ASEAN Fintech Group Expands into the Philippines with Acquisition of Digital Payments Platform
ASEAN Fintech Group (“AFG” or the “Group”), a venture corporation that specializes in accelerating fintech adoption through accretive value has acquired JazzyPay Inc, the Philippines’ leading digital payments provider that is being valued at US$1.8m.
JazzyPay is a digital payments provider that allows businesses of various sizes and types to accept cashless payments securely and seamlessly. JazzyPay’s quick and easy onboarding process enables merchants to swiftly adopt online payments, integrating its payments gateway into the merchant’s business processes.
The acquisition builds on AFG’s vision to create a regional omnichannel platform in the fintech space. Following this, AFG’s 2022 plans include expansion into Vietnam and Cambodia.
With the acquisition, AFG looks to leverage JazzyPay's existing partnerships with leading national banks, e-wallets, and payment processors of the metropolitan city. The platform’s team of founders and key management personnel will continue to spearhead the business’ growth, with accelerated resources and support at the Group level.
“At JazzyPay, we provide fast, accessible and versatile digital payment solutions for businesses of all sizes,” said Kathleen Acosta-Marindo, Co-founder and COO of JazzyPay Inc. “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.
More than US$10 million successfully invested AFG has in total invested more than US$10 million to date on strategic mergers and acquisitions of burgeoning fintech startups within the region. Founders and institutional investors of the startups joining ASEAN Fintech Group were further incentivized with newly issued AFG shares, forming new partnerships with aligned interests towards the growth of the Group.
“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. In fact, most of the companies that have joined us come with strong founders whose businesses are either profitable or near profitability. 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. “We are at a true inflection point for ASEAN fintech and we are honored to have the support of the fintech ecosystem at large.”
AFG has identified and intends to expand into two key ASEAN countries in 2022, bringing its omnichannel fintech solutions to 7 ASEAN countries in the span of a year. The group will expand its operational capacities and continue to grow its key verticals of insurtech, payments, and lending.