PayMongo, the Philippine-based fintech startup backed by billionaire investor Peter Thiel, has named GoTyme co-founder and chairman Jojo Malolos as its new chief executive officer (CEO).
The appointment comes five months after the payments processing startup started an investigation on a complaint filed by a former employee against then CEO and co-founder Francis Plaza. Plaza resigned last November.
Malolos will take the helm at PayMongo from Isabel Ridad, who was appointed CEO when Plaza was under investigation following an alleged sexual harassment complaint.
Ridad will be leaving the company to pursue her own venture on February 1, 2023, according to the announcement. She will assist Malolos until the end of February and will continue to serve on the PayMongo Board of Directors thereafter.
As the top guy at PayMongo, Malolos will be responsible for re-shaping the startup’s plans for its next phase of growth. He will lead efforts to ensure success by implementing a broad range of transformation initiatives.
He will also introduce the company’s new products and services not only in the Philippines but around Southeast Asia.
“The Board of Directors has confidence in Jojo’s experience and his ability to effect and manage change as he brings significant experience in M&A, organizational transformation, and a track record in the fintech, venture capital, digital banking, and innovation ecosystems,” PayMongo said in a statement.
Malolos has a background in venture capital and banking. He is co-founder and chairman of GoTyme Bank, one of the country’s digital banks licensed by the Bangko Sentral ng Pilipinas (BSP), and served as CEO of Wing Bank, a digital finance service provider in Cambodia.
He previously served as president and CEO of JG Digital Equity Ventures, the venture capital arm of the Gokongwei Group. He also headed Data Analytics Ventures, the group’s data company that manages loyalty programs.
PayMongo was launched in April 2019 by four co-founders — Plaza, an MIT engineer; software engineer Jamie Hing II; business entrepreneur Luis Sia; and former Philippine Cabinet official Edwin Lacierda.
It provides a payments API that can be integrated into mobile apps or websites. It helps businesses in the Philippines accept online payments from multiple channels.
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