The future of SEA fintech is peer-to-bank (P2B), says C88’s John Patrick Ellis

John Patrick Ellis, co-founder and CEO of C88 Technologies.

The future of fintech in Southeast Asia (SEA) may not necessarily be in the peer-to-peer (P2P) but peer-to-bank (P2B) space, says John Patrick Ellis, co-founder and CEO of C88 Technologies.

In an interview with DEALSTREETASIA, Ellis said that the currency volatility and low household savings in SEA will push P2P lenders to collaborate with players holding bigger pools of cash. In markets like Indonesia and the Philippines, these will be financial institutions and banks.

“We saw the Indonesian rupiah devalue 10 per cent to the USD year-to-date. Imagine if you had liabilities in USD and assets in Indonesian rupiah. That’s a really scary place to be in,” said Ellis.

He said Indonesia has one of the most progressive fintech sectors globally.

“I believe that if the regulators continue what they’re doing, they’ll have some of the most business-friendly and society friendly outcomes imaginable. This is important because Indonesia has a lot of problems to solve. This involves addressing the issue of financial inequality instead of exacerbating it,” said Ellis.

Ellis is also the co-founder and member of Asosiasi FinTech Indonesia (Fintech Association of Indonesia) which represents about 300 fintech companies in Indonesia.

Last week, Korea Investment Partners closed an extended Series C round for C88 Technologies. The fintech startup previously closed its oversubscribed $28-million Series C round in July led by global credit reporting agency Experian.

Continue reading this story with a subscription to DealStreetAsia.

Subscribe

Contact us for corporate subscriptions at subs@dealstreetasia.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.