Founders Launchpad has launched the second cohort of its flagship programme for startups in the Philippines, while the Bangko Sentral ng Pilipinas will reportedly resume accepting applications for digital banking licences.
Founders Launchpad announces 2nd cohort
Founders Launchpad, a sector-agnostic, early-stage startup accelerator, has launched the second cohort of its flagship programme for startups in the Philippines.
The second cohort consists of five startups with early achievements in their respective sectors. The startups will undergo a 12-week comprehensive incubation programme to make them investment-ready.
The startups in the second cohort include Motorento, a logistics firm that provides fleet management for two-wheelers; Clout Kitchen, a gaming/AI startup that helps creators monetise their IPO through AI-powered gaming solutions; and Dehusk, an FMCG player that creates coconut-based milk alternatives.
OneLot, a fintech startup that offers collateralised car loans and software tools for used car dealers; and Skyway Airlines, a dedicated cargo airline that seeks to improve supply-chain efficiency across the country, have also made it to the second cohort.
The five startups will not only receive venture capital but also a wide range of support, including hands-on help with fundraising, operations, marketing, sales, legal, and technical development, among others.
Central bank to resume review of digital bank applications
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, will reportedly resume accepting applications for digital banking licences.
The number of available slots, however, is still unknown, according to an Inquirer report. BSP Governor Eli Remolona Jr said the central bank will release a circular on the matter soon.
There are already parties that have expressed interest in joining the digital banking sector and are just waiting for the application to open up again, Remolona was quoted as saying.
The Philippines currently has six digital banks—Tonik, Overseas Filipino Bank, Union Digital Bank, Uno Digital Bank, GoTyme Bank, and Maya Bank.
BSP Director Melchor Plabasan earlier said only two digital banks in the country are profitable. However, he stressed that the expectation is that it would take about five to seven years before a digital bank becomes profitable.
