THE outgoing chairman of financial-technology (fintech) company Acudeen Technologies Inc. believes it can support micro, small and medium enterprises (MSMEs) under Januario Jesus Gregorio Atencio III, a former chief executive of a mass-housing company.
Atencio has been appointed as the new chairman of Acudeen, a two-year-old company that helps MSMEs to finance receivables ahead of time.
Atencio replaced Mario Jordan Fetalino III, founding chairman of Acudeen.
“We have big plans for Acudeen. Our vision to support MSMEs does not end in the country, it is only the beginning,” Fetalino said. “We have activated our market-expansion initiatives in Southeast Asia early this year. Having Atencio as our chairman gives us a massive boost in terms of business experience, expertise and resources.”
For his part, Atencio said that, as Acudeen’s new chairman, “I’ve always believed that in order to be in the forefront of anything, you really have to just let your vision go and back that vision with a certain commitment, whether it’s an emotional commitment or even a financial commitment.”
“I don’t want to be just an investor in Acudeen, I believe in [the founder’s] vision for this business, and I am willing to have an active role to support it,” he added.
Atencio was the former chief executive of mass-housing builder 8990 Holdings Inc., which has become the country’s top mass-housing developer in his 20 years with the company. He retired from the company last year.
Acudeen started off in 2016 and, in less than two years, invoices totaling over $3 million have changed ownership and provided liquidity to over 400 entities.
Individuals and corporates purchasing those invoices benefited from attractive returns for short-term cash. The early success and its economic impact in emerging markets has been recognized with numerous rewards, including becoming the winner of the Global Seedstars Summit 2017.
Acudeen originated from its founders’ vision of creating a financially inclusive environment for unbanked and underbanked micro, small and medium-sized businesses in emerging markets.
The name Acudeen stems from the Filipino words “Ako” and “Din,” which means “Me Too” in English.
“We want every entrepreneur to have the capability to say Ako Din [me, too], I have the capability to grow too,” Fetalino said.
“I am supporting Acudeen because it is in the forefront of this new whole world. Financial inclusion is right around the corner with the emergence of this initiative,” Atencio said.