DigiPlus names finance veteran Ping Chen as new President
DigiPlus Interactive Corp. has appointed finance executive Ping Chen as its new President, as the Philippine-listed digital entertainment group continues to navigate regulatory changes and expand its digital entertainment business.
The appointment was confirmed during the company’s Board of Directors’ organisational meeting following its annual stockholders’ meeting on 29 May. Chen was also elected to the board and assumed his executive and board responsibilities immediately. Chen succeeds Andy Tsui, who stepped down after more than four years as President and Director of DigiPlus, the company behind the BingoPlus, ArenaPlus and GameZone brands.
Before joining DigiPlus, Chen served as Chief Financial Officer, Chief Investment Officer and Executive Committee member of one of Asia’s largest listed technology and services conglomerates. He also spent more than two decades in investment banking in Hong Kong and London, holding senior roles at Moelis & Company, Bank of America Merrill Lynch, Citigroup and Morgan Stanley.
DigiPlus Chairman Eusebio Tanco said Chen’s international experience aligned with the company’s next stage of development.
“Bringing Ping Chen on board at this exact moment is a strategic move for DigiPlus. His extensive global experience, strategic insight, and proven leadership capabilities position him well to help steer the Company through our next phase of expansion and long-term value creation,” Tanco said.
Tanco also acknowledged Tsui’s contribution to the company’s growth over the past four years.
“We thank Andy Tsui for his accomplished tenure at DigiPlus as President, during which he advanced key strategic initiatives, strengthened organisational capabilities, and championed the continued growth of the business. We sincerely wish him well in his future endeavours,” he added.
Long-term strategy
Chen said his immediate focus would be on long-term strategy, financial performance and operational efficiency.
“It is a privilege to join DigiPlus and to push for its next phase of expansion, as we continue to serve the community and provide the best-in-class digital entertainment in the Philippines,” Chen said. “My mandate is to help design our long-term strategy and execute, to improve our financial performance and operational efficiency, to deliver higher value to investors and achieve sustainable growth.”
He added that the company would continue adapting to changing market conditions while expanding its entertainment ecosystem.
“By navigating recent market transitions with prudence and deploying our resources strategically, we will expand our digital entertainment ecosystem and further elevate the user experience across our platforms.”
Challenging year ahead
The leadership change comes amid pressure and transition for DigiPlus. Earlier this month, the company reported that first-quarter net income fell 32.9 per cent year-on-year to PHP2.82 billion ($45.8 million), following restrictions on online gaming payment channels in the Philippines.
The decline followed a rule introduced by the Bangko Sentral ng Pilipinas (BSP) requiring online gaming operators to disconnect from electronic wallets, reducing transaction convenience for users and affecting spending across the sector.
Despite weaker quarterly earnings, DigiPlus has continued pursuing expansion plans. The company recently secured online gaming licences in South Africa and announced a partnership through ArenaPlus with the National Basketball Association (NBA), becoming the league’s first official betting partner in the Philippines.
DigiPlus is also investing in land-based gaming assets through its agreement with International Entertainment Corp., which controls the New Coast Hotel Manila casino licence.
Brazil relaunch and Philippine outlook
During a media roundtable with the press in Taguig City, Celeste Jovenir, DigiPlus’ Vice President of Investor Relations, said the company aims to relaunch its Brazil operations in June, ahead of the FIFA World Cup, after suspending the platform in October last year.
“We continue to prepare for the relaunch of operations in Brazil,” Jovenir said.
She added that the company plans to enter South Africa in 2027 following the approval of online gaming licences there.
In the Philippines, Tsui said he expects consolidation in the local market after new fees for gaming system administrators take effect on 1 June.
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