Philippines: Qwikwire launching $9m ICO to aid property players to tap global market

Photo from TechShake.

500 Startups-backed Qwikwire, a cross-border payments platform for enterprises in the Philippines, aims to raise up to $9 million through the initial coin offering (ICO) of its “Qey” token.

In an interaction with DEALSTREETASIA, Qwikwire founder and CEO Ray Refundo said they will also be launching the AQwire platform, touted as the most ambitious project of the company, where people can use the Qey token (pronounced as key).

Refundo said AQwire will empower property developers to be able to sell their units to any customer in the world.

The platform is considered a DApp or decentralized application as it will be built on top of the blockchain technology. It is also seen to be the first of its kind in the Philippines and one of the first ICOs in the country.

“[AQwire] is the first blockchain powered platform for property developers to list their properties to international buyers,” Refundo said.

Qwikwire intends to make the official announcement on Friday (December 15) at the QBO Innovation Hub in Makati City. The ICO’s white paper will be published on Monday (December 18) indicating a breakdown of planned expenses.

The Qey token’s pre-sale is planned to run from February 26, 2018 while the ICO is slated on March 26, 2018.

“Tentatively, we’re trying to raise $9 million by selling 90 million tokens at $0.10 each. But the total token created would be 120 million. The other 30 million token will be used to pay blockchain developers, advisers, and the first group of property developers who sign up for the AQwire platform,” Refundo added.

People who use Qwikwire can use the token and platform.

Founded in October 2013, Qwikwire intends to reduce or eliminate reliance on intermediaries such as agents, brokers, and other marketing channels and connect customers and buyers directly to property developers for the best possible real estate deals in the global market.

Qwikwire has raised more than $700,000 in funding, and Refundo claims they have become profitable since May of this year with a team of 18, and an office in Greenbelt Makati.

The fintech startup claims to enable travelers, expats, and immigrants to securely pay their real estate and other bills through multiple online channels, such as credit/debit cards, ACH, or Bitcoin.

Qwikwire on Wednesday (December 13) just won its second “Best Fintech Startup” award at the regional championship round of the ASEAN Rice Bowl Startup Awards 2017 held in Kuala Lumpur, Malaysia. Its first award was in November 2015.

The startup also became the overall winner of the local pitch competition Ignite PH last July, which had more than 100 startup applicants for the contest.

Also Read:

Philippines: Payment ecosystem Salarium aims to raise $50m via ICO

Philippines: Fintech firm Tagcash targets to raise $16m via ICO

Startup Digest: Qwikwire wins Ignite PH

Philippines: Cocoon Capital makes seed funding in ecommerce startup Poundit

DSA Summit: Digital currency players on how ICOs are ‘most efficient way to raise capital’

VC deal activity falls in the Philippines in 2017 but tech space holds promise for startup ecosystem

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.