Founder John Gokongwei of conglomerate JG Summit Holdings.
Founder John Gokongwei of conglomerate JG Summit Holdings.

JG Summit scales new peak with fintech

Corporate October 10, 2017 01:00

By PHILIPPINE DAILY INQUIRER
ASIA NEWS NETWORK
MANILA 

JG SUMMIT HOLDINGS, the group behind Cebu Air in the Philippines, aims to expand its pioneering petrochemical business and financial services.



Founded in 1957 by John Gokongwei, it has been continuing its expansion spree in Asean and beyond.

The group budgeted 48.2 billion pesos (S$1.3 billion) for capital spending this year to expand its pioneering petrochemical business.

This was bigger than the 41.9 billion pesos spent last year, said JG Summit President Lance Gokongwei in an annual meeting of shareholders in June. 

Earlier this month, a unit of the conglomerate set up a financial technology venture that offers a digital credit marketplace for Filipinos with urgent funding needs, including payments for tuition, unexpected medical expenses or even small-business financing.

JG Summit's unit, Express Holdings Inc, inked an exclusive partnership with Greater China-based Oriente to create a peer-to-peer lending solution for “under-banked” consumers. 

A few months ago, JG Summit Holdings gained a foothold in regional e-commerce after investing in Singapore-based Sea Limited, an Internet platform company focused on markets in Southeast Asia. The group also runs Robinsons Retail Holdings, one of the largest retailers in the Philippines.