JazzyPay acquired by ASEAN Fintech Group for US $1.8 M to expand in Philippines
ASEAN Fintech Group (AFG), a Southeast Asian fintech acquisition firm, has paid US $1.8 million for JazzyPay, a digital payments service in the Philippines.
The purchase advances ASEAN Fintech Group’s goal of establishing a regional omnichannel fintech platform.
With this agreement, ASEAN Fintech Group hopes to capitalise on JazzyPay’s existing relationships with the city’s main national banks, e-wallets, and payment processors.
With increased resources and support at the Group level, JazzyPay’s founders and key management employees will continue to push the company’s growth.
JazzyPay is a registered operator of a payment system (OPS) that is regulated by the Philippine central bank. Onboarded companies may accept online payments through a variety of methods, including credit and debit cards, internet banking, and digital wallets.
“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.
Dato Larry Gan, Lau Kin Wai, and Douglas Gan created the ASEAN Fintech Group in 2017. Through innovation, network, and scale, it creates an integrated fintech value chain across four verticals: payments, lending/BNPL, insurtech, and digital wealth management.
The company holds ASEAN financial licences and has immediate market access to over 1,000 enterprises and millions of customers around the region.
ASEAN Fintech Group has invested more than US $10 million in strategic M&As of rising fintech businesses in the area, according to a release.
“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.
In 2022, AFG plans to grow into two ASEAN nations, notably Vietnam and Cambodia, which it has identified. In addition, the company plans to enhance its operational capabilities and develop its primary verticals of insurtech, payments, and loans.
