<article><p style="text-align: justify;">Axcelasia has acquired Audex for RM2.88 million and CoAssets has invested in a Hong Kong fintech firm.</p></article>

<p style="text-align: justify;">Axcelasia has acquired Audex for RM2.88 million and CoAssets has invested in a Hong Kong fintech firm.</p>
<h3 style="text-align: justify;">Axcelasia acquires Audex for RM2.8</h3>
<p style="text-align: justify;">Tax advisory and business consultancy company <span style="color: #000080;"><strong><a style="color: #000080;" href="http://www.axcelasia.com/" target="_blank">Axcelasia</a></strong></span> is acquiring Malaysian corporate governance advisory firm, Kuala Lumpur-based Audex, for a purchase consideration of RM2.88 million (S$0.9 million). Audex&#8217;s operations are mainly in Malaysia and the Asia Pacific.</p>
<p style="text-align: justify;">The deal will see Axcelasia acquire 100,000 shares from the vendors Mah Siew Hoong and Mah Li Chen. On the basis of management accounts, the unaudited net tangible asset of Audex as at December 31, 2016 stands at approximately RM750,000.</p>
<p style="text-align: justify;">Its unaudited net profit stood at RM40,000 for FY16.</p>
<p style="text-align: justify;">“The rationale for the acquisition is to enable the group to complement the services for corporate governance advisory services provided by Axcelasia Columbus Sdn Bhd, a subsidiary of the company. Besides, there is potential for cross-selling opportunities within the group to the enlarged customer base,” says Axcelasia.</p>
<p style="text-align: justify;">Proceeds gained from its November 2015 IPO on SGX Catalist will fund the acquisition.</p>
<h3 style="text-align: justify;">CoAssets invests in Fintech Pte. Ltd.</h3>
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<p style="text-align: justify;">ASX-listed <span style="color: #000080;"><a style="color: #000080;" href="http://dealstreetasia.com/tag/coassets" target="_blank"><strong>CoAssets Limited</strong></a></span>, a crowdfunding platform specialising in facilitating funding for real estate and small to medium‐sized enterprises (SMEs), is pleased to announce that it has signed a non‐binding Memorandum of Understanding (MOU) to invest in Fintech Pte Ltd, a Hong Kong Fintech company.</p>
<p style="text-align: justify;">Fintech Pte Ltd, a subsidiary of Brighten Management Limited, owns Piggiebank, an online platform that provides users with investment products. Piggiebank has raised more than S$8m (~HKD44million) over 12 months, and has an indicative valuation of S$20 million.</p>
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<p>Both companies are presently conducting due diligence and aim to conclude the investment by Apr 2017.</p>
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<p style="text-align: justify;">Getty Goh, CEO and Co‐founder of CoAssets, committed: “We are very excited to invest in Fintech Pte Ltd. This partnership is an important step to growing CoAssets beyond our current markets. Piggiebank has a good track record and working relationship with some of the Hong Kong top financial institutions (including family offices and a listed company); and we hope to tap on their expertise to curate and source for attractive deals from around the region. This is particularly critical for our business as we start to convert more Chinese users.”</p>
<p style="text-align: justify;">Since listing in September 2016 on the ASX, CoAssets has been expanding its footprint in the region, with internationalisation a key growth strategy that has seen it establish a presence in Singapore, China, and Australia. Currently, its in the process of applying for its Capital Market Services License (CMSL) from the <span style="color: #000080;"><a style="color: #000080;" href="http://dealstreetasia.com/tag/mas" target="_blank"><strong>Monetary Authority of Singapore (MAS)</strong></a></span>.</p>
<p style="text-align: justify;">“We believe that this will be a very good collaboration between CoAssets and Fintech Pte Ltd. Through this partnership, we are able to bring CoAssets, an established crowdfunding platform, on board to grow Piggiebank to the next level,” commented Julian So, Chief Development Officer of Brighten Management Limited and Co‐Founder of Brighten Management Pte Ltd.</p>
<p style="text-align: justify;">According to So, the partnership provides them with a credible technology partners and will allow them to focus on deal sourcing.</p>
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Axcelasia has acquired Audex for RM2.88 million and CoAssets has invested in a Hong Kong fintech firm. 

SG Dealbook: Axcelasia acquires Audex; CoAssets invests in HK fintech firm

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SG Dealbook: Axcelasia acquires Audex; CoAssets invests in HK fintech firm

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