IP E-Game Ventures to apply for digital banking license with BSP

Gaming and content distribution firm IP E-Game Ventures Inc. is looking to penetrate the digital banking industry, as the company is now taking steps to apply for a license with the Bangko Sentral ng Pilipinas (BSP).

In a regulatory filing on Wednesday, IP E-Game said it has authorized the law firm of Maria A. Oreta and Partners to apply for its digital banking license with the central bank and other relevant government agencies as necessary.

The company was incorporated in 2005 to engage primarily in the business of interactive gaming and content distribution. IP E-Game has launched six massively multiplayer online role-playing games (MMORPGs) and three casual games, with a network of 28 main distributors and some 20,000 outlets.

Its profile on the local stock exchange indicates that the company is actively studying opportunities in the gaming, leisure, and entertainment and natural resources sectors.

The company last month announced the acquisition of 60% stock in Fastcash Remittance Inc. through a $3.6-million share swap deal with selling shareholders. Fastcash is a special purpose vehicle that controls 60% of MYEG Philippines, a subsidiary of Asian unicorn MYEG Malaysia.

IP E-Game also executed a term sheet with foreign exchange and remittance company I-Pay Commerce Ventures Inc. for the acquisition of up to 80% of the capital stock under a share swap deal. I-Pay is also a direct agent of Western Union.

The BSP's policy-setting Monetary Board in November approved the recognition of digital banks as a new bank category separate and distinct from existing classifications.

It is defined as a bank that offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical barriers.

In a separate disclosure to the local bourse on Wednesday, IP-EGame announced a change in leadership with the appointment of Juan Kevin Belmonte as the new chairman, taking over from Jaime Gonzalez who resigned effective Tuesday, February 23, 2021.

"Due to the current pandemic situation, Mr. Jaime C. Gonzlez would like to lessen his increased load of multiple corporate responsibilities," the disclosure read.

Trading of shares in the company has been suspended since May 02, 2017, when it closed at P0.0094 apiece.

GMA Network Inc. is a minority shareowner in IP E-Game with a 3.52% stake, along with GMA New Media Inc. with 2.20% as of end-2020. GMA News Online is the official news platform of the network. —Jon Viktor Cabuenas/KG, GMA News