SquidPay Technology and Phil Star Development Bank jointly files application for digital banking license
February 1, 2021 | 11:45 am
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Homegrown fintech startup SquidPay Technology Inc. (SquidPay) has entered into last stage negotiations for the acquisition of a 60% stake in Phil Star, a development bank headquartered in Batangas City. Upon finalization of its majority stake, SquidPay will increase bank capitalization to P1.5 billion, the BSP requires a total of at least P1.0 billion for digital bank license applicants.
Phil Star Development Bank (Phil Star), Inc. is a subsidiary of Philippine Regional Investment Development Corporation (PRIDE), a wholly-owned subsidiary of AbaCore Holdings Corporation, a publicly-traded company (ABA) with interests in financial services, real estate, and gaming technology.
This acquisition forges the path for SquidPay to strengthen its platform’s alliances and provide financial services for millions of unbanked and underserved Filipinos across the nation. Integrating digital bank operations creates an array of financial services for SquidPay users that closes the gap between the country’s deep mobile phone penetration and lagging online transaction growth. “The partnership for digital banking is a social enterprise to address the financial services needs of the unbanked,” says Bernando Villegas PhD., an independent director of AbaCore Capital, Professor at UAP, and Director of the Center for Research and Communication, Manila.