DFNN has new prexy

Diversified Financial Network Inc. (DFNN) has elected Benjamin Tiong as president and chief executive officer and director of the company.

The job functions within DFNN will now be split between Tiong, who will focus on the company’s strategic direction and operation, and Ramon Garcia Jr. who, as executive chairman, will continue to focus on the company’s strategic alliances and international business development in line with the company’s stated focus to increase revenue from overseas sources.

In addition to his new position in the parent company, Tiong will concurrently serve as the president of DFNN International, a 100 percent-owned subsidiary of DFNN.

Tiong is an accounting graduate from the National University of Singapore and a chartered financial analyst. He started his career as an auditor before becoming a stockbroker for 11 years. His stint as a stockbroker covered duties ranging from investment analyst and head of research to senior management.

Tiong lived in Manila from 1996 to 1998 as the president and corporate nominee for the Philippine operation of G.K. Goh, one of Singapore’s largest financial services companies.

He culminated his stock brokering career as senior vice president for corporate client services in the G.K. Goh Singapore head office before coming on board the DFNN Group full-time. He has served on the company’s board of advisors since its inception.

Meanwhile, in its latest move to position itself for the international marketplace as a "solutions provider to financial institutions," DFNN International will acquire 55.94 percent of Intelligent Wave Inc. (IWI), a P40-million solutions provider to retail finance institutions.

IWI’s core competence is developing solutions for high-volume retail financial transactions such as POS and ATM front-end solutions.

IWI has built up a reputation serving the maintenance needs of the Megalink network while building a strong revenue base from foreign sources of approximately 60 percent annually.