By Denise A. Valdez, Reporter
A LOCAL start-up ticketing company that enables blockchain transactions has received fresh funding from a Singapore-based investor to aid its expansion plans outside the Philippines.
Ticket2Me said in a statement last week it secured a $350,000 seed funding from Citystate Group Pte. Ltd., which is expected to finance its plans to bring its ticketing platform to more countries in Asia.
“We’re absolutely convinced that event organizers and ticket buyers in the region are both hungry and ready for event ticketing innovation — and Ticket2Me will be there to help them,” Ticket2Me Founder and Chief Executive Officer Darwin D. Mariano said in the statement.
Citystate is a diversified group of companies with experience in general insurance, travel companies and property management among others, and currently has presence in Singapore, Malaysia, Indonesia, Hong Kong, China and India.
Ticket2Me said it is the first blockchain-enabled ticketing platform in Southeast Asia which started operations in May 2018. It has since opened more than 11,000 payment outlets all over the country on top of its mobile application and website.
“There are a number of interesting uses of blockchain for a ticketing platform. We currently use it for transaction security and records integrity purposes but we are working on releasing a blockchain-based payment, discount and rewards system as well,” Mr. Mariano said in an e-mail interview last week.
He noted the use of blockchain for ticketing is expected to ensure heightened security for event organizers and purchasing convenience for customers through the digital platform.
“Blockchain helps Ticket2Me’s event organizers prevent fraudulent transactions and guarantees that ticket buyers are getting only genuine tickets from our platform. But more importantly, our system enables all connected event organizers and producers mobilize their ticket inventories throughout the country ensuring best possible prices and highest possible event attendance rates,” Mr. Mariano said.
“As an event reservation platform, Ticket2Me accomplishes this by integrating convenient cash and online payment options with equipment-free entry management as well as real-time audience data and analytics,” he added, noting they allow transactions through PayPal and other major credit cards.