Asia Digest: Zilingo lays off entire PH team; MetaVerse ropes in ex-BoE senior advisor

Zilingo was founded in 2015 by Ankiti Bose and Dhruv Kapoor. Photo: Zilingo

Singapore-headquartered fashion platform Zilingo has reportedly laid off its entire workforce in the Philippines while digital green exchange Metaverse announced the appointment of a former Bank of England senior advisor as its new president.

Zilingo reportedly lays off entire Philippines team

Zilingo, the Singapore-based fashion B2B marketplace embroiled in a bitter tussle between lead investor Sequoia Capital and former CEO Ankiti Bose, has reportedly laid off its entire workforce in the Philippines.

According to a TechinAsia report, the layoff affected the remaining team of 19 people in the country, of the 30-40 employed earlier. DealStreetAsia has reached out to Zilingo for confirmation but has not received a response yet.

The reported layoff in the Philippines came about two years after Zilingo started trimming its global workforce. It then relocated some positions in its Singapore headquarters to other offices in the Philippines, Thailand, Indonesia and India.

In May this year, Zilingo’s board dismissed co-founder and CEO Ankiti Bose “with cause”, nearly two months after suspending her from the fashion marketplace.

DealStreetAsia reported in June that the company was set to discuss its exit options. Bose, who continues to retain an 8.25% stake in Zilingo, is said to be pushing for a management buyout.

SG’s MetaVerse Green Exchange gets new president

MetaVerse Green Exchange, a digital green exchange licensed and regulated by the Monetary Authority of Singapore, has announced the appointment of Michael Sheren, former Bank of England (BoE) senior advisor, as its president and chief strategy officer.

The appointment comes as the company seeks to strengthen its end-to-end suite of Carbon-as-a-Service (CaaS) products to customers worldwide, according to the announcement.

Sheren, who will be based in Singapore and Europe, will be tasked to promote MetaVerse’s CaaS offerings internationally amid growing calls for greater climate action. He will also be responsible for developing the company’s new climate and environmental advisory services.

Prior to joining MetaVerse, Sheren was a senior advisor at the BoE for nearly a decade, leading much of the bank’s sustainable finance and environmental risk management work. He also co-founded the BoE’s fintech accelerator programme.

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