The board of directors of Acudeen Technologies Inc., led by founding chairman Mario Jordan “Magellan” Fetalino III, has appointed former 8990 Holdings president and chief executive Januario Jesus “JJ” Atencio as the company’s new chairman.
“As the chairman of Acudeen, I’ve always believed that in order to be in the forefront of anything, you really have to just let your vision go and back that vision with a certain commitment, whether it’s an emotional commitment or even a financial commitment. I don’t want to be just an investor in Acudeen, I believe in Magellan’s vision for this business, and I am willing to have an active role to support it,” said Atencio after the recently held board meeting.
“We have big plans for Acudeen. Our vision to support MSMEs does not end in the country, it is only the beginning. We have activated our market expansion initiatives in Southeast Asia early this year. Having Atencio as our chairman gives us a massive boost in terms of business experience, expertise, and resources,” Fetalino said.
Atencio is widely credited, together with his partners, for the success of 8990 Holdings, which has evolved into the leading mass housing developer in his 20 years with the company.
Acudeen started off in 2016 and has since then helped micro, small and medium-sized entities to finance their 30-120 day receivables ahead of time. In less than two years, invoices totaling over $3 million have changed ownership and provided liquidity to over 400 MSMEs.
Individuals and corporates purchasing those invoices benefited from attractive returns for short-term cash. The early success and its economic impact in emerging markets has been recognized with numerous rewards, including being named Winner of the Global Seedstars Summit 2017.
Acudeen originated from its founders’ vision of creating a financially inclusive environment for unbanked and underbanked micro, small and medium-sized businesses in emerging markets. The name Acudeen stems from the Filipino words “ako” and “din”, which means “me too” in English. As one of the founders, Fetalino said: “We want every entrepreneur to have the capability to say ‘Ako din’ or I have the capability to grow too.”
“I am supporting Acudeen because it is in the forefront of this new whole world; this wild, wild west if you will, that continuously benefits a wide range of underserved people in the current financial system. Financial inclusion is right around the corner with the emergence of this initiative,” Atencio said.
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