finance Archives - MARKETECH APAC

Manila, Philippines – Security Bank has announced that it has entered into an agreement to acquire a 25% stake in HC Consumer Finance Philippines, Inc. (HCPH), also known as Home Credit Philippines. This strategic move underscores Security Bank’s commitment to enhancing its consumer finance capabilities and expanding its market presence.

Through the agreement, Security Bank will purchase the 25% ownership stake in HCPH from MUFG Bank Ltd. for approximately PHP11b. Krungsri (Bank of Ayudhya PCL and its business units) will continue to hold a 75% ownership stake in HCPH and remain the majority shareholder.

This transaction marks eight years of the Security Bank and MUFG strategic alliance, which started in 2016. It also represents the second partnership between Security Bank and Krungsri, following their SB Finance, Inc. joint venture.

The acquisition aligns with Security Bank’s strategic vision to become the most customer-centric bank in the Philippines. The transaction is subject to regulatory approvals, with target closing in the first quarter of 2025.

Sanjiv Vohra, president and CEO at Security Bank, said, “As we welcome Home Credit into the Security Bank family, we’re excited by the strategic benefits this acquisition brings. This is a tremendous opportunity to leverage synergies, offer innovative lending solutions, and support financial inclusion. We look forward to driving growth and delivering value to our stakeholders together.”

Meanwhile, Yasushi Itagaki, group COO-I and head of global commercial banking business at MUFG, commented, “We are delighted to enter into this agreement with Security Bank as we believe that Security Bank will complement Krungsri in Home Credit Philippines. Security Bank’s on-the-ground presence and understanding of the local market will bring forth continued growth for Home Credit Philippines.”

Singapore – Regional personal finance group MoneySmart has officially rejected a recent offer from MoneyHero Group to acquire 100% of MoneySmart’s shared through a non-binding offer. It should be noted that MoneySmart released the statement a day after MoneyHero Group released its announcement stating its desire on the acquisition.

The MoneySmart board has unanimously determined that this approach is neither serious nor credible and that it will not be entertained. The manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered MoneySmart’s confidence in, or openness to, such discussions. Moreover, the proposed merger does not align with MoneySmart’s strategic objectives and would fail to deliver value to our shareholders.

In addition, the adjoining press statement from MoneyHero makes reference to a recent private share transaction which was driven by specific circumstances and not representative of MoneySmart’s market value or future prospects.

Vinod Nair, founder and CEO at MoneySmart Group, said, “Our decision was a clear and definitive no. The two businesses currently operate in a similar space but are on diverging paths in terms of strategy, financial sustainability and outlook. Our focus remains on advancing our products, services and innovation, being a trusted partner to customers and executing our growth strategy. We believe that our current plans set up MoneySmart to succeed in the long term.”

Singapore – MoneyHero Limited, a publicly-traded personal finance and digital insurance platform in Greater Southeast Asia, has made a US$8m non-binding offer to acquire 100% of the shares of its competitor, MoneySmart.

MoneyHero’s acquisition of MoneySmart is designed to strengthen its market leadership and unlock significant synergies in Asia’s rapidly evolving personal finance and insurance sectors.

Under the terms of the offer, MoneyHero values MoneySmart at US$8.0m, with additional potential valuation upside. The US$8.0m will be paid in new MoneyHero shares, while any extra valuation upside will be settled in cash, contingent upon the results of a comprehensive due diligence process.

Although MoneyHero aims to acquire 100% of MoneySmart, the company is also considering purchasing shares from individual shareholders on a case-by-case basis.

The US$8.0m offer in MoneyHero shares, plus additional cash based on due diligence, accounts for MoneySmart’s recent capital reduction noted in filings with Singapore’s Accounting and Corporate Regulatory Authority. MoneyHero’s offer includes a premium, reflecting its confidence in the added value MoneySmart will bring to the combined entity.

Rohith Murthy, CEO of MoneyHero, said, “Our offer to MoneySmart reflects the strategic value of combining our two companies. This acquisition will further strengthen our leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation. Given MoneySmart’s recent share buyback, we believe we’ve made a fair and compelling offer that benefits both sides. Most importantly, we believe the synergies from this merger will drive significant value for our shareholders and customers.”

Singapore – The first quarter of 2024 saw a 119% year-over-year rise in in-app revenue for finance applications, demonstrating their strong growth trend, especially in regions like Europe and LATAM. Moreover, this growth is being driven by technical breakthroughs, greater user spending and engagement, and targeted market expansions. This is according to the latest data released by Adjust, a global measurement and analytics company.

The research also shows that there is a resurgence of interest in cryptocurrency administration and trading, as evidenced by the 196% annual increase in worldwide crypto app instals from 2022 to 2023.

Meanwhile, the APAC area has experienced an increase in the use of new digital financial services, which have become more accessible as e-commerce has grown rapidly in recent years. Furthermore, younger and more digitally savvy audiences are boosting demand for novel financial solutions. The region’s strong desire for mobile-first solutions, paired with considerable investments in fintech firms, establishes it as an important player in the global financial sector.

Significant global finance app growth was recorded in 2024. Q1 instals surged by 36% year on year, while sessions increased by 23%. Furthermore, APAC emerged as a significant contributor to financial app instals, accounting for 59%, with MENA leading all areas with 79%.

The popularity of cryptocurrencies is still rising. Instals of cryptocurrency apps climbed by 196% globally between 2022 and 2023, indicating growing confidence and interest in cryptocurrencies. Crypto marketers must, however, plan on boosting retention because sessions have decreased by 34%.

The surge in mobile banking and payments demonstrates a move toward financial solutions that prioritize digital technology. In Q12024, bank app installs soared by 111% year over year, while payment app sessions rose by 27% in 2023. Furthermore, Q1 session lengths increased by 12% year over year, underscoring the critical role mobile apps play in day-to-day activities.

In terms of finance app session duration, APAC is quite near to the global average of 6.38 minutes each session. Nonetheless, several of the region’s nations have surpassed North America, which is the top region in the world with 7.21 minutes per session. With 22.2 minutes per session, South Korea leads the pack, followed by India (15.64 minutes), the Philippines (10 minutes or more), and both Indonesia and Singapore (almost 10 minutes).

APAC is set for expansion. While the global median effective cost per install (eCPI) for banking apps was $1.21, APAC had the lowest eCPI at $0.63, indicating a healthy growth environment.

Speaking about the report, Tiahn Wetzler, director, content & insights at Adjust, said, “Despite the tumultuous economic conditions of recent years, the outlook for the remainder of 2024 and beyond is promising. By leveraging next-generation measurement approaches, such as incrementality and media mix modelling, alongside traditional attribution, finance app marketers can unlock new avenues for growth. Emphasising secure, user-friendly experiences with a focus on personalisation will be crucial in retaining users – maximising lifetime value and driving sustained success.”

Meanwhile, April Tayson, regional vice president for INSEAU at Adjust, said, “Our data show that both financial services’ apps and customer needs are evolving, especially in INSEA. With the right tools and integration of advanced tech, such as AI, personalisation, and next-gen mobile measurement, financial companies, developers, and marketers can boost user acquisition and engagement, and increase transaction volumes. These forward-thinking strategies and investments plus a keen understanding of evolving user expectations position marketers for significant growth and success in this dynamic market.”

Singapore – AnyMind Group, a BPaaS company for marketing, e-commerce and digital transformation, has today announced two leadership appointments including Steven Tan, managing director of e-commerce enablement for Malaysia, and Koichiro Izawa, managing director of accounting and financial control.

Tan and Izawa’s appointments serve to strengthen the e-commerce business and finance department of AnyMind Group, alongside its goal of consistent global expansion.

Tan joins AnyMind Group through the acquisition of Arche Digital, a Malaysia-based e-commerce enabler that he founded in 2015, and continues to serve as managing director of the company. He also worked as a research scientist and research scholar, before taking up managerial and leadership roles in medical supplies and electronics companies.

Izawa on the other hand, joined Sakura Bank (currently Sumitomo Mitsui Banking Corporation) in 1998. After working for a major audit firm, he joined a venture company in 2005 and took it public, leading the development of its management structure after the IPO. After that, he worked as a finance director for several foreign manufacturers in Japan and Southeast Asia, where he was involved in a wide range of operations centred on accounting and finance.

On his appointment, Tan said, “As we continue expanding synergies between Arche Digital and AnyMind Group, I am looking forward to playing an active role in supporting the management of the wider group. I believe that both companies will continue going from strength to strength, and I’m keen to use my experience gained throughout my career to help AnyMind accelerate business growth in Malaysia and beyond and enhance AnyMind’s BPaaS capabilities.”

On his appointment, Izawa also mentioned, “AnyMind is a rapidly growing company in the global marketplace, and strengthening the finance department is essential to further accelerate our growth. I hope to contribute to AnyMind’s sustainable growth by leveraging my past experience to strengthen AnyMind’s finance structure. In particular, I will help AnyMind to increase the company’s transparency and credibility by improving its accounting processes’ efficiency and accuracy as well as accurate financial reporting.”

Meanwhile, Kosuke Sogo, CEO and co-founder of AnyMind Group, commented, “We have appointed two leaders to strengthen internal structures in our e-commerce business and finance department. We will continue to expand our business globally and advance a borderless world where everyone can do business more easily through our technology.”

Singapore – Visa has announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia-Pacific. For the company, this space enables stakeholders to engage with Visa technologists to co-create payments solutions ahead of demand, deliver scalable innovation, and address the biggest challenges and opportunities in digital payments in the region.

The Visa Singapore Innovation Center represents Visa’s vision of shaping tomorrow’s payments possibilities. Showcasing the transformative power of technologies like artificial intelligence (AI) in retail and payments, and reimagining modern credentials for enhanced security and convenience.

Moreover, it also serves as a springboard for thought leadership in decentralised and embedded finance, offering tailored solutions for businesses and fostering innovative collaborations with startups.

The Singapore Innovation Center is part of Visa’s network of eight regional innovation centres worldwide. It plays a pivotal role in driving regional payments innovation in Asia, addressing the local market needs of Visa’s Asia-Pacific clients, and ultimately driving forward the company’s global mission and strategy to deliver innovative, future-proof and secure payments that enable individuals, businesses and economies to thrive.

Stephen Karpin, president for Asia-Pacific at Visa, said, “At Visa, we’re bringing ideas to life in a way that’s truly unique to the Singapore Innovation Center, a dynamic hub where we transform innovative concepts into practical solutions. We’re dedicated to helping businesses discover valuable insights early so they continue to stay ahead in the rapidly digitalising payments landscape.”

He added, “By combining our expertise with cutting-edge technology and solution architecture, we work alongside our partners to materialise solutions that address payment challenges, driving real business value and growth for our client.”

Meanwhile, Png Cheong Boon, chairman at Singapore Economic Development Board, commented, “The Visa Singapore Innovation Center deepens the longstanding partnership between Visa and Singapore, and enables Visa to tap into our vibrant innovation ecosystem to develop new solutions and create new business opportunities for the global market. We look forward to strengthening and expanding this close partnership with Visa and also hope to encourage more global companies to undertake such activities in Singapore.”

Manila, Philippines – Financial management app Lista launched its new branding to underscore its strategic shift towards offering personal finance services for users.

Lista’s rebranding introduces ‘Finn the Carabao’, a lovable and relatable character that is set to become a prominent symbol of the brand in its aim to make personal finance more accessible and convenient for its Filipino customers.

The finance management app will also offer an opportunity for its users to access their credit scores for only 10 pesos. This move is Lista’s way to promote financial literacy, as it exemplifies their dedication to making financial education and empowerment accessible to all.

The rebranding efforts come as Lista strengthens their brand’s core mission to empower individuals to make informed financial decisions and achieve their financial goals while solidifying their position as a trusted partner in everyone’s financial journey.

Since its founding in 2021, the financial management app has been providing innovative financial solutions tailored to micro, small, and medium-sized enterprises (MSMEs). Lista plans to expand its range of services to offer more promotions and initiatives aimed at raising awareness about the importance of financial literacy for its users.

Aaron Villegas, CEO at Lista, said, “We are thrilled to rebrand our logo and overall look as we embark on this exciting journey towards providing easy-to-use personal finance tools and solutions. While we have been proud supporters of MSMEs, we also recognise the pressing need to empower individuals in their own financial journeys. Our rebranding signifies our commitment to this mission.”

Commenting on the new logo, Khriz Lim, co-founder and COO at Lista, said, “Finn the Carabao embodies the spirit of Lista. Finn serves as the personification of Lista’s mission: to help Filipinos effectively budget their money in line with their life priorities. It stands ready to guide and support users on their financial journeys, ensuring they have a trustworthy and friendly companion by their side.”

Singapore – Yahoo has announced the acquisition of Commonstock, a broker-agnostic social and community-based platform that drives insights for retail investors.

The acquisition advances the power of community for Yahoo Finance and accelerates the brand’s strategy to deliver unparalleled retail investing resources, solutions and experiences to investors of all skill sets and levels.

Through this acquisition, Commonstock will be effectively joining the Yahoo Finance organisation, reinforcing the unique capabilities of Yahoo Finance which is home to one of the largest and most active financial communities on the web, with over 150 million global monthly users.

Commenting on the acquisition, David McDonough, CEO and founder of Commonstock, said, “Joining Yahoo Finance is a tremendous opportunity to build community and products on the largest consumer finance stage, which will positively impact millions of loyal users. This acquisition will allow us to accelerate our mission at scale, emphasising community-driven knowledge and ensuring the amplification of quality insights to separate signal from noise.”

“For me, it’s personal. Yahoo Finance changed my career trajectory during the financial crisis over a decade ago. I was able to teach myself about the stock market and learned from other investors on the Yahoo Finance message boards. The unique blend of Yahoo’s reach and Commonstock’s expertise in creating retail investment communities is an incredibly powerful combination,” he added.

Meanwhile, Tapan Bhat, president of Yahoo Finance, said, “Our platform caters to every stage of the investment process – from providing pre-trade market news and analysis, facilitating engaging pre- and post- trade conversations within our community of like-minded investors, to offering effective self-directed portfolio management tools and insights. Acquiring Commonstock reinforces this vision.”

“The Commonstock team has built a trusted community, sharing high- quality insights and knowledge that help everyday investors create wealth. Together, Yahoo and Commonstock will further empower investors of all skills and levels through a one-stop shop for smart financial decisions,” added Bhat.

Philippines – Katrina Gonzalez has announced that she has been appointed by digital finance service Coins.ph as its new global marketing director. In an exclusive interview with MARKETECH APAC, Gonzalez said that for her new role, she would be generating awareness for Coins.ph on its operations and future expansions to provide more people with easy access to digital assets and innovations in the Web3 space.

Specifically, she will be prioritizing on educating users on how they can participate in the web3 ecosystem and the opportunities it creates, in a safe and secure manner.

“For web3 and crypto natives, we’ve got a lot of product launches in store to serve their rapidly evolving needs and cater to the various segments of the market spanning crypto traders, Web3 gamers, businesses, institutions, NFT collectors and more. So we want to do these justice by spreading awareness and making these accessible through education, promotions and community engagement,” Gonzalez told MARKETECH APAC.

Prior to her appointment, Gonzalez held key roles in indie Web3 game studios as the chief operating officer of Serriva Labs and the former head of operations of YGG Pilipinas for more than a year.

“With YGG, I was constantly exposed to the community of web3 gamers we served. Web3 gaming made a substantial impact on people’s lives in terms of access to earning opportunities, and their trust in YGG to help navigate this new world and provide education on cryptocurrency and financial management was top of mind. Hearing their experiences, successes, and passion to give back to help others too was an inspiration. I believe I learned more from them than they learned from me and I’m truly grateful for that,” stated Gonzalez when asked about her prior experience in the Web3 industry.

She also possesses a wide array of marketing leadership experience in banking and fintech firms, being the former chief marketing officer as well as the marketing and communications head of UnionDigital Bank and UnionBank respectively.

“At UnionBank, heading the marketing and communications team of the fintech group, this is where I saw a traditional bank evolve into one that was not only willing to innovate but also keen to work with what was then considered competitors – the fintechs. By enabling fintechs and collaborating with them to create solutions for customers, we were able to do more, for more people. At UnionDigital, I was part of the founding team that started the digital bank and learned how to build from scratch with the customer in mind – the underbanked and underserved,” she mentioned when asked about her previous roles in the field of banking.

Speaking on her own appointment, Gonzalez said, “Through all these roles, I’ve been lucky to work in organizations that pushed the boundaries of innovation to provide people with opportunities to uplift their lives – from web3 gaming to financial services. This is why I decided to join Coins.ph as we want to do the same thing in the digital asset space. I’ve learned through my prior roles, that it’s by keeping this mission in mind, day in and day out, that allows us to go beyond to serve the customer.”

When asked about the challenges and opportunities that the fintech industry will face for this year, she pointed out the emergence of fintech alternatives as something that could both be a challenge and an opportunity.

“For quite some time now, fintechs have been challengers to traditional financial services offered by banks and institutions. What we’re seeing emerge is that there are alternatives to fintechs coming from the web3 and digital asset space – from lending, savings and ways to earn – it will be interesting to see how fintechs either compete or collaborate with builders in web3. This is both a challenge and opportunity for fintechs,” she answered.

Gonzalez joins Coins.ph following its cryptocurrency partnerships with UnionBank, Globe, and the Philippine BasketBall Association.

Singapore – Around 6 to 10 Southeast Asians are said to currently have debts or loans, according to a survey conducted by market research firm Milieu Insight in 2023.

The study found that 62% of the Southeast Asian population are currently holding debts or loans, with Malaysia and Vietnam emerging as the nations grappling with the highest amount of people who currently have loans or debt.

The main factor as to why debt and loans have grown in Southeast Asia vary for each country. In Singapore, 49% of Singaporeans choose to take on debt in order to purchase property. On the other hand, 48% of Indonesians and 41% of Vietnamese and Filipinos stated that they took out loans and had debts due to an urgent need for immediate funds.

‍Regionally, there is a growing concern about indebtedness, with 14% of respondents stating that they aren’t able to save after deducting expenses and debt/loan repayment. This is even more alarming in Thailand, with 24% of respondents being unable to save after covering essential expenses and loans. However, there is a stark contrast in Singapore, where 14% of respondents are still saving more than 50% of their income.

Furthermore, the study revealed that 1 in 4 of Southeast Asians lacked personal finance education, with 39% of respondents attributing their financial literacy to the Internet.

In a press release regarding this, Milieu Insight commented, “Understanding the debt landscape and personal finance dynamics in Southeast Asia has never been more critical. Financial education is thus crucial and should be viewed as a lifelong learning process, with continuous efforts to update and adapt programs to align with evolving economic conditions. By fostering a culture of learning and financial awareness, we can equip our communities with the tools to make sound financial decisions and achieve financial security.”