Hong Kong fintech group acquires local tech company

December 12, 2016 | 17:37

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Leading integrated fintech service provider Credit China Fintech Holding Limited has spent $12.73 million on acquiring a large stake volume in Vietnamese Amigo Technologies Joint Stock Company as part of its plans to expand overseas operations.

“The acquisition of Amigo Technologies marks a defining milestone in Credit China Fintech’s international strategy and represents the first step for the group’s expansion outside China,” said Phang Yew Kiat, vice chairman and chief executive officer of Credit China Fintech.

“We believe that Amigo team’s strong technology development capability and knowledge of the local market will match well Credit China Fintech’s expertise. The acquisition will enable the group to provide our suite of fintech solutions to the 90 million Vietnamese people,” Phang Yew Kiat added.

Established in January 2005, Amigo Technologies is 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 in term of IT solutions and devices, including IBM, HP, Dell, Oracle, and Microsoft. It ranks among Vietnam’s top five IT service providers by market share.

Vina Investment Development and Technology Transfer JSC (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 over 8,000 merchants to provide cash collection, remittances, and cash-on-delivery services.

Meanwhile, Credit China Fintech provides value-added services, including online third-party payment, investment platforms as well as P2P asset origination platforms. The company has built up a fully-integrated supply chain and fintech ecosystem, providing highly efficient intelligent financial lifestyle services for small and medium enterprises and middle-class consumers via mobile internet.