech startup CrossFund has successfully completed its fourth round of financing in just two years. The funding was sourced from prominent investors including family offices from the Middle East and North Africa (MENA) and Asia, along with significant players such as BlockBase Ventures, UI Investments, Australian Gulf Capital, BXB Capital, and various strategic angels. Launched in 2021 by entrepreneurs Ben Cardarelli and Davide Cali, CrossFund has rapidly ascended as the go-to equity financing platform for startups across Southeast Asia (SEA) and Europe, the Middle East, and Africa (EMEA). To date, the platform has facilitated over $40 million across 80 diverse…
Author: Business News Asia
Business News Asia
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SUBIC BAY – Top executives and members of the Subic Bay Truck Importers Association Inc. (SBTIA) have expressed their unwavering support for the SBMA management and seaport department. In a letter dated October 2, 2023, the association vehemently refuted the allegations and accusations brought forth by certain brokers and processors during a meeting held at the SBMA board room on September 29, 2023. The letter reads, “We, the president, company owners, and association officers and members, would like to profoundly express our full support to SBMA management/seaport department and hereby refute all the malicious allegations and false accusations.” Emphasizing their…
PLDT Inc., the Philippines’ largest integrated telco, is pleased to announce a major milestone in connection with the sale and leaseback of 1,012 telecommunications towers and associated passive telecommunications infrastructure to Frontier Tower Associates Philippines Inc. (Frontier) that was announced on March 10, 2023. First closing of the transaction was achieved today with the completion of the sale of 230 telecommunications towers to Frontier. A corresponding cash consideration of PHP2.8 billion was received by the PLDT Group. The Master Services Agreement covering the leaseback arrangement for those towers also became effective as of today. PLDT expects to transfer additional towers…
GCash, the Philippines’ leading finance super app, doubles down on its presence in Singapore as it can now be used as a cashless payment option in both Alipay+ and Alipay China-enabled (AlipayCN) merchants. This further expands GCash’s availability in one of the most famous destinations in Southeast Asia. It has already been accepted by Alipay+ merchants in 2022, but now GCash can also be used to pay in select AlipayCN establishments. Some of these merchants include 7-Eleven, which has the largest convenience store network in the country at 450 branches; the largest orange juice vending machine operator, iJooz; the exclusive…
Startups in the Philippines have quietly won $1-billion in total funding deals for two straight years in a row in 2021 to 2022, and there are indications they could continue the winning trend. New funding deals may yet to be clinched at the Geeks On A Beach (GOAB) international conference on November 22 to 24 at Panglao Island in Bohol, which gathers startup founders, entrepreneurs, software engineers, technologists, venture capitalists, corporates, government, and other stakeholders. “In 2010, Filipino startups raised $40-million in funding. This has gone up 27 times to $1.03-billion in 2021 and $1.1-billion in 2022. This is a…
As it beefs up its product portfolio to serve customers from different income groups, leading fiber broadband and technology provider Converge ICT Solutions Inc. has surpassed two million residential subscribers as of end-September 2023, with its prepaid segment seeing a significant upswing, alongside the stable growth in its postpaid customers. “We are proud to mark this milestone in our mission to leave no one behind as we empower Filipinos with world-class fiber connectivity. This is a result of our effort to expand growth opportunities through providing more affordable connectivity solutions,” said Converge CEO and Co-Founder Dennis Anthony Uy. “Converge is…
The Philippines has the potential to be the next key data center hub in Southeast Asia, said Ernest Cu, Globe Group President and CEO, as he cited the company’s venture into the data business with the intent to own the space in the next few years. In an interview with Bloomberg Singapore, Cu noted that the country is strategically positioned to capitalize on the shifting dynamics in the region. With Hong Kong’s geopolitical situation and Singapore’s capacity limitations, the Philippines is increasingly seen as an attractive location for hyperscalers. “Location-wise, we are in the middle of Southeast Asia, not far…
Just a few weeks left to go before Cebuanos are treated to an exhilarating day filled with music, entertainment, and pure enjoyment at the upcoming V1BE Booze and Arts Festival. Set on October 27, 2023 at the SM Seaside Concert Grounds, this Oktoberfest celebration promises a one-of-a-kind experience for all attendees. In a month when many events have been either cancelled or postponed, V1BE stands tall and unwavering its commitment to deliver good vibes to the people of Cebu. From radio tours, collaborations with premier exhibitors like the Big Bad Wolf, and new gimmicks and promos, V1BE is more steadfast…
Globe Fintech Innovations (Mynt), the parent company of GCash, is acquiring Electronic Commerce Payments Inc (ECPay) for P2.31 billion, Globe Telecom announced on Monday. Globe said it has agreed to sell its 77% stake in ECPay to Mynt while Payment One, a minority stakeholder, is also selling its stake, making the deal a full acquisition. ECPay, an e-payment service provider in the Philippines, was acquired by Globe in 2019 to enhance its distribution network in the country. The ECPay Platform enables merchant partners to process bills payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet & cash card reloading,…
Mandaue City, CEBU – Fiber broadband provider Converge ICT Solutions Inc. has introduced its most affordable postpaid plan yet called BIDA Fiber, aiming to capture the mass market who needs fast and reliable internet but prefers a monthly subscription over a prepaid service. At just P888 a month, BIDA Fiber is the best priced postpaid internet plan today for an estimated eight million Filipino households. Converge launched the segment-defining product on Saturday (September 30, 2023) at Don Vicente Rama Memorial Elementary School in Brgy. Basak, San Nicolas in Cebu province where BIDA Fiber is getting encouraging patronage from budget-conscious Cebuanos.…
Subic Bay Freeport – Brokers and processors inside this premier Freeport lauded the quick action by Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Jonathan D. Tan against alleged extortion activities in Subic port. In a meeting with port users at the SBMA on Friday, Tan immediately ordered the investigation on allegations of extortion against Seaport Department Manager Jerome Martinez and Consultant Rico Reyes, after various brokers disclosed that they were also victims of alleged extortion activities here. Tan assured the brokers he will conduct a thorough investigation on the matter and come up with a swift decision concerning the…
The Security and Exchange Commission (SEC) and the Philippines’ leading finance super app GCash have signed a memorandum of agreement (MOA) to join forces in going after perpetrators involved in online fraud, e-scams, and other cybercrimes. Under the agreement, GCash will assist and cooperate with the SEC in investigating financial fraud crimes by providing relevant information and data in accordance with prevailing laws, rules, and regulations. As more and more Filipinos embrace the digital space for their daily transactions and investments, the country has witnessed a concerning rise in online scams, investment fraud, and various cybercrimes in recent years. The…
In a crowded industrial district on the outskirts of Tula stands a relic of the city’s manufacturing past – the pulsating Oktava factory, once a thriving producer of audio equipment fallen into disrepair in the 90s. But where some saw deficiency, Mikhail Shelkov saw opportunity. Early Life and Education Mikhail Shelkov was born in Moscow back in 1968. Even from a young age, he was determined and hardworking, always pushing himself to get ahead. He graduated top of his class from the prestigious Moscow Institute of Physics and Technology with a degree focused on molecular and chemical physics. After graduating,…
Subic Bay Freeport – The Subic Bay Metropolitan Authority (SBMA) has taken over the property of Duty Free Superstore, Inc. (DFSI) on Wednesday as the agency continues to clamp down on companies with contractual defaults. The DFSI formerly occupies Building 332 and its adjacent lot at Burgos St., Naval Station. With an area of 651 square meters, while the adjacent lot has an area of 463 square meters. Duty Free Superstore Inc. has a contractual default of non-payment of lease rentals, common use service area (CUSA) fees, and other charges that amounted to P15,932,595.16 as of March 2017. “We conducted…
SM Foundation, the social good arm of the SM Group, recently refurbished the San Fernando, Cebu’s Primary Care Facility. The foundation’s initiative involved a comprehensive overhaul, updating the center’s layout and design and equipping it with new medical tools and equipment to help provide quality care to the community it serves. The said developments adhere to DOH’s safety standards, helping it prepare for PhilHealth re-accreditation. The San Fernando, Cebu Primary Care Facility has its beginnings in the 1960s as the San Fernando Rural Health Center dispensing medical services to 28,000 individuals. On November 14. 2020, it was renamed San Fernando,…
Many people assume that the same loan offered to everybody will fit their needs, but that couldn’t be further from the truth. In fact, many loan options are tailored to your profession and unique financial background. As a result, you could be missing out on amazing opportunities if you limit yourself to cookie-cutter loans available to anyone with decent credit. In this blog post, we’ll explore how understanding your job and other factors specific to it can open up new possibilities for borrowers – whether they’re farmers or lawyers. Get ready for greater insight into finding the perfect lender for…
CEBU CITY – SM Seaside City Cebu is set to host a special event for Pomeranian owners and their beloved pets. The Seaside Pack Walk for Pomeranians, scheduled for September 30 at 4 PM, promises an afternoon of fun, prizes, and giveaways. Participants can register their furry companions through the event’s official link, https://tinyurl.com/SeasidePackWalkPomeranian, or by scanning the provided QR code on event posters. The event will kick off at the Tower Garden, UG, Mountain Wing, and conclude with a festive after Paw-ty at the Paw Park, Skypark. Pomeranian owners and their pets will get the opportunity to socialize, participate…
Digital solutions platform Globe demonstrated its commitment to fostering innovation, collaboration, and knowledge exchange within the tech community as it hosted the 1st Globe Developers’ Conference recently. Organized by Globe’s Information Services Group (ISG), Globe DevCon was a convergence of visionary developers, business moguls, and tech aficionados. It showcased cutting-edge technologies, shared pioneering solutions, and promoted best practices. More than just a learning experience, the event provided an opportunity for attendees to immerse themselves in a world of innovation, all while having fun and being inspired to take their development pursuits to the next level. Globe Chief Information Officer Raul…
Big Bad Wolf Books aims to ignite the passion for reading as it returns to Cebu for a bigger, badder, and better Big Bad Wolf Book Sale happening from September 15 until October 1, 2023, from 10 AM to 10 PM, at SM Seaside City Cebu, Lower Ground level, Cube Wing. The Book Sale, featuring exclusive titles of all genres, held a ribbon cutting ceremony with Cebu City Vice Mayor Raymond Alvin Garcia, founders Jacqueline Ng and Andrew Yap, Philippine partner Carol Chuaying, and special guest Divine Lee at the forefront of the rites. Max Out on Deals with Big…
Deputy Majority Floor Leader Senator Joseph Victor ‘JV’ Ejercito during the latest senate budget hearing on Thursday publicly congratulated Subic Bay Metropolitan Authority Chairman and Administrator Jonathan Tan for introducing new policies that will shape a brighter and more vibrant future for the free port. Ejercito particularly cited the land auditing and repossession of properties of erring locators. “Congratulations on your efforts to steer Subic Bay Freeport into becoming an active catalyst for economic growth and development. I am confident that Subic will soon regain its once brilliant past!” Sen. Ejercito said. Since Chairman Tan assumed office, he has been…