Mayweather invests in Manila-based ride-sharing company U-hop

ABS-CBN News

Posted at May 11 2018 08:38 PM | Updated as of May 11 2018 09:03 PM

MANILA—Professional boxer Floyd Mayweather announced his partnership with Manila-based ride-hailing firm U-hop citing the company's potential to rival global giants Uber and Grab.

The Money Team (TMT), Mayweather's lifestyle company, can bring U-hop global success, the boxer told reporters in a press conference held here on Thursday. 

“I’m happy to be here in the Philippines. I’ve joined forces with U-hop. If you are watching right now anywhere around the world, download the app now [because] we’re about to go global,” he said.

“I did my homework. I’ve been looking at this company. And I said, you know what me and my TMT family should join forces with U-hop instantly before this company become a multi-billion dollar company.”

With Mayweather’s investment, the firm plans to execute its ambitious expansion plans in the US and Southeast Asia, U-hop chair Marvin dela Cruz said. 

"We are going to grow in a very fast scale with the help of the TMT team and Floyd Mayweather, we can make it happen,” dela Cruz said.

This is not the first time Mayweather has shown interest in business and investments. In 2014, he posted a photo of him with one of the world's most successful investors Warren Buffet.

 

A post shared by Floyd Mayweather (@floydmayweather) on

“The greatest thing about my career is not just what I did inside the ring, it’s about being able to put myself in the position to make smart investments and also put myself in a position [where] I can travel the world, interact with people around the world, and make investments around the world,” he said. 

He said his Filipina assistant helped him in making the investment with the Philippine-based company.

“My assistant, she’s Filipino and she’s from the Philippines. I was talking to her, every day we look at the company and see how the company is growing,” he said. 

Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) asked U-Hop to stop accepting new drivers last year as the government enforced a crackdown against ride-sharing vehicles that were operating without government permits.

U-Hop was also reprimanded for using the agency's logo on its certificates of accreditation without the government's permission. The agency is also investigating the company over alleged violations reported by its drivers.

Meanwhile, a Singapore-based celebrity cryptocurrency exchange GCOX earlier announced its partnership with Filipino boxing legend Manny Pacquiao to launch his own tokens called Pac coins.

Mayweather said he respects Pacquiao as an icon in the Philippines and "his career, as a great businessman and a great father."