iWave Inc., a leading financial technology firm led by businessman Ramon C. Garcia Jr., is heading for a listing on the Singapore Stock Exchange as it abandoned a planned backdoor listing due to operational challenges brought about by the pandemic.
DFNN unit Iwave said coordinating the necessary third party needed documentation between Singapore and the Philippines to take over the target backdoor entity had been challenging amid the extended lockdowns.
“This listing route is expected to give the company wider latitude in managing the various listing requirements, requiring the cooperation of multi-country third parties, while coping with the challenges posed by the pandemic in the country especially with the announcement of Covid-19 cases crossing the one million mark as announced by the government,” DFNN said.
“This situation is a force majeure that resulted to delays in our dealings with these third parties, some of which are domestic and some abroad, in Singapore and the United States, both with their own officially announced mandated travel restrictions,” it added.
DFNN said iWave’s business remains unaffected by this development as it is not subject to review and inspection and physical verification by third parties.
iWave, which is 49.36% owned by DFNN, provides software consultancy, systems integration and services for financial institutions, specifically in the payment gateway, core banking systems, audit platforms, credit card systems, secure identification and capture and cybersecurity.