ASEAN Fintech Group (AFG), a fintech acquisition company in Southeast Asia, has acquired JazzyPay, a digital payments provider in the Philippines, for US$1.8 million.
The acquisition builds on ASEAN Fintech Group’s vision to create a regional omnichannel platform in the fintech space.
With this deal, ASEAN Fintech Group looks to leverage JazzyPay’s existing partnerships with leading national banks, e-wallets and payment processors of the metropolitan city.
JazzyPay’s founders and key management personnel will continue to spearhead its growth with accelerated resources and support at the Group level.
“We believe working together and being a part of AFG’s fast-growing portfolio of companies will enhance our capabilities across ASEAN, fast-tracking the advancement of Southeast Asia’s fintech ecosystem and digital future,” said Kathleen Acosta-Marindo, Co-Founder and COO of JazzyPay.
JazzyPay is a registered operator of payments system (OPS) regulated by the central bank of the Philippines. The platform enables onboarded businesses to collect online payments through multiple channels across credit and debit cards, online banking, digital wallets, and over-the-counter cash deposits for unbanked customers.
ASEAN Fintech Group was founded in 2017 by Dato Larry Gan, Lau Kin Wai and Douglas Gan. It builds an integrated fintech value chain through innovation, network and scale across four verticals: payments, lending/ BNPL, insurtech and digital wealth management.
The firm has ASEAN financial licenses and quick market access to more than 1,000 companies and millions of consumers in the region.
As per a statement, ASEAN Fintech Group has invested more than US$10 million to date on strategic M&As of burgeoning fintech startups within the region.
“Fintech in Southeast Asia has seen tremendous growth in 2021. We are bullish that this rapid growth will continue into 2022 as we acquire and merge with companies in the ASEAN region, showing solid fundamentals. We also see a more matured fintech regulatory framework, guiding us through the complexities of each market,” said Douglas Gan, Executive Director of ASEAN Fintech Group.
AFG has identified and intends to expand into two ASEAN countries in 2022, namely Vietnam and Cambodia. The group will also expand its operational capacities and grow its key verticals of insurtech, payments and lending.
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