Upside for fin-tech startup Down Under

It is definitely an upward push from the Land Down Under for a local financial technology trailblazer.

With the support of the Department of Trade and Industry Australia Philippine Business Council, and Erns and Young, trailblazing local fin-tech start-up Acudeen Technologies Inc. sealed a partnership with First Pacific Capital Underwriters Pty Ltd last June 12 in Australia.

First Pacific Capital Underwriters is a boutique financial services company based in Sydney. It is providing financial engineering and capital and portfolio management services.

In a corporate brief, the company said:  

“Our Capital Management service includes assisting clients in the acquisition or sale of businesses.

“We use securities to raise capital and secure finance for government instrumentalities, commercial real estate and corporations.

“Our business strategy is to combine the energy of a specialist team with the massive strength of large financial institutions, major property groups, joint venturers, and overseas investors."   

On the other hand, Acudeen Technologies is a Filipino-founded fin-tech company that partners with big corporations and simplifies their payment systems. Its founder and chief executive officer is Mario Jordan “Magellan” F. Fetalino III.

The company connects sellers of receivables to buyers willing to invest in them, while tackling one of the most prominent problems facing SMEs, being a lack of access to funding and capital.

Acudeen strives to ease these liquidity problems by using movable assets like receivables.

It pays invoices on behalf of corporations so their suppliers don’t have to wait two months to get paid.

When the corporations make good on their invoices, the cash flows to Acudeen, which then repays the bank.

By helping companies automate their processes, Acudeen cuts payroll costs and cases of fraudulent billings, perpetuating the use of the system.

Acudeen’s electronics infrastructure connects to whatever accounting software a client already uses, and that access allows them to qualify invoices. Smart contract systems also facilitate faster approvals and executions of financial transactions.

Acudeen currently works with four publicly listed companies which services some 250 suppliers.

Acudeen is regarded as Founder Institute’s Best Global Fintech and one of International Data Convention’s Top 10 fastest-growing fin-techs in the Philippines of 2017.

For its vision and scale, Acudeen has been awarded the Seedstars Global Winner in 2017, a Swiss competition that showcases the best projects and companies in emerging markets across the world.

Today, Acudeen is present in the Philippines and Myanmar, assisting over 3000 SMEs.

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PJ Lhuillier bares ‘fin-tech’ partnership

The classic definition of a bank is a deposit taking and lending entity.

Cebuana Lhuillier has been in the lending business for quite sometime on the back of its pawnshop operations that also spawned an earlier cash-remittance service.

Lately it began accepting “micro-savings” accounts from its loyal clients and new customers.

Such latest financial maneuver drew the company closer to becoming a full-fledge bank.

And so Ped Xing began to “bank” with Cebuana Lhuillier, a corporate offspring of local non-bank financial services provider, P.J. Lhuillier, Inc. which is also hitting the fin-tech road to the Digital Age. Yes, yours truly is a proud CL card-carrying member.

PJLI Inc. formally inked a partnership deal with fin-tech company Satoshi Citadel Industries Ventures, Inc. in its bid to enter the digital financial services market.

The partnership agreement, signed by PJLI president and CEO Jean Henri D. Lhuillier, Cebuana Lhuillier Digital Sales Group assistant vice president James Robert D. Afzelius, SCI Venures, Inc. CEO and co-founder John T. Bailon, and SCI Ventures, Inc. chief Community officer and co-founder Miguel C. Cuneta, became formal in ceremonies held at the Common Ground at 8 Rockwell recently.

With the influx of foreign digital payment giants and local start-ups entering the country fin-tech market, a digital transformation is a natural progression for Cebuana Lhuillier as it is already serving millions of Filipinos with microloans, micro-insurance, and local and international money transfers, Lhuillier said.

He expressed his excitement over the revolutionary advancements that the company has been seeing in terms of financial technology, recognizing its game changing benefits.

Fin-tech has allowed for the seamless facilitation of payments between buyers and sellers as well as ensuring money transfers are sent securely to intended recipients either for business or for personal purposes, he explained.

The digital transformation would not only better serve clients "who we credit for our company’s legacy and longevity but will also help widen the firm's reach to continue serving the un-served and underserved communities by enabling them to transition from subsistence living to more sustainable economic conditions."

"By improving our services and providing them with more affordable, more simplified, and more efficient financial access to put more money in their pockets or to allow their small business to grow,” Lhuillier added.

He expressed confidence that their acceptance of fin-tech would allow the company to come closer to their 30-year vision.

Behold God’s glory and seek His mercy.

Pause and pray, people.