Ernest Cu
| Ernest Cu | |
|---|---|
| Born | Ernest Lawrence L. Cu May 13, 1960 Quezon City, Philippines |
| 🏫 Education | La Salle Green Hills De La Salle University (BS) Kellogg School of Management (MA) |
| 💼 Occupation | |
| Known for | Chairman of the Board, Mynt (GCash) |
| 👩 Spouse(s) | Arlene Cu |
| 👶 Children | Cristina Cu-Seisa
Martin Cu Arianna Cu |
Ernest Lawrence L. Cu (born May 13, 1960) is a Filipino business executive known for his leadership in the telecommunications and financial technology sectors in the Philippines. He is currently the Chairman of the Board of Mynt, the parent company of GCash, and previously served as the President and Chief Executive Officer (CEO) of Globe Telecom Inc., one of the Philippines' major telecommunications providers.
Ernest Cu was born in Quezon City, Philippines. He earned a Bachelor of Science degree in Industrial Management Engineering, with a minor in Mechanical Engineering, from De La Salle University. He later completed a Master of Business Administration (MBA) at the Kellogg School of Management at Northwestern University in the United States.
In 1987, Cu founded a franchise of AlphaGraphics, a digital printing company, operating three branches in Los Angeles and one in Vancouver. The business closed in 1992 due to the economic recession.[citation needed]
In 1997, Cu returned to the Philippines and joined SPi Technologies (now Straive), a business process outsourcing (BPO) company, where he served as President and CEO until 2008. Under his leadership, the company expanded through a series of acquisitions. In 2006, SPi was acquired by PLDT, Inc., becoming one of the largest BPO companies in the country.[citation needed]
Cu joined Globe Telecom in 2008 as Deputy CEO and was appointed President and CEO in April 2009.[1] During his tenure, the company expanded its mobile and internet services and became one of the leading telecommunications providers in the Philippines. Cu was re-elected to the Globe Board of Directors on April 25, 2023, and served as a member of the board's Executive Committee.[1] He was also a board member of the GSMA from 2024 to 2025.[1]
In 2016, Cu was the only Filipino executive recognised among the Top Ten Operators from Asia in the Global Telecoms Business Power 100 list.[2]
During the COVID-19 pandemic, Globe Telecom provided over ₱1.3 billion in services and assistance packages and transitioned to remote work arrangements.[3][4] In 2020, the company received several awards from the Asian Excellence Awards, including Best Corporate Social Responsibility and Best Investor Relations Company in the Philippines. Cu was also named Asia's Best CEO.[5]
Cu currently serves as Chairman of the Board at Mynt, which operates GCash, one of the most widely used fintech platforms in the Philippines. Mynt is recognised as the country's only double unicorn, with a valuation of approximately US$5 billion.[6]
Early life
Childhood and family
Ernest Lawrence L. Cu was born on May 13, 1960, in Quezon City, the most populous city in the Philippines. His father, Abraham Cu, owned Centrota, the leading brand in the aftermarket automotive air-conditioning business in the 1970s.[7]
Education
Cu went to La Salle Greenhills for his high school education, where he excelled in both sports and academics. Afterward, he took up a Bachelor of Science in Industrial Management Engineering with a minor in Mechanical Engineering at the De La Salle University in Manila. He graduated in 1982. Expecting to take over his father's business, Cu also spent his summers during college in Japan to learn about air-conditioning technology.[citation needed]
Cu furthered his education in the United States, attending the Kellogg School of Management, the business school of Northwestern University. At 22 years old, he was one of the youngest students taking up the Master of Business Administration program. He finally graduated in 1984.[citation needed]
Career
Early career in the United States
After graduating from the Kellogg School of Management, Cu secured a job at Bank of America, a top payroll processor in the United States. He was tasked to outsource excess processing capacity to perform various auxiliary services, such as payroll and accounting. It was one of the few jobs that helped him get a work visa.[citation needed]
Cu was assigned to manage the bank's accounts at their Los Angeles office as part of his job. Within 18 months, he was promoted to run the largest account in Southern California, a restaurant conglomerate with 4,000 stores and tens of thousands of employees. He processed upwards of 15,000 invoices a day.[citation needed]
Cu's outsourcing work required him to work closely with programmers and systems analysts to design networks, workflows, and processes. He was also responsible for testing and developing these processes before they were deployed to customers. He also worked on interactive software packages, which were early iterations of software solutions.[citation needed]
In 1986, Cu left his job at Bank of America and put up a franchise of Alpha Graphics, a digital printing company that utilized desktop publishing technology, in the United States. Within six years, he had opened two more franchise stores in Los Angeles and one in Vancouver, where his mother and siblings, Shiela and Jun, resided at the time. In a year, his stores were at the top 10 percent of its network. By 1990, it reached over US$1.3 million in total sales.[8][9]
Unfortunately, Cu was forced to close down his stores in 1992 due to the recession that affected California.[2][3] He filed for bankruptcy and proceeded to work from his mother's house. He settled for a trading company, where he coordinated with logistics suppliers, for almost half a year.[citation needed]
As the United States started recovering from the recession, Crestec, a Japanese printing company based in South Bay (Los Angeles County), hired him as a consultant to reengineer their printing processes.[8][9] He quickly became the Vice President of Technology, and then Chief Financial Officer (CFO).[citation needed] After two and a half years, Crestec offered him the position of President and CEO. However, Cu turned it down because it offered "limited growth opportunities."[9]
SPi Technologies
Cu returned to the Philippines in 1997. He joined SPi Technologies, Inc. (now Straive),[10] where he was the President and CEO until 2008. In the early days of his term, BPOs were just beginning. Cu and his team met local and global clients to introduce the Filipino talent pool. He began a series of acquisitions and expansions that transformed SPi into a leading BPO company.[8]
Recognizing his pioneering spirit, Ernst & Young awarded Cu with the ICT Entrepreneur of the Year Award in 2003.[1]
Globe Telecom
On 28 October 2008, Ernest Cu joined Globe Telecom as Deputy Chief Executive Officer, following an invitation from Jaime Augusto Zóbel de Ayala (Chairman of Ayala Corporation).[11] He was appointed President and Chief Executive Officer on 2 April 2009.[1]
During his tenure, Globe Telecom experienced significant growth and became the leading mobile service provider in the Philippines.[2] In recognition of his leadership, Cu was named Best CEO in the Philippines by FinanceAsia in 2011 and again in 2017. He was also awarded CEO of the Year by Frost & Sullivan Asia Pacific in 2012 and by the Asia Communications Awards in 2017.[2] From 2013 to 2017, he was included in the Global Telecoms Business Power 100 list of the most influential telecom leaders worldwide.[2]
Under Cu's leadership, Globe shifted its strategic focus from a product-centric to a customer-centric approach. Since 2016, the company has maintained its position as the leading mobile operator in the Philippines by revenue market share.[3] In 2016, Cu was named among the Top Ten Operators from Asia in the Global Telecoms Business Power 100, the only Filipino executive to be included in that category.[4]
GCash
Cu identified the potential of GCash in 2008, during its early days as an SMS-based mobile payment service launched under Globe's former CEO Gerry Ablaza.[12][13] At a time when digital wallets were not yet widespread, Cu saw the platform as a means of addressing financial exclusion in the Philippines. Under his leadership, GCash evolved into a comprehensive financial ecosystem.[14]
In 2016, Globe partnered with Ant Financial, the fintech subsidiary of Alibaba Group, to accelerate GCash's technological development.[15]
The platform's digital infrastructure proved essential during the COVID-19 pandemic in 2020, enabling GCash to handle increased transaction volumes amid lockdowns. The company completed a major backend transition during this period while operating under remote work conditions.[16]
GCash has since expanded its services to include digital savings, investments, insurance, and credit, furthering its mission of financial inclusion. It is also developing cross-border payment capabilities through integration with Alipay's global QR network.[17]Following strategic investments from Mitsubishi UFJ Financial Group and Mitsubishi Corporation, GCash reached a valuation of $5 billion.[18]
As Cu transitions to a non-executive role, he continues to contribute to the company's strategic direction and leadership development.[19]
Other activities
Cu holds the chairmanship for several other companies, including Techglobal Data Center Inc., which provides data center services to businesses and government agencies; Globe Capital Ventures Inc., which invests in early-stage technology companies; and 917Ventures, a venture capital firm that invests in early-stage startups in the Philippines.[20]
Cu is a member of the investment committee of Kickstart Ventures, a subsidiary corporate venture capital firm of Globe Telecom that manages the largest technology venture capital fund in the Philippines. He is also a director of Asiacom Philippines Inc., CaelumPacific Corp., GTI Business Holdings Inc., Innove Communications Inc., Bridge Mobile Alliance, and GLOBE STT GDC, INC. Prople BPO Inc.[1]
From April 2021 to January 2023, Cu served as the director of LivePerson, Inc., a global leader in artificial intelligence-powered conversational commerce. Cu has been a member of the Private Sector Advisory Council (PSAC) Digital Infrastructure Sector since its inception in July 2022. He has also been a member of the Ayala Group Management Committee from January 2009 to April 2025 and a member of the GSMA Board from November 2024 to April 2025.[7]
Personal life
Cu is married to Arlene Cu. They have three children, Cristina,[21][22] Martin,[23] and Arianna.
In an interview, Cu revealed that he enjoys spending time with his family, playing golf, and cooking during his free time.[24] He also appreciates traveling and regularly goes on trips with his family and for work. As a self-confessed foodie, Cu loves exploring restaurants.[25][26]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Ernest L. Cu - Board of Directors - Globe". www.globe.com.ph. Retrieved 2025-04-29.
- ↑ 2.0 2.1 2.2 2.3 "Globe's Ernest Cu Retains Spot as One of Most Powerful Telecom Executives Worldwide | Newsroom | Globe". www.globe.com.ph. Retrieved 2025-04-29.
- ↑ 3.0 3.1 CEDTyClea (2020-06-22). "Globe services and assistance package for COVID-19 reaches P1.3 billion". BusinessWorld Online. Retrieved 2025-04-29.
- ↑ 4.0 4.1 "Globe Honored as Employer of the Year – Telecom Stevie® Award Winner in 2020 Stevie Awards for Great Employers". INQUIRER.net. 2020-09-17. Retrieved 2025-04-29.
- ↑ "Globe Wins Asia's Best CEO, CFO, CSR at Corporate Governance Awards - Globe Newsroom". www.globe.com.ph. Retrieved 2025-04-29.
- ↑ Philippines, Fintech News (2024-08-06). "GCash Now Valued at US$5 Billion as MUFG and Ayala Each Take 8% Stakes". Fintech News Philippines. Retrieved 2025-04-29.
- ↑ 7.0 7.1 "Management Committee". Ayala Corporation. Retrieved 22 August 2023.
- ↑ 8.0 8.1 8.2 "'Be the disruptor, not the disrupted': Globe's Ernest Cu". ABS-CBN News. Archived from the original on 2021-07-24. Retrieved 2025-04-29. Unknown parameter
|url-status=ignored (help) - ↑ 9.0 9.1 9.2 Karen Flores. "Ernest Cu: When timing is everything". ABS-CBN News. Archived from the original on 2021-09-26. Retrieved 2025-04-29. Unknown parameter
|url-status=ignored (help) - ↑ Straive. "SPi Global rebrands as Straive; launches a new, bolder and younger brand identity". www.prnewswire.com (Press release). Retrieved 2025-04-29.
- ↑ "Changing the digital landscape of the Philippines through 'dual transformation' - I by IMD". I by IMD. 2022-05-05. Archived from the original on 2025-01-14. Retrieved 2025-04-29. Unknown parameter
|url-status=ignored (help) - ↑ "History of the e-wallet market: Evolution and growth". FXC Intelligence. 2023-03-30. Retrieved 2025-04-29.
- ↑ BrandRoom, INQUIRER net (2024-10-31). "GCash spotlights pioneers, visionaries who shaped company's growth over the past 20 years". INQUIRER.net. Retrieved 2025-04-29.
- ↑ Kaur, Dashveenjit (2023-05-03). "Here's how Globe is advancing 5G and e-wallet adoption in the Philippines". TechWire Asia. Retrieved 2025-04-29.
- ↑ Tolentino, Ariel Jerald (2024-10-23). "Ernest Cu credits billionaire Jack Ma's Ant Financial backing for Gcash success". bilyonaryo.com. Retrieved 2025-04-29.
- ↑ "How the Philippines-based GCash more than doubled its user base through the COVID-19 pandemic". DealStreetAsia. Retrieved 2025-04-29.
- ↑ Philippines, Fintech News (2025-01-14). "GCash Takes on Japan with PayPay and Alipay+ Partnership". Fintech News Philippines. Retrieved 2025-04-29.
- ↑ PYMNTS (2024-08-04). "Philippines-Based Mobile Wallet GCash Valued at $5 Billion". PYMNTS.com. Retrieved 2025-04-29.
- ↑ Arceo-Dumlao, Tina (2025-04-06). "After making Globe a market titan, what's next for Ernest Cu?". INQUIRER.net. Retrieved 2025-04-29.
- ↑ "Startups Get Boost From Powerhouse 917Ventures Leaders". www.globe.com.ph. Retrieved 2025-04-29.
- ↑ Andas, Christine. "Skincare Secrets: Cristina Cu Shares Her Evening Skincare Routine". Tatler Asia. Retrieved 2025-04-29.
- ↑ Cu, Cristina. "Tatler Travels: Tuscany with Cristina Cu". Tatler Asia. Retrieved 2025-04-29.
- ↑ Tammy David (June 19, 2020). "Ninja Van Boss Martin Cu Needs a Family Van of His Own". Esquire Philippines. Retrieved 2025-04-29.
- ↑ Montecillo, Paolo G. (2012-12-08). "Family man on weekends, general on weekdays". INQUIRER.net. Retrieved 2025-04-29.
- ↑ Esquire Philippines https://id.summitmedia.com.ph?d=https%3A%2F%2Fwww.esquiremag.ph%2Flong-reads%2Fesqa%2Fernest-cu-a1523-20181005-lfrm. Retrieved 2025-04-29. Missing or empty
|title=(help)[dead link] - ↑ "Ernest Cu". Tatler Asia. Retrieved 2025-04-29.
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