AsiaBasket

FilBasket era (2021–2022)

FilBasket was established by former UAAP player Jai Reyes and Buddy Encarnado of the Maharlika Pilipinas Basketball League's (MPBL) Pasig Sta. Lucia Realtors in 2021. It was founded as a means to provide a platform for basketball players whose careers were disrupted by the COVID-19 pandemic in the Philippines. This includes players of the Maharlika Pilipinas Basketball League (MPBL) which saw its 2019–20 season suspended and the succeeding 2021 season delayed due to COVID-19 measures. Hence, multiple MPBL teams joined the FilBasket tournaments as a way to continue playing competitive games, beginning a trend of MPBL teams taking part in other leagues during the off-season.

Before the league held its first tournament, the Games and Amusements Board (GAB) of the Philippine government contended that FilBasket is a professional league and not an amateur league as the league organizers believe, hence the league falls under its jurisdiction. League organizers admitted that the long-term plan is for the league to become a professional league although it maintains that it would be an amateur league initially. The dispute was reportedly resolved in October 2021, with FilBasket pushing through with its first tournament, the 2021 Subic Championship later that month. Filbasket secured approval from Subic Bay Metropolitan Authority and the IATF-EID for a bubble tournament at the Subic Bay Gymnasium, in accordance to regulations for amateur leagues.

After the Subic Championship concluded, the GAB issued a cease and desist order insisting that FilBasket is a professional league and declared the Subic Championship as unlawful although it did not impose any further sanctions. FilBasket started the process of turning into a professional league recognized by the GAB on February 22, 2022. By March 1, 2022, the league was granted professional status by the GAB.

As FilBasket turned professional, the league began attracting the Asian basketball market with the 2022 Summer Championship, which ran from March until May 2022. The tournament featured the first international team: the Kuala Lumpur Aseel based in Kuala Lumpur, Malaysia, being invited as a guest team. The following tournament would also be its first international tournament, the 2022 International Championship held in the latter part of 2022 in Malaysia. It was also the first tournament under the current format, replacing the traditional round-robin format of other Philippine basketball leagues with a group-stage format.

AsiaBasket era (2023–present)

On March 3, 2023, FilBasket announced their renaming to AsiaBasket to accommodate with the expansion into the Asian basketball market. The first tournament under the AsiaBasket name was the 2023 International Championship, which also took place in Malaysia in April 2023. Although the league stated that the FilBasket name would be retained for local competitions in the Philippines, the AsiaBasket name was still used for the 2023 Las Piñas Championship in July 2023, which featured an all-Filipino roster of teams competing in Las Piñas. The 2023 Dasmariñas Championship then took place in Dasmariñas, Cavite, Philippines in November 2023, and featured United States-based Statham Academy led by Filipino-American Taylor Statham, marking the first time the league featured a team based outside of Asia.

In May 2024, AsiaBasket will host its first tournament in Visayas with the 2024 Cebu Championship, which will take place at the Toledo City Sports Center in Toledo, Cebu.