Local start-up sets up Singapore office as it eyes SEA expansion

More from author

Tower Club to close permanently

The shareholders of Tower Club Inc. (TCI), an exclusive event place and dining area for business executives...

SMIC bags award in 2019 ASRA

Conglomerate SM Investments Corp. (SMIC) won the bronze prize in Asia’s Best Sustainability Report (Digital)—the SMIC Sustainability...

Cirtek board OKs stock rights offer

The board of semiconductor firm Cirtek Holdings Philippines Corp. has approved the company’s stock rights offer with...

LOCAL start-up Acudeen Technologies Inc. said it is ramping up its expansion in emerging markets, mostly in Southeast Asia (SEA), and plans to set up operations in six countries in the next few years.

Company CEO Mario Jordan Fetalino III said the company is targeting these areas with a combined total addressable market of over $400 billion, launching full-scale operations next year in Vietnam and Indonesia, SEA’s biggest economy, after setting up its first remote location in Myanmar in the first quarter of the year.

“Like the Philippines, small business owners in these countries face the same perils with regard to mobility due to inaccessible and expensive financing options,” Fetalino said.

He added the company decided to establish its regional headquarters in Singapore to facilitate the expansion binge to other emerging markets.

That office would serve as “a stepping stone toward [our] goal of becoming a marketplace which essentially democratizes financial inclusion for everyone regardless of geographic location, allowing [our] system to be implemented on a global scale.”

Doing so, Fetalino said, makes Acudeen’s services “much more accessible and leverages the capability to better support our remote deployment across [SEA].”

The plan to scale up its presence abroad, however, could face headwinds in the form of regulatory and bureaucratic hurdles.

“Though belonging to one region, the policies and regulations, and the general business environment in Southeast Asia are very different per country, which is why agile companies are the ones succeeding in this region,” Fetalino said.

Acudeen’s adaptation of blockchain technology enables them to have a dynamic solution for its clients, making it possible for the company to be flexible and localized depending on the market it operates without having to sacrifice its standards for risk assessment and invoice collections.

Blockchain technology, to note, has lured many companies, such as MasterCard International Inc., which has filed for a patent in the US last year for a payment method claim involving a blockchain network identifier.

According to Fetalino said Acudeen has been very active in finding the right partners in the region.

Acudeen was founded in 2016 and facilitates receivable discounting for small businesses in the country.

This year the company expects a tenfold increase in growth to $30 million, from last year’s $3 million, as it continues to support the economic development in the Philippines through financial inclusion.

The technology company enables small and medium enterprises and micro, small and medium enterprises finance receivables ahead of time as its platform allows transactions to happen fast from receivable uploaded cash within days.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More updates

SEC revokes lending license of FCash

The Securities and Exchange Commission (SEC) has revoked the certificate of authority of FCash Global Lending Inc....
- Advertisement -

Smart activates 5G in key cities in Visayas, Mindanao

Smart Communications Inc. on Monday claimed it is the first Filipino telco to launch its 5G services nationwide, as it rolls out 5G services in key cities in Visayas and Mindanao. Alfredo S. Panlilio, the company’s president, said Smart is adding Boracay, Cebu, Iloilo, and Davao to Smart’s list...

PAL to increase flights from Davao to Manila

Flag carrier Philippine Airlines (PAL) said it is expanding services between Manila and Davao to cater to the growing demand for essential travel out of the commercial heart of Mindanao. Starting October 3, PAL will increase its Davao-Manila flights to 8 times per week. PAL will also operate 3...

Tower Club to close permanently

The shareholders of Tower Club Inc. (TCI), an exclusive event place and dining area for business executives at the Philamlife Tower in Makati, have decided to permanently shutter the establishment due to its mounting losses. “It was foreseen that these losses will continue to rise and become more unsustainable...

SMIC bags award in 2019 ASRA

Conglomerate SM Investments Corp. (SMIC) won the bronze prize in Asia’s Best Sustainability Report (Digital)—the SMIC Sustainability Microsite category at the 5th Asia Sustainability Reporting Awards (ASRA), considered as the most prestigious awards for reporting. Lender BDO Unibank Inc. also clinched the bronze prize for Asia's Best Sustainability Report...
- Advertisement -

In case you missed it