Singapore’s ASEAN Fintech Group (AFG), a venture firm that specializes in fintech, announced its acquisition of Philippines digital payments provider JazzyPay valued at $1.8 million. A registered digital payments provider, JazzyPay is regulated by the Bangko Sentral ng Pilipinas.
JazzyPay allows businesses to accept cashless payments by 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.
“At JazzyPay, we provide fast, accessible and versatile digital payment solutions for businesses of all sizes,” said Kathleen Acosta-Marindo, co-founder 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.
AFG will leverage JazzyPay’s existing partnerships with national banks, e-wallets, and payment processors in the Philippines.
JazzyPay’s team of founders and key management personnel will continue to spearhead the business in the country.
AFG has in total invested more than $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 see a more matured fintech regulatory framework, guiding us through the complexities of each market,” said Douglas Gan, executive director of ASEAN Fintech Group.
Founded in 2017 by Dato Larry Gan, Lau Kin Wai and Douglas Gan, AFG is eyeing expansion in the region hoping to continue its growt in insurtech, payments, and lending.