Diversity, thy name be Globe

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Hello reader,

If I were to sum up 2023 in one word, it would be “evolution.”

Myriad changes in the office and at home meant that I had to do and get used to things I didn’t think about before. Thankfully, I’ve been able to make most of the necessary adjustments, and I’m now a fuller human being with more key experiences under my belt.

That goes for companies too. Tech winter or not, staying still is the same as falling behind, so constantly innovating with the big picture in mind is key. Take the Philippines’ Globe Telecom – it’s gone from being just a telco to having its fingers in many pies, including fintech, adtech, and healthtech.

Read on to find out more about Globe’s wide range of business interests and digital ventures – and how they all help each other.

Today we look at:

• How Globe is diversifying into a “techco” and why it might work
• Lightspeed Ventures’ big-name additions
• Other newsy highlights such as VNG’s withdrawal of its US IPO application and Alipay’s newest partnership

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Part of the evolution I talked about in the opening spiel is working with others more. In the Studios team at Tech in Asia, different units are collaborating more than ever before, and there’s a lot more idea sharing happening.

It sounds similar to what’s happening at Globe, which owns over two dozen companies through its corporate venture builder 917Ventures and corporate VC arm Kickstart Ventures.

The telco’s digital ventures benefit from group-level efficiencies like its large customer base, strong distribution channels, and financial muscle – to name a few.

• Example one: Globe’s adtech and content businesses cumulatively offer over 1.2 million online and offline distribution points, giving its various digital ventures the ability to market products and services at scale from day one.
• Example two: Companies linked to Globe partner with and work for each other. For example, adtech platform DeepSea’s clients include GCash, AdSpark, and FreebieMNL, while consultancy firm Capitan provide offerings powered by Rush and M360.
• A bedrock of GCash: Globe’s ecosystem also benefits from the parent company’s healthy balance sheet, which is fortified by the profitability of mobile wallet GCash. Mynt, the fintech unit behind GCash, contributed 6% of Globe’s net income before tax as of September 2023.

Lightspeed aims to go even faster

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