Home Technology Cebuana Lhuillier invests in startup building blockchain in PH

Cebuana Lhuillier invests in startup building blockchain in PH

James Robert Afzelius, assistant vice president, Digital Sales GroupDigital Sales Group, Cebuana Lhuillier, Jean Henri D. Lhuillier, president and CEO, Cebuana Lhuillier, John Bailon, CEO and cofounder, SCI Venures Inc., and Miguel Cuneta, chief community officer and cofounder, SCI Ventures Inc.

P.J. Lhuillier Inc. (PJLI), the parent company of Cebuana Lhuillier, announced its investment in Satoshi Citadel Industries (SCI) Ventures Inc., financial technology startup company building blockchain services and products, and Kakao Investment, Korea’s largest messaging app.

“We live in a time of unparalleled innovation,” said Jean Henri Lhuillier, president and CEO, PJLI. “Things that we never thought possible before are now the same things we cannot live without today. This is why I’m excited by the revolutionary advancements I’m seeing in financial technology.”

While SCI is building blockchain, Lhuillier clarified that at present, cryptocurrency is not in the pipeline although it is a “space worth looking into.”

Lhuillier also said the partnership will focus on the development of fin-tech-related applications to improve the company’s financial services. He added the main focus at the early stages is to explore each company’s strengths so they can work together moving forward.

SCI’s wholly-owned subsidiary, Rebittance Inc., is one of the first Bangko Sentral ng Pilipinas (BSP)-registered Virtual Currency Exchanges in the Philippines. The company venture is backed by South Korean tech giant Kakao Talk. Kakao Talk is an instant messaging app used by 93% of smartphone owners in South Korea with over 50 million active users.

Aside from remittance, Cebuana is already servicing millions of Filipinos with microloans, microinsurance, and local and international money transfers. This partnership allows SCI to introduce cutting-edge blockchain solutions and services to Cebuana Lhuillier’s 4,000 domestic partners and one million combined physical and virtual touchpoints worldwide, expanding the local market for digital assets.

“We’re happy to be backed by an institution like Cebuana Lhuillier,” said Miguel Cuneta, SCI Ventures Inc. CCO and co-founder. “We are well-aligned in our goal to provide better inclusive financial services in the Philippines.”