By James A. Loyola
The Board of Directors of MSME financing firm Acudeen Technologies, Inc. has installed former 8990 Holdings President and CEO Januario Jesus Atencio as their new chairman to instill good corporate governance in the company.
“As the chairman of Acudeen, I’ve always believed that in order to be in the forefront of anything, you really have to just let your vision go and back that vision with a certain commitment, whether it’s an emotional commitment or even a financial commitment,” said Atencio.
He added that, “I don’t want to be just an investor in Acudeen, I believe in Magellan’s vision for this business, and I am willing to have an active role to support it.”
Acudeen Founding Chairman Mario Jordan Fetalino III said “we have big plans for Acudeen. Our vision to support MSMEs does not end in the country, it is only the beginning.”
“We have activated our market expansion initiatives in Southeast Asia early this year. Having Atencio as our chairman gives us a massive boost in terms of business experience, expertise, and resources,” Fetalino added.
Atencio is widely credited, together with his partners, for the success of 8990 Holdings, which has evolved into the leading mass housing developer in his 20 years with the company.
Acudeen started off in 2016 and has since then helped micro, small and medium-sized entities (MSMEs) to finance their 30-120 day receivables ahead of time.
In less than two years, invoices totaling over $3 million have changed ownership and provided liquidity to over 400 MSMEs. Individuals and corporates purchasing those invoices benefited from attractive returns for short-term cash.
Acudeen originated from its founders’ vision of creating a financially inclusive environment for unbanked and underbanked micro, small and medium-sized businesses (MSMEs) in emerging markets.
“I am supporting Acudeen because it is in the forefront of this new whole world; this Wild, Wild West if you will, that continuously benefits a wide range of underserved people in the current financial system. Financial inclusion is right around the corner with the emergence of this initiative,” Atencio said.