GIC and SoftBank Vision Fund are considering selling their stakes in VNLife in a move that could value the Vietnamese fintech at more than US$1 billion, according to Bloomberg.

The two investors have appointed a financial adviser and have begun sounding out potential buyers to assess interest, people familiar with the matter told Bloomberg.

The discussions are still preliminary, and there is no certainty a transaction will take place.

Both GIC and SoftBank Vision Fund declined to comment.

VNLife, founded in 2007, operates in Vietnam, Singapore, Myanmar and Cambodia.

The company owns digital payments provider VNPay, known for operating one of the most widely used QR code payment networks in Vietnam.

The fintech has attracted substantial capital in recent years.

It secured over US$250 million in 2021 from General Atlantic and Dragoneer Investment Group, following an earlier funding round of around US$300 million backed by GIC and SoftBank Vision Fund.

Featured image: Edited by Fintech News Singapore, based on image via VNLife’s LinkedIn