Filipino fintech startup expands in Southeast Asia

  

Filipino fintech startup

Founded in 2016, Filipino fintech startup Acudeen Technologies facilitates receivable discounting for small business in the country and is one of the most successful and fastest growing startups in Asia. The technology company enables small and medium enterprises (SMEs) and micro, small and medium enterprises (MSMEs) to finance receivables ahead of time.

This feature is possible thanks to platform allowing transactions to happen fast from receivable uploaded cash within days. As its website states, “Acudeen is an online platform for account receivables allowing you to make seamless transactions online. Check the status of your receivables, transfer funds to your bank account, and more, happening right at the tip of your fingers.”
The website claims, “Why wait for too long before your receivables get paid when you can have cash almost instantly? Now you can worry less about getting funds for your business. With Acudeen you can see your receivables online and get cash within days.”
Inaccessible and expensive means for financing are the main problems that SMEs and MSMEs face across many emerging markets. That is where Acudeen comes to play a vital role in connecting small business owners to funders. Through the platform, an individual may upload his or her receivable ahead of its maturity date and auction it off at a discounted price. That allows them to liquidate their assets right away for use in business operations.
The company claims, “Cash flow is king. By having control over it, you can serve your clients better and you can keep saying YES to more projects! Acudeen helps you get cash faster and help you do more by making funds readily available at your disposal.”
Accordingly, the firm has managed to grow ties with financial institutions and enterprise corporations in an effort to push for financial inclusion. Acudeen Chief Executive Officer Mario Jordan Fetalino III said the company has taken the financial technology (fintech) industry by storm at the same time it has strived for financial inclusion and economic growth.
The financial inclusion Acudeen's philosophy is based on is about providing all Filipinos access to affordable and client-centred financial services that can pave the way for them to build a better life for themselves and their families.
Since 2000, the Banko Sentral ng Pilipinas (BSP) has been developing an enabling environment for the delivery of financial products tailored specially for the low income and vulnerable sectors of society.
After conquering the Philippines, Acudeen Technologies is expanding to emerging markets across Southeast Asia. According to Fetalino III, the company is targeting six different markets with a combined total addressable market of over $400 billion.
Accordingly, Acudeen is setting up operations in Vietnam and Indonesia after launching its first remote location in Myanmar. “Like the Philippines, small business owners in these countries face the same perils with regard to mobility due to inaccessible and expensive financing options,” he said.
The financial expansion into Southeast Asia will be monitored from Singapore, where the Filipino started has decided to establish its regional headquarters.
Fetalino explained that setting up regional headquarters would serve as “a stepping stone towards its goal of becoming a marketplace which essentially democratizes financial inclusion for everyone regardless of geographic location, allowing their system to be implemented on a global scale.”
Accordingly, this move makes its services more accessible and optimizes the resources to support its remote deployment across Southeast Asia. Fetalino admitted, however, that Acudeen's expansion abroad and push for financial inclusion outside its home country could result in adversities in the form of regulatory and bureaucratic hurdles.
“Though belonging to one region, the policies and regulations, and the general business environment in Southeast Asia are very different per country, which is why agile companies are the ones succeeding in this region,” Fetalino stated.
Thanks to Acudeen's adaptation of blockchain, the company is flexible and localised, offering a dynamic solution to its clients. Independently from the market where it operates, the company doesn't have to sacrifice its standards for risk assessment and invoice collections.
According to Fetaline, Acudeen has been actively looking the right partners in the region. The company expects a 10-fold increase in growth to $30 million from last year's $3 million. Acudeen continues to support economic development in the Philippines through financial inclusion.

 

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