Jakarta. KoinWorks, one of Indonesia's largest peer-to-peer lending platforms, has secured $16.5 million in Series B funding from a group of investors led by venture capital firms EV Growth and Quona Capital. Willy Arifin, co-founder and the executive chairman of KoinWorks, said the company will use the proceeds to strengthen its team, expand partnerships and develop a system and the technology to provide financial services to the whole of Indonesia through one financial platform. "When we started KoinWorks, we tried to democratize financial services in Indonesia and encouraged financial inclusion as a whole," Willy said in a statement on Thursday. KoinWorks currently has more than 300,000 users. Benedicto Haryono, co-founder and chief executive of KoinWorks, said the company has disbursed productive loans to hundreds of thousands of small and medium businesses in Indonesia over the past three years. This significant growth is supported by rising … [Read more...] about KoinWorks Secures $16.5m in Series B Funding
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Supreme Court Justice Antonio T. Carpio believes that it was not a collision of fishing vessels that happened on June 9 in Reed Bank (Philippine name: Recto Bank; Chinese name: Liyue Tan), 80 nautical miles off Palawan and within the Philippine Exclusive Economic Zone. It was a Chinese militia ship ramming a Philippine fishing vessel. “China’s maritime militia vessels have reinforced steel hulls purposely for ramming fishing vessels of other coastal states. No other coastal state has fishing vessels purposely designed for ramming other fishing vessels. Captains of ordinary Chinese fishing vessels do not engage in ramming for fear of inflicting damage to their own vessels. It is thus highly likely that a Chinese maritime militia vessel rammed the Filipino fishing vessel F/B Gimver 1,” Carpio said in a statement. The statement from Chinese Embassy in Manila insisted that it was "a Chinese fishing boat from Guangdong Province, China” and identified it as … [Read more...] about OPINION: Why is there a Chinese military vessel in Reed Bank?
SSS taps RCBC for P1-B portfolio Lawrence Agcaoili (The Philippine Star) - June 11, 2019 - 12:00am MANILA, Philippines — The Social Security System (SSS) has tapped Rizal Commercial Banking Corp. (RCBC) to manage P1 billion worth of the provident fund’s investment portfolio over a two-year period. Mario Miranda, trust officer and first senior vice president at RCBC, said the Yuchengco-led bank would invest the portfolio in both fixed-income securities and equities. “We are grateful for the chance to contribute to the welfare of the Filipino people, specifically the members of SSS, by prudently managing their hard-earned money intended for the members and their beneficiaries’ protection from the hazards of disability, sickness, old age and death,” he said. RCBC Trust is one of the leading fund managers in the country with over 51 years of investment and retirement fund management experience. It has … [Read more...] about SSS taps RCBC for P1-B portfolio
By Mujib Mashal The New York Times Kai Schultz Tues., May 7, 2019 WERAPITIYA, SRI LANKA—Tucked away behind a ridge, surrounded by lush mountains where 45 bird species chirp, is a luxury resort that sells peace of mind for about $900 a night. The resort, Santani, opened in 2017 here in Sri Lanka, and quickly received a series of accolades for hotels and spas. Rooms spread across 50 acres were booked continuously, often by celebrities and business tycoons. The influx of jobs and cash transformed the nearby village. The owner purchased 70 additional acres and made plans for an expansion. But those plans are now on hold and cancellations are piling up — at Santani and across Sri Lanka. Last month, bombings on Easter Sunday at churches and at hotels popular with foreign tourists left more than 250 people dead. Britain, India, the United States and several other countries warned their citizens to stay away, citing the possibility of further attacks. The … [Read more...] about How bombings in Sri Lanka devastated a growing tourism industry
A further challenge to Philippine foreign policy Sovereign Wealth Funds (SWFs) have become a significant investor in the global economy throughout the years and one study shows that there are now at least 40 SWFs in the world holding a combined total of billions, if not trillions, of US Dollars in assets. An SWF is a state-owned fund, or a pool of money owned by a government, that is invested into various financial assets. Take the case of a country that has excess budgetary reserves, instead of keeping the money in the country’s central depository bank, the country may opt to create an SWF and invest the money elsewhere for a greater or higher return. As a government-owned fund, an SWF may enjoy tax benefits on its income earned, subject of course to the tax laws of the jurisdiction where the SWF’s investment is located. In the case of the Philippines, the Tax Code accords tax exemption to certain investment income derived by foreign … [Read more...] about A further challenge to Philippine foreign policy