China fintech conglomerate eyes Phl prospects
Freeman FinTech Corp. Ltd. (Freeman FinTech), the Hong Kong listed Chinese financial conglomerate, is exploring various investment opportunities in the Philippines as part of China’s “One Belt and One Road” strategy for outward expansion.
The conglomerate will be applying for a wide range of financial licenses to be able to expand in the Philippines.
Top officials of the conglomerate met recently with key government and private sector officials as it wants to apply for various licenses such as securities, consumer finance, money lending and third party payment.
Freeman FinTech discussed this plan with Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. in a recent meeting.
The conglomerate also met with senior-level executives of Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) to explore possible partnerships with the bank.
“RCBC welcomed potential future cooperation in banking, investment banking, asset management, wealth management and third-party payment and consumer finance businesses,” Freeman FinTech said in a statement.
The conglomerate also wants to explore the area of securities trading in the Philippines.
Thus, its officials also recently visited Philippine Stock Exchange president and CEO Ramon Monzon.
During the meeting, company and PSE officials discussed possible cooperation opportunities in the securities industry in the Philippines, including suggestions and opinions on securities trading and investment banking.
Freeman FinTech is determined to expand in the Philippines in various other sectors such as securities, banking, fintech and even in the telecommunications sector, officials said.
At present, it has various businesses in Hong Kong and China such as securities, commercial finance, wealth management, financial leasing and investment holding, among others.
Chinese companies such as Freeman FinTech have been looking at the country following the warming of Philippine-Sino relations as a result of President Duterte’s pivot to China.
Freeman FinTech also plans to continue visiting other ASEAN countries to explore financial technology and other potential business opportunities in the region.
The conglomerate is aiming for cross-border expansion to align with the national “One Belt and One Road” strategy for overseas business.
The strategy of the Chinese government is envisioned to be an economic corridor that will be a modern version of the historic network of ancient trade routes between Europe and Asia which started during the Han dynasty with the lucrative trade of China’s famous silk.
Thus, the New Silk Road is meant to expand economic cooperation among neighbors in the region.
Essentially, the New Silk Road aims to create a massive trade loop that will link Asia, Europe and Africa through the construction of massive infrastructure such as railways and ports.