Remitly’s remittance volume to PH surpasses $100m


US-based startup company Remitly, which enables residents to send money to the Philippines, has surpassed the $100 million (P4.5 billion) mark in its annual remittance volume, pushing its year-on-year growth rate to almost 400%. Remitly, however, did not disclose its percentage earnings of such transfers. In its bid to make… Read more »

PLDT HOME clocks 12% growth, $226.7m revenue in Q3

The Philippine Long Distance Telecommunications Company’s (PLDT) broadband business has  generated $226.7 million (P10.2 billion) in revenues for the first three quarters of 2014, up 12%, in the same period in 2013. The telco’s PLDT HOME, with its products and services was estimated to be three times larger than competition. The broadband… Read more »

Xurpas lowers IPO price, to raise $30.4m

Philippine mobile content giant  Xurpas Incorporated has priced its initial public offering (IPO) below the ceiling as it amiss to raise $30.4 million (P1.37 billion) from its maiden share sale. The digital products developer has got clearance from the Philippine Stock Exchange (PSE) for its float, and a notice on… Read more »

Paula Keene to head Northern Trust global hub in PH

Financial services group Northern Trust has appointed Paula Keene as country head of the newly-launched Northern Trust global operations center in Manila, Philippines. The launch of Manila office is part of Northern Trust’s expansion strategy in Asia-Pacific. For this purpose, the group has allocated $2.2 billion capital with a rolling three-year… Read more »

Acquire BPO buys out Shore Solutions

Australia-based Acquire BPO has acquired Shore Solutions, one of the fast-growing business process outsourcing companies (BPO) in the Philippines. The size of the deal, which involves a complete buyout of Shore Solutions, was not disclosed. This a second investment by the contact centre operator, in a Philippine firm, in less than… Read more »

PH telco Globe registers 198% jump in income

Philippine-based telco Globe Telecom has reported a net income surge of 198% for the first nine months of the year (January-September 2014). Its net profit increased by 22%, year on year for the same period, on the back of increasing consumer base and higher data connectivity demand in the country, said the company. The net income surged… Read more »

Startups vie for $87k ozAPP award

Startups in the Asia-Pacific region will be competing for a prize money of up to $87000 (AUD$100,000) in the ozAPP Awards, a competition for innovative online apps. Slated for February 2015, the ozAPP Awards seek to find the region’s best mobile, web and cloud app concepts.The competition also aims to… Read more »

Dragonpay raises Series A funding from GMO

Philippines-based payment solutions provider Dragonpay has raised Series A funding from Japan’s e-payment titan GMO Global Payment Fund (GMO). The investment amount has not been disclosed. Dragonpay plans to use the newly raised funds to promote e-commerce in the country, while venturing into new payment channels, specifically on the mobile. These strategies are meant… Read more »

Northern Trust to invest $2.2b in Asia-Pacific ops, opens PH hub

US-based independent banking organisation Northern Trust launched its global operations center in the Philippines on Tuesday. The center will support processing and back-office functions for the company’s clients worldwide. The center is third such expansion site in Asia-Pacific this year, for the company, which has allocated $2.2 billion budget to scaling up… Read more »

SAP opens $7.7m finance, sales hub in PH

German software firm SAP has opened its long-awaited finance and sales hub in the Philippines. The company has invested $7.7 million to establish this hub, which is located at the Cyberspace Beta building in the financial district of Ortigas in Pasig City. The new facility is SAP’s third such site… Read more »