Philippines' Mynt marks successful funding round

Wazzup Pilipinas!?

Touted as the Philippines’ first unicorn after securing millions in a funding round, Mynt has cemented itself as one of the country’s leading fintech companies.

What is Mynt?

According to its official website, Mynt is a fintech startup partnership between Globe Telecom, the Ayala Corporation and Ant Financial. Its five main services are payments, remittance, loans, business solutions and platforms. Upon its introduction, Mynt affirmed its intention to aggressively and strategically grow the micro-lending business in the Philippines, whilst also launching additional products. To provide context on the financial services industry in the Philippines in 2018, it was reported that only approximately 3% of the population had a credit card, while only 34.5% had a bank account. This was the case from a population of approximately 100 million. Therefore, it is evident that when Mynt came onto the scene, there was a gap that it could fill with minimal competition, as well as financial services that needed to be provided to citizens. 

Fintech innovations and funding

Understanding the direction in which the world is moving, given the role and impact of technology in all aspects of our lives, the growing investor interest in fintech companies is expected. 

Moreover, people all around the word prioritised fintech and digital solutions in 2020, mostly due to the unprecedented global conditions. This is also partially why forex trading is said to be on the rise, as people are looking for convenience and alternatives to conduct financial transactions on their smart devices. 

When it comes to forex trading, however, the good thing is that one need not be a finance guru in order to succeed, nor does one need buckets of money to get started. Knowing which currencies to trade to improve your chances of succeeding on the markets is important. Compared to USD and JPY trading, which are two of the most stable currencies and form part of the so-called gopher currency pair, other currencies may not necessarily be as lucrative; nonetheless, there are many that are equally promising on the forex market. 

Whenn it comes to Mynt and its offering, it appears to have tapped into the market at the right time and it seems to have proved that it has more to offer in fintech. The company has been hailed as the Philippines’ first unicorn after securing $300 million in its recent funding round from various investors, such as US-based Warburg Pincus and Insight Partners. Speaking on the success of the recent funding round and its new investors, Martha Sazon, President and CEO of Mynt, was quoted as saying, "We have been able to continuously expand by introducing game-changing innovations while improving our profitability profile." Sazon added, "We are excited about our new partnership with Warburg, Insight, Itai Tsiddon and Amplo, as they each bring strategic value to our team in the pursuit of our vision towards finance for all." The recent funding round is said to have boosted Mynt’s valuation to $2 billion, and is a significant indication of the growth of and demand for financial services and digital banking in the Philippines. Warburg Pincus’ Saurabh Agarwal highlighted Mynt’s dominance and market share in the country as one of the main reasons for the investment, in addition to its innovative technology and superior products.

Pamamahagi ng ayuda at programang pang-transportasyon at pangkabuhayan na makatutulong sa paghahanapbuhay ng mga Ilonggo

Wazzup Pilipinas!?

Pinangunahan nina Transportation Secretary Art Tugade at Labor Secretary Silvestre Bello III ngayong araw, ika-8 Nobyembere 2021, ang pamamahagi ng ayuda at programang pang-transportasyon at pangkabuhayan na makatutulong sa paghahanapbuhay ng mga Ilonggo at paglago ng probinsya ng Iloilo sa kabila ng pandemya.

Benepisyaryo ng mga programa ang mga transport workers sa probinsya at mga bumalik sa bansa na mga Overseas Filipino Workers (OFWs).

Ayon kay Secretary Tugade, ang pagpunta nila ni Secretary Bello sa Iloilo ay upang tuparin ang pangako ni Pangulong Rodrigo Roa Duterte na bigyan ng komportableng pamumuhay ang mga Pilipino at ipakita ang “package of love” ng Pangulo sa mga Ilonggo.

“Naniniwala ako na kung anuman ang Iloilo ngayon, konti lang ‘yan sa kanyang mararating sa kinabukasan. Lalaki at lalago ang pamahalaang Iloilo. Kaya nga ‘ho ang pamahalaang Duterte ay nandidito ngayon upang sa kaniyang modest na paraan ay makatulong sa paglaki at paglago ng Iloilo,” ani Secretary Tugade sa paglunsad ng kabuhayan projects ng Department of Transportation (DOTr) at Department of Labor and Employment (DOLE) sa lalawigan.

Kabilang sa mga pinamahagi ng DOTr ang 25 electronic tricyles o E-Trikes sa Provincial Government ng Iloilo matapos pumirma si Secretary Tugade ng Memorandum of Agreement (MOA) kasama si Iloilo Lone District Representative Julienne "Jam" Baronda.

Paliwanag ni Secretary Tugade, layon ng pamimigay ng E-Trikes na mas maraming tao ang makabiyahe at makapunta sa kanilang trabaho, hindi lamang sa pamamagitan ng mga pampublikong transportasyon. Dagdag pa niya, makatutulong din ang mga ito sa pagtitiyak ng kalusugan at kaligtasan ng mga road users, gaya ng mga siklista at riders, para sa kanilang biyahe at paghahanapbuhay.

“Maganda ang pagkakumpuni, maganda ang pagkaayos. Ito ‘ho ay magagamit ninyo sa pagnenegosyo. Ito ay isang handog ng pagmamahal ng Kagawaran ng Transportasyon sa siyudad ng Iloilo, nang sa ganoon makatulong kami sa kagustuhan ng mga taong maghanap-buhay at umangat ang kanilang buhay,” dagdag ni Secretary Tugade.

Magsisimula na rin sa Iloilo ang operasyon ng kauna-unahang cashless payment transaction sa mga pampublikong sasakyan. Ang mga cashless bus ay bibiyahe sa rutang Iloilo-Caticlan, Roxas at Kalibo area.

Samantala, 38 na benepisyaryo ang binigyan ng DOLE ng kabuhayan project na “Bikecination,” at libreng cellphones at load, habang 75 indibidwal naman ang makikinabang sa “Trisikad” Project. Namahagi naman ang Overseas Workers Welfare Administration (OWWA) ng mga tseke para 40 benepisyaryo ng livelihood projects, habang 17 ang benepisyaryo ng programang “TABANG OFW.”

“Alam niyo po kaya kami nandito ni Secretary Tugade, isa lang ang aming pakay, ang iparating sa inyong mga kababayan namin sa Region 6 ang ayuda ng gobyerno ni Presidente Duterte. Sabi ni Presidente, pera niyo ‘yan kaya basta meron ay ipamigay sa inyo,” ayon kay Secretary Bello.

Nagpasalamat naman ang pamahalaan ng Iloilo kina Secretary Tugade at Secretary Bello sa mga hatid nilang tulong at programa para sa probinsya at sa mga Ilonggo.

Partikular na pinasalamatan ni Iloilo Governor Arthur “Toto” Defensor Jr. si Secretary Tugade para sa mga airport at port projects ng Civil Aviation Authority of the Philippines (CAAP) at Philippine Ports Authority (PPA) sa lalawigan.

“Let me extend the thanks of the people of Iloilo. Salamat sa mga oras na ibinibigay ninyo at sa pag-asikaso sa mga port sa Iloilo. Salamat sa ating pagtutulungan at trabaho kasama ang CAAP at PPA. Pasalamatan din natin si President Rodrigo Duterte sa mga proyekto na dumaan sa mga opisina nina Secretary Tugade at Secretary Bello,” ani Governor Defensor.

“We witness these Ilonggo beneficiaries to be given a chance to start over again and to see hope amidst these trying times. All these will not become possible without the love and concern of Secretary Bello and Secretary Tugade,” ayon naman kay Iloilo City Mayor Jerry Treñas.

Inauguration of new Philippine Coast Guard (PCG) District Headquarters in Western Visayas

Wazzup Pilipinas!?

Department of Transportation (DOTr) Secretary Art Tugade led the inauguration of the new Philippine Coast Guard (PCG) District Headquarters in the Western Visayas today, 08 November 2021, to strengthen the presence of the country’s maritime force in the region.
Secretary Tugade expressed his gratitude to former Department of Public Works and Highways (DPWH) Secretary Mark Villar and Iloilo City Rep. Julienne Baronda for the funding, conceptualization and construction of the new PCG district headquarters located in Barrio Obrero, Lapuz, Iloilo City.

“Nagpapasalamat ako sa DPWH, pagkat itong building ito ay naitayo sa pamamagitan ng pondo nila under their convergence program. Maraming salamat po sa tulong niyo sa Philippine Coast Guard. To Congresswoman Jam, it was through her efforts, her prodding and every presentation na pinagtagpo ang pangangailangan ng PCG, kaya natupad itong building na ito,” Secretary Tugade said during the inauguration of the new PCG district headquarters. Also in attendance during the ceremony were Labor Secretary Silvestre Bello III, PCG Commandant Vice Admiral Leopoldo Laroya and Iloilo City Rep. Julienne Baronda.

Secretary Tugade said the new PCG regional headquarters in the Western Visayas aims to strengthen and support the PCG workforce in carrying out its mission of safeguarding life and property, marine environment protection, and in conducting humanitarian missions and disaster response and management operations.

Secretary Tugade also revealed that the PCG will organize the Philippine Shore Auxiliary volunteers, who will augment the PCG workforce and man the country’s coastal states.

“Kailangan pangalagaan ‘yung coastal. Hindi lang pinapangalagaan ‘yung hanapbuhay ng fisherfolk, hindi lang nito sinisiguro na mapipigilan ‘yung illegal transport of drugs, hindi lang pinapangalagaan ‘yung safety and security ng bansa sa mga coastal towns,” Secretary Tugade said, adding that when he took over the helm of the DOTr, the PCG personnel only had 6,400 members.

“The Philippine Coast Guard has flown high. We started with merely 6,400 people. Now we are going to 21,000 members. I expect more. I want the PCG to have more members that’s why I want to have auxiliaries,” he said.

Secretary Tugade also instructed Philippine Ports Authority (PAA) General Manager Jay Santiago to construct a pier at the PCG district headquarters to optimize its use.

For her part, Rep. Baronda expressed her gratitude for the PCG for assisting Overseas Filipino Workers (OFWs) and locally stranded individuals (LSIs) in ferrying them back home to Iloilo.

“Thank you to the Philippine Coast Guard kasi kayo ang unang tumulong sa amin na masagip ang ating mga OFW at mga LSI pauwi ng City of Iloilo,” Rep Baronda said.