Shiptek Solutions Corp is a startup company that focused on technology logistics. It recently announced its desire to extend its reach into Singapore before the end of 2019 or early 2020. This decision came after the official announcement of the Union Bank of the Philippines, Inc to become a part of the startup as a strategic investor. The startup’s services can include ATM installation and medical equipment installation among many other things.
Nico Martin R. Gonzales, the CMO of Shiptek, said that they are already eyeing Singapore as the first country thy will expand to. This is because Singapore is considered to be a top hub in the region and it is currently one of the cities in the world with the largest port.
Union Bank purchased 52.37 million shares from the startup which is equivalent to 30 per cent of the firm. This was done through a share purchase contract which was agreed upon on May 9. Mr. Gonzales added that because of this, the domestic presence of Shiptek has greatly improved and they are able to pay attention to launching in another country.
He also revealed that the Union Bank’s partnership made sure that they will have a strong ground to hold on to in the Philippines which is important in case they wanted to make an expansion in the future. For now, the company wants a strategic market that will bring the company to a new level while starting with international expansion. Aside from China, other countries of observation are India, China and Hong Kong.
Shiptek is a firm established by a Filipino, Mr. Eugenio S. Ynion, Jr. It is also responsible for XLOG which was created for a digital platform to make it easier to process freight such as couriers and cargos. It can provide other services such as ATM installation but UnionBank is hopeful that through the investment it made in Shiptek, they will be able to incorporate banking services. The CMO said that they are hopeful to reach the target they expect which is between 500,000 and 1 million TEUs before the end of 2019.