Singapore-headquartered fintech venture firm ASEAN Fintech Group has acquired Philippines-based digital payments provider JazzyPay for $1.8 million.
This is a part of ASEAN Fintech Group’s plan to become a “regional omnichannel platform in the fintech space,” it said in a statement.
Founded in 2017 by Larry Gan, Lau Kin Wai, and Douglas Gan, ASEAN Fintech Group is a part of Australian Securities Exchange-listed FatFish, a venture builder focused on fintech and gaming sectors.
ASEAN Fintech Group, which is focused on payments, insurtech, and lending, said it has invested more than $10 million to date through mergers and acquisitions.
It plans to expand into Vietnam and Cambodia this year, it said, after entering Singapore, Malaysia, and Thailand with services like Malaysian buy-now-pay-later service PaySlowSlow and Malaysian online insurance marketplace Fatberry.
JazzyPay, founded in 2018 by Joshua Marindo and Kathleen Acosta-Marindo, said that its service allows businesses to accept cashless payments.
ASEAN Fintech Group said it will leverage of JazzyPay’s existing partnerships with national banks, e-wallets and payment processors and the company’s founders and key management executive will continue to run the company.