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Greenergy buys ABS-CBN finctech affiliate for P54m

Greenergy Holdings Inc., the listed company of businessman Antonio Tiu, completed the acquisition of a controlling stake in a financial technology company owned by ABS-CBN Corp.

Greenergy said in a disclosure to the stock exchange Monday it purchased 51 million shares in U-Pay Digital Technologies Inc. for P54 million.

The company said the acquisition of U-Pay would strengthen its foray into the fintech space and was part of its overall pivot toward digital transformation to enable stakeholders and consumers to benefit from a financially inclusive ecosystem.

Greenergy signed earlier an agreement with ABS-CBN and iBayad Online Ventures Inc. for the acquisition of 51 million fully-paid common shares of U-Pay, an e-money issuer and remittance company licensed by the Bangko Sentral ng Pilipinas.

U-Pay is a fintech company engaged in the business of customer and merchant e-wallet/e-money services and other related services, operating a platform therefor, advertising, producing, distributing and marketing products and services that are connected to the operations of said business.

It has a type “C” e-money issuer license issued by BSP and is duly registered to operate as a remittance and transfer company. Aside from its fintech platform, U-Pay is also engaged in advertising, producing, distributing, and marketing products and services connected to the operations of its business.

The closing date of the transaction is subject to the completion of certain conditions precedent to closing, including clearance from the BSP which should not be later than Sept. 30, 2021.

Greenergy also announced it teamed up with telecom firm DITO Telecommunity, paving the way for Greenergy’s existing clients, partners and affiliates to become DITO mobile subscribers.

Both parties agreed to collaborate in other areas through co marketing efforts to support the expansion of DITO’s client base.

Greenergy said the partnership with DITO is a part of its vision to build a digital ecosystem for the agricultural sector.

Topics: Greenergy Holdings Inc. , Antonio Tiu , financial technology , ABS-CBN Corp. , U-Pay Digital Technologies Inc.
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