DFNN eyes CIC partnership launch this year

MANILA, Philippines — DFNN Inc., the technology investment firm of businessman Ramon Garcia Jr., plans to launch a joint venture company with a Spanish IT firm this year, as the latter pushes its expansion in the Philippines.

Speaking to reporters during a media event last week, DFNN president and CEO Ricardo Banaag said their partnership with Consulting Informatico de Cantabria SL (CIC) would touch on “many industries.”

“We have regular collaborative meetings that are pushing forward,” Banaag said, adding that they could not yet disclose other details.

He noted, however, that plans would likely materialize within the year.

DFNN announced in March 2024 that it planned to form a joint venture with CIC, which specializes in engineering and IT project development.

READ: DFNN, Spanish firm link up to improve cybersecurity infra

The Cantabria-based company’s projects span 30 countries, with clients in the power, telecommunications and transportation industries, according to DFNN.

This came after DFNN also unveiled plans to raise P450 million in additional capital via private placements to pay existing debts and expand to other ventures, including cybersecurity and artificial intelligence.

DFNN had also hinted at creating new gaming platforms.

Meanwhile, DFNN recently launched LottoMatik, a portable point-of-service (POS) device that allows sellers or sub-agents to sell Philippine Charity Sweepstakes Office lottery tickets.

Garcia, DFNN executive chair, explained that the Philippines could accommodate as much as 120,000 portable lotto terminals, especially with at least 350,000 “sari-sari” store owners standing as potential sellers.

Garcia told reporters that they had so far deployed 600 LottoMatik terminals in the country within four months since it was first introduced.

Launched last November, the LottoMatik devices are meant to bring lotto games to areas that do not have physical outlets, Garcia said.

“We are expecting at least a 30-percent increase [in lotto ticket sales] just by distribution,” he added.

“If you have a sari-sari store … as long as you have extra space, you can earn additional income,” Garcia added.