Credit China Fintech to Invest in Vietnamese Amigo Technologies To Grow Fintech Businessby Fintechnews Singapore December 2, 2016
Credit China FinTech Holdings Limited , an integrated fintech service provider in China, announced that the Group intends to acquire approximately 51% of the enlarged issued share capital in Amigo Technologies Joint Stock Company (“Amigo Technologies”) at a consideration of approximately USD12.73 million, equivalent to a valuation of approximately USD25 million.
Established in January 2005, Amigo Technologies is principally engaged in the provision of IT services and solutions for personalised financial services in Vietnam. It is currently a strategic partner of many of the world’s leading providers of IT solutions and devices including IBM, HP, Dell, Oracle and Microsoft. It ranks among Vietnam’s top five IT service providers targeting large financial corporations by market share.
Vina Investment Development and Technology Transfer Joint Stock Company (“Vinatti”), a subsidiary of Amigo Technologies in Vietnam, has built a Paypost payment system and offers system solutions and maintenance services for Vietnam Post. As the largest payment system in Vietnam, Paypost has access to over 3,600 nodes in the network of Vietnam Post, covering over 6,000 counter terminals.
Meanwhile, the system connects to over 700 partners and 8,000+ merchants to provide cash collection, remittance and cash on delivery services. Its monthly transaction volume for November 2016 has reached 12 million, increased by nearly 100% as compared with the same month last year. The system is expected to continue its rapid growth with the expanding user base.
Mr. Phang Yew Kiat, vice-chairman and chief executive officer of Credit China Fintech, said, “The acquisition of Amigo Technologies marks a defining milestone for Credit China Fintech’s internationalization strategy, and represents the first step for the Group’s expansion outside China. We believe that Amigo team’s strong technology development capability and on-the-ground Vietnam market knowledge, coupled with Credit China Fintech’s expertise in the fintech will enable the Group to provide our suite of Fintech solutions to the 90 million population in Vietnam.”