Fintech investment in Asia-Pacific (APAC) has slowed significantly this year, dropping from US$4.6 billion in H2 2023 to US$3.8 billion in H1 2024, data from KPMG show.
During this period, mergers and acquisitions (M&A) also showed significant weakness, with total deal value reaching only US$300 million.
Despite this downturn, several important fintech acquisitions in APAC were announced in H1 2024.
Today, we examine the largest and most impactful fintech M&A and acquisition deals in APAC from the first half of 2024, exploring how these deals are poised to transform the involving companies, helping them enhance their capabilities, enter new markets, and expand their offerings.
This analysis is based on data from CB Insights and various companies’ press releases.
10 Most Significant Fintech Acquisitions in APAC in 2024
Home Credit Vietnam – US$860 million (Vietnam)
SCBX, the financial technology business group of Thailand’s Siam Commercial Bank, inked a deal in February to acquire Home Credit Vietnam for US$860 million. The transaction will help SCBX expand its footprint in the region and is expected to conclude in H1 2025, the company said in a statement.
Home Credit Vietnam is one of the leading players in the consumer finance sector in Vietnam, offering consumer loans, revolving loans, cash loans, and two-wheeler loans to the mass and upper mass market segment. The company holds approximately 14% of the market, and is the second largest player in Vietnam’s consumer finance sector.
Home Credit Vietnam is a part of the Home Credit Group, which was established in 1997 in the Czech Republic. The group operates in multiple countries across Asia and Europe and is owned by the PPF Group, an international investment company.
Making this one of the most significant fintech acquisitions in APAC.
GHL Systems Berhad – US$165 million (Malaysia)
NTT DATA, a Japanese multinational information technology service and consulting company, announced in May an agreement to acquire 58.7% of GHL Systems Berhad, a publicly-listed payment service provider headquartered in Malaysia.
The acquisition, valued at MYR 724.08 million (US$165 million), involves purchasing more than 670 million ordinary shares from major shareholders of the company, including Actis Stark (Mauritius) Limited, APIS Growth 14 Ltd, Loh Wee Hian, and Tobikiri Capital Ltd. With a total of 1.14 billion shares issued, NTTD DATA will also need to invest an additional MYR 508.74 million (US$116 million) to fully control the company.
GHL Systems has established itself as a key player in the payment industry, with over 480,000 payment terminals and a comprehensive range of services. The company has a strong foothold in Malaysia, the Philippines, and Thailand, and will allow NTT DATA to enhance its capabilities and market reach in Southeast Asia.
It’s one of the largest acquisition deals in Malaysia in recent memory making it one of the most impact fintech acquisitions in APAC.
NSEIT – US$120 million (India)
Investcorp, a global alternative investment firm, announced in April that it had entered into an agreement to acquire NSEIT, the digital technology business of India’s National Stock Exchange (NSE).
NSEIT is a provider of advanced digital transformation and cybersecurity services focused on global customers in capital markets, insurance, and banking. NSEIT has a strong presence in India, North America and the Middle East. The company’s offerings include digital engineering, data and analytics, artificial intelligence, cloud services, and cybersecurity services.
This acquisition of INR 10 billion (US$120 million) represents one of the largest mid-market deals in India and highlights Investcorp’s push to scale its investments in the technology and financial services sectors in the country.
Umpay – US$104 million (China)
Umpay, a Chinese company providing financial and e-commerce products and services, was acquired by Tongrong Electronics in April for US$104 million in one of the largest fintech acquisitions of H1 2024, according to CB Insights’ State of Fintech Q2 2024 report.
Umpay’s platform offers services such as payment services, intelligent financial information services, and mobile local multi-application services, serving both enterprises and consumers. The company was founded in 2003 and is based in Haidan, China.
Tongrong Electronics engages in sales of computer software, electronic products, stationery, photographic equipment, daily necessities, and sporting goods. The company was founded in Tianjin, China.
SadaPay – US$50 million (Pakistan)
Turkey-based fintech Papara has expanded into South Asia through the 100% purchase of SadaPay. The deal, valued at US$50 million, followed Papara’s recent European expansion through the acquisition of Spanish Rebellion in 2023.
SadaPay, a Pakistani startup, offers a range of features including peer-to-peer (P2P) money transfers, debit cards, and payment products. It processes US$1.5 billion in annual payment volume. SadaPay is said to be the first institution to introduce a numberless debit card in the Middle East and Asia (MEA) region in collaboration with Mastercard.
Papara is a leading fintech company serving more than 20 million retail users and over 4,500 corporate users, such as Uber and TikTok. The company provides instant and free transfers to users, as well as a one-stop shop for paying bills, enabling international money transfers, buying insurance, investing in precious metals, and tracking spending habits. In addition, Papara offers Papara Cards that are valid worldwide and online.
ET Money – US$44 million (India)
360 One Wealth and Asset Management (360 One WAM), an investment and financial advisor, has entered into a definitive agreement to acquire wealth tech platform ET Money for a total sale consideration of INR 3.7 billion (US$44 million), the Economic Times reported in June.
360 One WAM will pay INR 858 million (US$10 million) in cash to Times Internet, the parent of ET Money, while the remaining part of the transaction will be through issuing 3.5 million stocks of the Mumbai-based wealth management company at a price of INR 779.93 (US$9.3).
The acquisition will help 360 One WAM get access to the larger wealth management market, a sector which ET Money caters to. ET Money has more than 900,000 transacting users with more than 100,000 revenue generating users. The company will become a step down subsidiary of 360 One WAM, which mostly caters to ultra high net worth individuals.
Arya.ai – US$16.5 million (India)
Financial services software firm Aurionpro Solutions acquired in April banking and insurance-focused startup Arya.ai for US$16.5 million.
Aurionpro Solutions, a technology solutions firm from India that serves the banking, mobility, payments, and government sectors, purchased a majority stake (67%) in Arya.ai through an all-cash deal, involving the purchase of shares from existing shareholders and the subscription of new equity capital in the company.
The acquisition aims to enhance Aurionpro Solutions’ portfolio of enterprise fintech offerings and expedite the adoption of artificial intelligence (AI).
Founded in 2013, Arya.ai is a deep learning and AI startup. The company offers cloud-based tools to analyze data, underwrite risks and monitor fraud. It also helps automate reading and analyzing bank statements as well as gathering know-your-customer (KYC) details of customers.
Infinitium – Undisclosed (Singapore)
Euronet, a fintech solutions and payments provider headquartered in the US, announced in February the acquisition of Infinitium, a digital payments company and provider of risk management and payments authentication services based in Singapore.
The acquisition will enable Euronet to enhance its Ren payments platform by integrating Infinitium’s advanced risk management and payment authentication services. This integration will offer heightened protection against consumer fraud and merchant chargebacks in online transactions, and will allow Euronet to capitalize on the growing demand for secure digital payment solutions.
Infinitium is a leader in providing risk management and payment authentication services such as 3D Secure (3DS). The company also offers next-generation, omnichannel payment gateway services for merchants and acquirers. Its customers include large banks and merchants in Singapore, Malaysia, Indonesia, Hong Kong, Brunei, Cambodia, the Philippines and India.
Payapps – Undisclosed (Australia)
Payapps, an Australian-based provider of cloud-based collaboration tools for the construction industry, announced in January that Autodesk, an American software corporation, had agreed to acquire the company.
Payapps is known for its innovative solutions that streamline and expedite progress payment claims and applications in construction projects. By digitizing and simplifying these processes, Payapps provides contractors and subcontractors with a faster, more transparent way to handle payments, including variations and retention.
This acquisition is significant as it addresses the growing demand for efficient, technology-driven solutions within the rapidly evolving construction industry. By integrating Payapps’ advanced payment management tools with Autodesk’s existing suite of construction solutions, the deal will further empower construction professionals to manage payment processes more effectively, cutting down approval and certification times for subcontractor payments, streamlining compliance with regulatory requirements, and improving overall project management efficiency.
SAVii – Undisclosed (Philippines)
SAVii, a salary lender in the Philippines, announced in May that it had been acquired by the Tyme Group and JG Summit, the major stakeholders of digital bank GoTyme Bank.
The deal is significant as it strengthens GoTyme Bank’s ability to provide accessible financial services to more Filipinos.
By acquiring SAVii, GoTyme Bank gains access to a well-established platform that offers loans to employees based on their salaries. This allows the digital bank to expand its payroll-enabled financial products. Last month, it began offering an earned wage access (EWA) feature to select company employees, enabling eligible individuals to access their pay daily.
SAVii, founded in 2017, is a market leader in salary lending in the Philippines with a loan book exceeding US$52 million. The startup serves over 500,000 employees across 150 of the Philippines’ premier corporations.
Featured image credit: edited from freepik
