Greenergy buys ABS-CBN’s fintech unit U-Pay Digital

Published March 2, 2021, 8:40 AM

by James A. Loyola

Greenergy Holdings Inc., the listed firm of businessman Antonio Tiu, continues to beef up its fintech portfolio with the acquisition of 51 percent of ABS-CBN Corporation’s U-Pay Digital Technologies Inc. for P54 million.

The move is part of Greenergy’s bold ambition and pivot towards digital transformation to enable the company’s stakeholders and consumers to benefit from a financially inclusive ecosystem.

In a disclosure to the Philippine Stock Exchange, Greenergy said it has signed an agreement with ABS-CBN and iBayad Online Ventures, Inc. for the acquisition of 51 million fully paid common shares of U-Pay Digital.

U-Pay is an e-money issuer and remittance company duly licensed by the Bangko Sentral ng Pilipinas. The transaction is still subject to approvals of pertinent government regulatory agencies.

Greenergy’s entry into U-Pay will result in 51 percent ownership of the fintech firm engaged in the business of customer and merchant e-wallet and other related services.

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. 

Last week, Aleta Planet, a Singapore-based member of UnionPay International, said it was eyeing Greenergy Holdings as its Philippine partner for the issuance of virtual cards as well as the provision of cross-border money remittance services.

Under the proposed collaboration, Aleta Planet will issue co-branded virtual UnionPay cards to individual clients through Greenergy and its affiliates. This, in turn, will enable ease of payment collection and a fully digital cross-border money remittance service to UnionPay accounts. 

Through the partnership, Greenergy would be able to help Filipino consumers attain financial inclusion, especially the unbanked and underbanked sectors through the use of virtual accounts and cross border remittance services to its customers.

Greenergy has been constantly evolving as a business. Tiu announced recently that he was converting Greenergy into a holding firm to own Agrinurture Inc. (ANI), his agro-commercial business.(James A. Loyola)