Malaysia’s listed telecom and tech firm Green Packet Bhd said Tuesday it has entered a term sheet with Singapore-based software technology startup Xendity to acquire the entire paid-up share capital of the company.
The acquisition will be satisfied through cash amounting to $1.5 million and the remaining $8.5 million via the issuance of new ordinary shares in Green Packet at an issue price to be determined later, the company said in a regulatory filing.
Green Packet and the sellers will enter into the definitive agreements upon completion of due diligence and other condition precedents, it added.
Xendity aims to accelerate and strengthen identity verification processes by using electronic-know your customer (e-KYC) technology.
Xendity’s products include ID-scanner, document-scanner, face recognition and anti-money laundering and counter financing of terrorism screening solutions, its website showed.
Green Packet has earlier said it is assessing suitors and getting ready to bid for a digital bank license in Malaysia.