February 1, 2021 | 11:45 am Font Size
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Homegrown fintech startup SquidPay Technology Inc. (SquidPay) has entered into last stage negotiations for the acquisition of a 60% stake in Phil Star, a development bank headquartered in Batangas City. Upon finalization of its majority stake, SquidPay will increase bank capitalization to P1.5 billion, the BSP requires a total of at least P1.0 billion for digital bank license applicants.
Phil Star Development Bank (Phil Star), Inc. is a subsidiary of Philippine Regional Investment Development Corporation (PRIDE), a wholly-owned subsidiary of AbaCore Holdings Corporation, a publicly-traded company (ABA) with interests in financial services, real estate, and gaming technology.