The league hosts tournaments mainly consisting of professional and collegiate teams based in Southeast Asia.

FilBasket was established by former UAAP player Jai Reyes and Buddy Encarnado of the Maharlika Pilipinas Basketball League's Pasig Sta.

[1][2] 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.

[7][8] As FilBasket turned professional, the league began attracting the Asian basketball market with the 2022 Summer Championship, which ran from March until May 2022.

On March 3, 2023, FilBasket announced their renaming to AsiaBasket to accommodate with the expansion into the Asian basketball market.

The tournament would eventually not push through and would later be replaced by the 2024 International Championship, which will take place at Enderun Colleges in Taguig beginning July 9, 2024.