MoneySmart Group and property developer Asia Pacific Strategic (APS) Investments have agreed to a US $161.7 million reverse takeover as part of the company’s plan to list on the Singapore Stock Exchange.
Following the agreement, the FinTech company with Singaporean roots and APS is now moving onto the following round of due diligence, according to a statement.
The agreement calls for the issuing of additional ordinary shares in APS, which, following the purchase and a listing in the first half of 2023, will account for 80% of the company’s expanded share capital.
By strengthening its membership and incentives programs, MoneySmart stated that it anticipates “rapid development of the brand” following its listing the next year.
Additionally, the business will invest money in Bubblegum, an insurance brand it introduced earlier this year featuring automobile and travel-related goods. In addition to health insurance, Bubblegum wants to provide house, life, and pet insurance.
Since its founding in 2009, MoneySmart has expanded to serve millions of customers in Singapore, Hong Kong, Taiwan, and the Philippines.
