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Listed IP E-Game transforms into fintech

LISTED IP E-Game Ventures, Inc. is changing its name to Oasis Financial Group Inc., as part of its plan to engage in the fintech (financial technology) business.

IP E-Game Ventures, which was formed to engage in the business of gaming, entertainment, and content distribution, among others, now wants to engage in the fintech business including banking and electronic payments, the listed company told the local bourse on Jan. 26.

It will likewise engage in venture capital investment, financing, P2P, remittances, and foreign exchange, among others.

The listed firm also used to engage in the business of hotel, tourism, leisure, food and beverage.

“The change in corporate name and purpose is in relation to the corporation’s plans to transform the company into a company engaged in financial technology,” it said.

The company said its new corporate name has yet to be approved by the Securities and Exchange Commission for availability.

In a disclosure on Thursday, IP E-Game Ventures confirmed that GMA Network, Inc., which has 3.52% stake in the company, is among its minority owners.

Also, GMA New Media, Inc., a wholly owned subsidiary of GMA Network, has 2.20% stake in IP E-Game Ventures.

“Both companies are minority shareholders of IP E-Game Ventures, and will be participating in its upcoming Annual Shareholders Meeting to be held this Feb. 16, 2021, where the new business direction of (the company) will be taken up and submitted for approval by the shareholders,” it said.

The listed firm recently announced that it had executed term sheets for the acquisition of 60% of the capital stock of Fastcash Remittance, Inc., and for a minimum of 47% up to 80% of the capital stock of I-Pay Commerce Ventures, Inc. — Arjay L. Balinbin

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