The Co-Foundry, a venture accelerator from Singapore has officially established its presence in Manila at A Space Manila on June 2, 2015. The Co-Foundry introduced a host of exciting initiatives in the Philippines during the press conference – one that was mentioned is working with its international partners to select promising fintech startups in the Philippines for admission into its fintech acceleration program. Five from Co-Foundry’s startup portfolio was as well launched. Each showcased their solutions at a mini exhibition during the event. Industry experts were present as panelists also spoke about trends in fintech and cross collaborations among startup ecosystems in the United States and Southeast Asia, specifically the Philippines.
This is the first overseas initiative executed by The Co-Foundry on a larger scale to engage the local startup ecosystem in the Southeast Asian region. As a start, program mentors to the TCF-Plug n Play Program: Fintech Call 2015, including Managing Director and CEO of OANDA Asia Pacific, Rajesh Yohannan and VP of International Operations from Plug and Play, Jupe Tan, will be visiting the Philippines to meet with local fintech startups. Sponsored by global FX trading platform, OANDA Asia Pacific and supported by BlueHill Asset Management, this unique, bespoke program provides fintech startups with not only the infrastructure and networks to propel their growth but also access to mentors with deep fintech expertise, and insight into OANDA’s APIs.
“The Philippines, with its high mobile penetration, has an active and developed fintech scene in terms of micropayments, mobile payment and remittance. Given this foundation, it is a fertile ground through which more innovative fintech startups can be cultivated and the fintech program is a driver to achieve that” said Jojo Flores, Co-Founder and Vice-President of Plug and Play.
Fintech startups in the Philippines are strongly encouraged to apply online.
The Philippines was chosen as the launching pad for expansion into the region, both for The Co-Foundry as well as the startups it is helping to go to market. As part of The Co-Foundry’s commitment to establishing a presence here, it has already built a team of Filipinos who support The Co-Foundry and its startups with navigating the complexities of the local market, bringing them closer to partners and helping them understand and engage with their customers better.
Five of the startups that are looking to extend its reach into the Philippines showcased their innovative offerings during the press conference. The diverse range of startups are from enterprise solutions providers like Taidii and ReadySales to consumer-driven apps like Matchimi, Nana, and Guuud. One similarity driving the value proposition of these startups would be the emphasis on the “B2B2C” business model, where the platforms deliver solutions that will benefit both businesses and end consumers.
“The Philippines has no doubt, a large consumer base, many of whom are active smartphone users. This makes it a very attractive and critical market for our startups to address if they are looking to establish their foothold in Southeast Asia. Many of the solutions brought by our startups are also extremely relevant and beneficial to Filipinos. We are very excited to work with Launchgarage to bring these solutions to local users.” said Michael Yap, head of The Co-Foundry.
To further plug into the startup ecosystem in the Philippines and create a support network for its startups, The Co-Foundry has also forged a strategic partnership with LaunchGarage, a Manila-based incubator.
“Launchgarage is excited to work with The Co-foundry in supporting its portfolio startups with working with players in the local startup ecosystem”, Jay Fajardo, founder of LaunchGarage.
The Co-Foundry’s first foray into the Philippines marks the start of many more exciting initiatives, which will in turn create mutually beneficial developments for both startup ecosystems.
For more information, visit http://www.theco-foundry.com/fintechphilippines