With the departure of telecom veteran Anastacio ‘Boy’ Martirez as chief operating officer of Smart Communications effective Oct. 21, there’s one platform that may no longer see the light of day.
We’re talking about the much-anticipated revival of e-wallet Smart Money, Martirez’s comeback pet project.
Since making Smart Money available for downloading via App Store and Google Play in December 2024 (a big launch had been originally planned then), the e-wallet has yet to go live to date. Everyone who downloaded the app are still on the ‘waitlist.’
With Martirez now out of the picture after only a year back in the saddle, Smart Money 2.0 has been orphaned.
This means that in the PLDT universe led by tycoon Manuel Pangilinan-who has said there could only be one of such fintech backed by the group-Maya wins by default.
Pangilinan previously said that while Smart Money and Maya could coexist, only one of them would remain standing.
Maya’s parent firm Maya Innovations remains PLDT’s fintech arm, albeit the telco giant’s stake in the latter has been diluted to a minority position.
And as earlier pointed out here, Maya’s business has evolved beyond the e-wallet model. It has become a bigger player in merchant acquisition than consumer-to-consumer payments. With a digital bank license, it has deposit-taking ability (ergo, access to low-cost funding). It has also become a credit card issuer, thus gaining access to a high-margin lending business.
Earlier, Pangilinan himself hailed Maya’s turnaround, estimating that profit may hit P1 billion this year.
If and when private equity KKR decides to exit Maya (wire reports suggest it’s considering to do so), Pangilinan’s group has a chance to vie for an additional stake in the fintech unicorn. -Doris Dumlao-Abadilla
CBTL dives into Maldives
Who doesn’t want a cup of coffee by the beach? And not just any other tourist destination: Maldives.
Six years after adding The Coffee Bean and Tea Leaf (CBTL) to its portfolio, homegrown Jollibee Group, led by tycoon Tony Tan Caktiong, has been able to expand the network of this international coffee chain to other parts of the world.
This time, a new CBTL has emerged along the beachfront of Hulhumale’s Central Park, seating up to 35 guests and offering signature ice blended drinks, specialty coffees, premium teas and meals.
‘The Maldives is a world-renowned destination, and we are excited to bring the [CBTL] experience to its shores,’ said Pepot Miñana, CEO of CBTL.
‘This opening is part of our vision in CBTL to become one of the top specialty coffee and tea chains in the world.’
CBTL boasts of its ‘meticulously selected’ beans from the top 1 percent sources of Arabica beans in the world, while it has also partnered with family-owned estates across Sri Lanka, China, Thailand and Japan for its tea offerings.
Heading to Maldives soon? There will be something familiar there, to say the least! -MEG J. ADONIS
Leviste builds war chest
Young business magnate Leandro Legarda Leviste is putting all his shares in SP New Energy Corp. (SPNEC) under his name . maybe a setup for smoother unloading?
SPNEC disclosed on Thursday that the businessman-turned-politician consolidated his shares via a P6.32-billion share transfer from his company, Solar Philippines Power Project Holdings, Inc.
Through a special block sale, Solar Philippines-a substantial stockholder of SPNEC, transferred its 10.83-billion common shares to the 32-year-old newbie lawmaker.
This move, however, has no material impact as it ‘did not change Mr. Leviste’s beneficial ownership in the company,’ according to SPNEC.
Just in June, Solar Philippines disclosed Leviste’s move to cut his stake in SPNEC and affiliates as he secured the post as Batangas 1st district representative. At that time, the firm said Leviste had sealed a fresh deal with Meralco PowerGen Corp. (MGEN) for the sale of 5.01 billion SPNEC shares for P6.26 billion.
The company said Leviste uses the money from the share sales for real estate investments and other businesses, with the profits funding his ‘philanthropic initiatives.’
MGEN, the power generation arm of Pangilinan-led Manila Electric Co., owns 53.7 percent in SPNEC through MGreen. Leviste, for his part, remains a significant minority shareholder.
SPNEC is set to position itself in the global market with its P200-billion solar facility in Luzon, designed to have 3,500 MW of total capacity and a massive 4,500 megawatt-hour battery energy storage system. -Lisbet K. Esmael INQ