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Philippines' Ayala conglomerate sets up $150m tech fund

Company eyes disruptive investments in fintech, AI and battery technology

Jaime Augusto Zobel de Ayala, chairman and chief executive officer of Ayala Corp, said the company aimed to 'digitally transform our core businesses to ensure that our companies remain relevant to our partners and stakeholders'. (Photo courtesy of Ayala Corp.)

MANILA -- Ayala Corp., a major conglomerate in the Philippines, is setting up a $150 million venture fund to invest in disruptive technologies, Chairman and CEO Jaime Augusto Zobel de Ayala said Friday.

Ayala's move is the first in the Philippines, where many of the family-owned conglomerates are heavily invested in traditional industries such as banking and property development -- high-margin sectors that are increasingly being shaken up by new innovations.

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