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Monthly Snapshot: September 2019

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Monthly Snapshot: September 2019 t Monthly Snapshot: September 2019 y PINETREE CAPITAL Page | 1 In our monthly analysis of this month’s news and developments in the fintech, cryptocurrency, blockchain, startup and venture capital sector, we look at mergers and acquisitions, investments, trends, partnerships for the region’s leading movers and shakers. September has been an eventful month highlighted by highs and lows including the continuing Grab-GOJEK rivalry as both unicorns trying to expand their operations on each other’s turf by diversifying their services in different market segments while considering a partnership to help the Indonesian government set up a smart city initiative as the transfer of the country’s capital to Kalimantan is in the pipeline. The biggest story of the month, and perhaps this year, is the resignation of Alibaba Chairman Jack Ma from the company that he founded and brought to the top of the Mt. Olympus of global e-commerce. Meanwhile, the Hong Kong Stock Exchange’s ambitious attempt to buy the London Stock Exchange for $39 billion was met by a rude rebuke by the latter. President Narendra Modi’s government is considering a massive overhaul of the Indian banking sector as it attempts to force a series of mergers of its ten state-owned banks in order to strengthen it amidst growing debt back dropped by a five-year low economic growth. The London-based insurer Prudential is currently embroiled in a massive lawsuit against its former Singaporean agent Peter Tan Shou Yi for instigating an en masse defection of over 200 agents into rival insurer Aviva. In Australia, the ANZ Group as well as the local Citigroup and Deutsche Bank units are facing a criminal cartel case in perhaps the biggest white collar crime prosecutions in the country. There is a crackdown of illegal cryptocurrency and bitcoin operators in the Philippines as the regulatory bodies and law enforcement agencies have arrested hundreds of illegal Chinese workers working for firms with dubious permits and certifications. There were big winners and losers this month as emerging startups grow, unicorns expand, and existing startup markets diversify. Even boxing champion and lawmaker Manny Pacquiao has thrown his gloves into the fintech ring by becoming one of the few celebrities to own their own cryptocurrency. PINETREE CAPITAL Page | 2 IN SPOTLIGHT: PHILIPPINES There is a lot of wheeling and dealing in the fintech, startup and banking sector in the Philippines in this period as highlighted by new government regulations and policies, growth of digital banking and financial services, and various deals and partnerships in the startup scene. New Legislations President Rodrigo Duterte has signed the Republic Act (RA) 11439 into law that provides the regulation and organization of Islamic banks in the country. The Bangko Sentral ng Pilipinas (BSP) said the law will unlock the full potential Islamic financing thereby fostering inclusive economic growth. Through Executive Order No. 89, the President has lowered the dividend rates of the state-run banks Land Bank and Development Bank of the Philippines (DBP) to be remitted to the national government in order to ensure their financial viability. The President also signed the RA 11449, which amends RA 8484 or the Access Devices Regulation Act of 1998, into law. Under its provisions, the hacking of banking systems is a form of economic sabotage and stiffer penalties are imposed on those who hack bank accounts and conduct credit card, automated teller machine card, and debit card fraud. Acting Budget Secretary Wendel Avisado is supporting President Duterte’s call to adopt gross taxation system instead of the net tax collection in a bid to remove corruption in government revenue agencies. In an attempt to boost economic growth, the government is slowly opening the entry of startups into the country with the enactment of RA 11337 or the Innovative Startup Act that gives subsidies in business registration and in the use of office space and equipment, provides research and development grants, and offers special visas to start-up owners, employees and investors. Meanwhile, the House of Representatives have deliberated on House Bill No. 300 by Rep. Weslie Gatchalian that would relax the ownership limitations and paid-up capital requirements for foreign investments. The House voted for the bill to amend Section 4 of the Foreign Investments Act to exclude the "practice of professions" from the coverage of the Foreign Investment Negative List thereby allowing foreign professionals to work in the country. Furthermore, the House has reduced the final tax on interest income from 20% to 15% as part of the proposed Passive Income and Financial Intermediary Taxation Reform Act and also approved House Bill No. 4157, which amended the original Corporate Income Tax and Incentive Rationalization Act bill that aims to lower reduce the corporate income tax rate from 30% to 20% in 2029. PINETREE CAPITAL Page | 3 Senator Miguel Zubiri, through his Senate Bill No. 110, has proposed an amendment to the Republic Act no. 6977 or the Magna Carta for Small Enterprises, which aims to expand the mandatory credit to micro, small, and medium enterprises. Privacy Protection Both the governments of the Philippines and Singapore have reached into an agreement to share best practices in personal data protection and develop compatible mechanisms to facilitate trusted cross-border data flows through a memorandum of understanding between the National Privacy Commission (NPC) and Singapore’s Personal Data Protection Commission. It is expecting to come up with a privacy trust mark for companies who comply with data privacy standards. Meanwhile, the NPC said that the country has formally joined the Asia Pacific Economic Cooperation Cross-Border Privacy Rules (CBPR) system, which will allow the country to expand trade opportunities through the removal of data flow barriers with other economies in the region. Securities and Exchange Commission The Securities and Exchange Commission (SEC) has issued cease-and-desist orders against 19 online lending apps after numerous complaints of invasion of privacy and harassment. It further extended its orders to 11 more lending apps for their questionable practices. As a result of the NPC investigation, operators of Fash Cash, Unipeso, and Fynamics may be liable for imprisonment of up to seven years and fines of not more than P5 million under the Data Privacy Act of 2012. In response, FinTechAlliance.ph together with the NPC, the SEC, the Anti-Money Laundering Council’s Secretariat, Bureau of Internal Revenue (BIR), Department of Trade and Industry (DTI) and the Insurance Commission (IC) has established the so-called TechnoEthics as “an industry standard on consumer protection, governance, compliance, data privacy, security, and digital literacy.” FinTechAlliance further called for an ASEAN- wide acceptance of standardized QR codes in order streamline digital financial transactions. In addition, The Philippine Finance Association (PFA), an organization of lending and credit companies, is supporting the new SEC circular that tightens rules on credit collection. PINETREE CAPITAL Page | 4 The SEC has also raised alarm over the supposed re-emergence of the KAPA Community Ministry, the pseudo investment company that has defrauded people of millions of pesos. On the other hand, the Bureau of Immigration has raided the offices of Grapefruit Services and Golden Manila Quickpay in Manila for illegal cryptocurrency and investment operations after 277 Chinese nationals arrested in a raid a week prior. In response, the Cagayan Economic Zone Authority has ordered the suspension of operations of financial technology and offshore virtual currency exchange licensees. Other Agencies and Bureaus Former Senator Gregorio Honasan II, who was confirmed as the new Secretary of the Department of Information and Communications Technology, has unveiled an ambitious 18-month timeframe to set up the Digital Philippines initiative. According to Undersecretary for Operations Eliseo Rio, the country is expected to receive a huge amount of investments in the information and communication sector as efforts to improve the country’s telecommunication services and internet connectivity intensifies. The BIR will save P230 million a year in transaction fees by using electronic payment facility PESONet for its online tax payment service. It has filed seven separate criminal complaints against six Manila-based businesses for various violations of the Tax Code. The IC has allowed insurance and reinsurance firms to diversify their investment portfolio and participate in the securities borrowing and lending transactions. It has also set up a P50,000 minimum paid up capital requirement for pre-need firms who does not sell any type of plans. The Department of Agriculture is funding an Israeli agritech firm Mima Tech to help boost rice production through state-of-the-art rice mills, soil rejuvenation technologies, irrigation systems, fertilization techniques, and seed cultivation. The Government Service Insurance System (GSIS) has launched its top-up loan scheme, called the Financial Assistance Loan Program, to prevent its lenders to borrow funds from private lenders. GSIS has opened a P170 million loan facility for employees of four local government units in the province of Tarlac. It is looking at public-private partnerships to enhance revenue income from its investment properties. The Social Security System (SSS) is targeting 32.3 million digital transactions by 2020 thereby tripling
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