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In a statement, UNOAsia said the funding round was a mix of equity and debt, which augurs well for the company as it seeks to solidify UNO Digital Bank’s presence in the Philippines.
Coins.ph’s steady expansion means its app will eventually be accessible and downloadable outside the Philippines. Apart from targeting local communities abroad, Coins.ph is also positioning itself as a handy tool for remittances.
Founded last year by Mika Reyes (CEO) and Alex Kuang, Parallax is a platform that enables freelancers and remote workers to accept near-instant international payments at cheaper rates.
MFast CEO Long Phan announced the Philippine expansion plan along with the funding round, adding that the fresh capital will help the company design exclusive financial products for every customer segment.
Atome and HSBC Singapore first signed a $100-million debt facility in August last year to help the fintech company with its operations in the region.
Currently, 867 fintech applications are actively used in the country. Of these, the Digital Banking and E-Wallets sectors are leaders with 18.8% (163 apps) and 15.5% (134 apps) market share, respectively.
Founded in 2017 by Salim Dhanani and Christopher Davinson, the BigPay deal is part of the partnership agreement signed by Capital A and UnionDigital Bank. The deal also involves the Malaysian conglomerate’s two other subsidiaries – AirAsia and airasia Superapp.
The debt transaction provides Salmon the financing it needs to expand its loan book and launch new products in the second half of this year, according to the announcement.