Acudeen sees $400-B revenue opportunity
HOMEGROWN start-up Acudeen Technologies sees a $400-billion revenue opportunity with its expansion in the Southeast Asian region.
In a statement on Friday, the technology firm revealed a plan to penetrate six countries in the next few years including Vietnam, Indonesia, Myanmar, and Singapore, among others.
Its chief executive officer Mario Jordan “Magellan” Fetalino 3rd said Acudeen has been looking for potential partners in these countries to fast- track its entry in the region,, adding these markets have a combined total addressable market of over $ 400 billion.
He noted the company would launch its full- scale operations in Vietnam and Indonesia by 2019. Its Myanmar business will start its operation by the first quarter of this year.
“Like the Philippines, small business owners in these countries face the same perils with regard to mobility due to options,” he said.
Meanwhile, Fetalino said Acudeen chose Singapore as its regional headquarters to facilitate expansion moves in neighboring countries.
Setting up a regional headquarters would mean “a stepping stone towards its goal of becoming a marketplace which essentially democratizes financial inclusion for everyone regardless of geographic location, allowing their system to be implemented on a global scale,” he said.
Fetalino also acknowledged the hurdles the group might face in entering these countries. “Though belonging to one region, the policies and regulations, and the general business environment in Southeast Asia are very different per country, which is why agile companies are the ones succeeding in this region,” he said.
However, he remains optimistic as the company tapped blockchain technology, allowing Acudeen to be “flexible and localized depending on the market it operates without having to sacrifice its standards for risk assessment and invoice collections.”
For this year, Acudeen is projecting to have a tenfold increase in growth to $30 million versus the $3 million of invoices recorded in 2017.
Established in 2016, Acudeen is a financial technology company enabling both SMEs ( small and medium enterprises) and MSMEs ( micro, small and medium enterprises) to hasten the processing of receivables.