<article><a href="http://www.dealstreetasia.com/?s=fatfish" target="_blank">Fatfish Internet Group Ltd</a>,  through its unit Auto Direct Corp Ltd (ADC), has entered into a strategic joint venture (SJV) with FinTech Asia Group Ltd, a firm specialising in provision of technology and service to the financial industry.</article>

<a href="http://www.dealstreetasia.com/?s=fatfish" target="_blank">Fatfish Internet Group Ltd</a>,  through its unit Auto Direct Corp Ltd (ADC), has entered into a strategic joint venture (SJV) with FinTech Asia Group Ltd, a firm specialising in provision of technology and service to the financial industry.
Under the SJV, FinTech will acquire ADC&#8217;s Indonesian online insurance portal <a style="color: #0000ff;" href="http://www.rajapremi.com/" target="_blank">RajaPremi</a> for (an Indonesia based insurance comparison portal)  a consideration of $7 million through the issuance of 100,000 FinTech shared at an issue price of $70 per share.
Upon completion of the SJV, ADC will own 50 per cent of the equity in FinTech and will have the right to make appointments to the board, Fatfish said in a press statement.
Prior to this transaction, Chuah Wei Wan was the sole shareholder with 100,000 FinTech shares, half of which were issued at $1 per share and another half at $139 per share.
FinTech plans to launch <a style="color: #0000ff; text-decoration: underline;" href="http://rajakredit.co.id/" target="_blank">RajaKredit.co.id</a> (RajaKredit), which will be an online financing platform delivering comprehensive risk analytics and loan matching services for consumer micro loans in Indonesia.
Meanwhile RajaPremi plans to enhance its scope (from being the provider of online comparison and provision of insurance in the automobiles and vehicles market) to be a platform for a wider range of insurance products in Indonesia.
Fatfish group CEO Lau Kin Wai said: “The whole insurance and lending markets have experienced significant growth and positive changes following the transition of the new government and its commitment to liberalise and expand the financial markets in Indonesia.&#8221;
Lau added that he saw FinTech as a proactive agent of change, which will provide a platform to greatly expand the potential of the industry.
Fatfish is a Southeast Asian and Australia-based internet venture accelerator.

Fatfish's unit to own 50% in FinTech via SJV

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Fatfish's unit to own 50% in FinTech via SJV

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