Fintech investment in Asia Pacific (APAC) is set to slow significantly this year, falling from $4.6 billion in the second half of 2023 to $3.8 billion in the first half of 2024, KPMG has announced. show.
Mergers and acquisitions (M&A) also showed significant weakness during this period, with total deal value standing at just US$300 million.
Despite this downturn, several significant fintech acquisitions were announced in the Asia-Pacific region in the first half of 2024.
Today, we look at the largest and most impactful fintech M&A and acquisition deals in Asia Pacific in the first half of 2024, exploring how these deals are helping the companies involved transform, strengthen their capabilities, enter new markets and expand their offerings.
The analysis is based on data from CB Insights and press releases from various companies.
The 10 most important fintech acquisitions in Asia Pacific in 2024
HomeCredit Vietnam – US$860 million (Vietnam)
SCBX, the financial technology business group of Siam Commercial Bank in Thailand, Inked SCBX inked an agreement in February to acquire HomeCredit Vietnam for $860 million. The deal will help SCBX expand its business in the region and is expected to close in the first half of 2025, the company said in a statement.
HomeCredit Vietnam is one of the leading companies in the consumer finance sector in Vietnam, providing consumer loans, revolving loans, cash loans and motorcycle loans to the mass and upper mass market segments. The company holds approximately 14% of the market and is the second largest company in the consumer finance sector in Vietnam.
Home Credit Vietnam is part of the Home Credit Group, which was founded in the Czech Republic in 1997. The group operates in several countries in Asia and Europe and is owned by the international investment company, PPF Group.
This marks one of the most significant fintech acquisitions in the Asia-Pacific region.
GHL Systems Berhad – US$165 million (Malaysia)
NTT Data, a Japanese multinational information technology services and consulting company, Announced In May, it agreed to acquire a 58.7% stake in Malaysia-based publicly listed payment services provider GHL Systems Berhad.
The deal, valued at RM724.08 million (US$165 million), will involve purchasing more than 670 million ordinary shares from the company’s major shareholders, including Actis Stark (Mauritius) Limited, APIS Growth 14 Ltd, Loh Wee Hian and Tobikiri Capital Ltd. With a total of 1.14 billion shares issued, NTTD Data will need to invest a further RM508.74 million (US$116 million) to gain full control of the company.
GHL Systems has established itself as a major player in the payment industry with over 480,000 payment terminals and comprehensive services. With a strong presence in Malaysia, the Philippines and Thailand, GHL Systems will help NTT DATA expand its capabilities and market reach in Southeast Asia.
This marks one of the largest acquisitions made in Malaysia in recent years and one of the most influential fintech acquisitions in the Asia Pacific region.
NSEIT – US$120 million (India)
Investcorp is a global alternative investment firm. Announced In April, the company announced it had signed an agreement to acquire NSEIT, the digital technology business of National Stock Exchange of India (NSE).
NSEIT is an advanced digital transformation and cybersecurity services provider focused on clients across the capital markets, insurance and banking industries globally. NSEIT has a strong presence in India, North America and the Middle East. Their services include digital engineering, data & analytics, artificial intelligence, cloud services and cybersecurity services.
The INR 10 billion (US$120 million) acquisition is one of the largest mid-market transactions in India and highlights Investcorp’s commitment to expanding its investments in the technology and financial services sectors in India.
Unpai – US$104 million (China)
Poopa Chinese company that provides financial and e-commerce products and services, was acquired by Tongrong Electronics in April for $104 million, one of the largest fintech acquisitions in the first half of 2024. According to CB Insights’ State of Fintech Q2 2024 Report.
Umpay’s platform provides services such as payment services, intelligent financial information services, and mobile local multi-application services, serving both businesses and consumers. The company was founded in 2003 and is based in Haidan, China.
Tonglong Electronics The Company sells computer software, electronic products, stationery, photographic equipment, daily necessities and sporting goods. The company was established in Tianjin, China.
SadaPay – US$50 million (Pakistan)
Turkish fintech company Papara Expanded The company expanded into South Asia through the acquisition of 100% of Sadapay, a deal worth US$50 million, following its expansion into Europe with the acquisition of Spain’s Sadapay. Rebellion 2023.
SadaPay, a Pakistani startup, offers a range of features including peer-to-peer (P2P) money transfers, debit cards and payment products, processing USD 1.5 billion in payments annually. SadaPay is said to be the first institution to launch a numberless debit card in the Middle East and Asia (MEA) region in partnership with Mastercard.
Papara is a leading fintech company. Serving Papara has over 20 million individual users and over 4,500 corporate users, including companies like Uber and TikTok. The company offers users instant and free money transfer services, as well as a one-stop service for paying bills, sending money internationally, buying insurance, investing in precious metals, and tracking spending habits. Additionally, Papara also offers the Papara Card, which is valid online worldwide.
ET Money – US$44 million (India)
Investment and financial advisor 360 One Wealth and Asset Management (360 One WAM) has signed a definitive agreement to acquire wealth management technology platform ET Money for a total consideration of INR 3.7 billion (US$44 million), reports the Economic Times. Reported In June.
360 One WAM will pay 858 million Indian rupees ($10 million) in cash to ET Money’s parent company Times Internet, while the remainder of the deal will be made through the issuance of 3.5 million shares in the Mumbai-based asset management company for 779.93 Indian rupees ($9.30) each.
The acquisition will give 360 One WAM access to the larger wealth management market targeted by ET Money, which has over 900,000 trading users, of which over 100,000 are revenue generating. The company will become a subsidiary of 360 One WAM, which primarily serves ultra-high net worth individuals.
Arya.ai – US$16.5 million (India)
Financial services software company Aurionpro Solutions Acquired In April, it acquired banking and insurance startup Arya.ai for $16.5 million.
Aurionpro Solutions, an Indian technology solutions company providing services to the banking, mobility, payments and government sectors, has acquired a majority stake (67%) in Arya.ai through an all-cash transaction that involves purchasing shares from existing shareholders and subscribing to new capital in the company.
The acquisition is aimed at strengthening Aurionpro Solutions’ enterprise fintech product portfolio and accelerating the adoption of artificial intelligence (AI).
Founded in 2013, Arya.ai is a deep learning and AI startup that provides cloud-based tools to analyze data, underwrite risk, monitor fraud, and also helps automate the reading and analysis of bank statements and collection of know-your-customer (KYC) details of customers.
Infinitium – Private (Singapore)
Euronet, a US-headquartered fintech solutions and payments provider, Announced In February, it acquired Infinitium, a Singapore-based digital payments company and provider of risk management and payment authentication services.
The acquisition will enable Euronet to integrate Infinitium’s advanced risk management and payment authentication services to enhance its Ren payments platform. The integration will provide greater protection against consumer fraud and merchant chargebacks in online transactions, enabling Euronet to capitalize on the growing demand for secure digital payment solutions.
Infinitium is a leader in providing risk management and payment authentication services such as 3D Secure (3DS). The company also provides next generation omnichannel payment gateway services to retailers and acquirers. Its clients include leading banks and retailers across Singapore, Malaysia, Indonesia, Hong Kong, Brunei, Cambodia, Philippines and India.
Payapps – Private (Australia)
Payapps, an Australian-based company that provides cloud-based collaboration tools for the construction industry, Announced In January, American software company Autodesk announced it had agreed to acquire the company.
Pay App teeth Known for its innovative solutions that streamline and expedite progress payment invoicing and applications in construction projects. By digitizing and simplifying these processes, Payapps offers contractors and subcontractors a faster and more transparent way to process payments, including changes and holds.
The acquisition is significant as it addresses the growing demand for efficient, technology-driven solutions in the rapidly evolving construction industry. By integrating Payapps’ advanced payment management tools with Autodesk’s existing suite of construction solutions, construction professionals will be able to more efficiently manage the payment process, reducing the time it takes to approve and certify subcontractor payments, streamlining compliance with regulatory requirements and improving the overall efficiency of project management.
SAVii – Undisclosed (Philippines)
SAVii, a salary lender in the Philippines, Announced In May, the company announced it had been acquired by Tyme Group and JG Summit, major shareholders of digital bank GoTyme Bank.
This transaction is significant as it strengthens GoTyme Bank’s ability to provide financial services to more Filipinos.
By acquiring SAVii, GoTyme Bank will gain access to a well-established platform that provides loans based on employee salary, enabling the digital bank to expand its payroll-enabled financial products. Last month, the bank began offering Payroll Access (EWA) functionality to certain corporate employees, allowing eligible individuals to access their paychecks on a daily basis.
Founded in 2017, SAVii is the market leader in payroll lending in the Philippines with over US$52 million in outstanding loans. The startup serves over 500,000 employees from 150 of the country’s largest companies.
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