SYDNEY, AUSTRALIA: Fatfish Group Limited (ASX:FFG) announced that its subsidiary, ASEAN Fintech Group Ltd will acquire 87.44% of JazzyPay Inc, a digital payments provider in the Philippines, at US$1.57 million (A$2.1 million). The acquisition values JazzyPay at US$1.8 million (A$2.4 million).
The acquisition will be satisfied completely through the issuance of new shares in AFG and further signifies AFG’s expansion as the fintech arm of FFG into the Philippines. This is also in line with the Company’s vision of making inroads into the dynamic markets in the Southeast Asian region with its multi-vertical fintech solutions and services. The Philippines will become one of the top dynamic markets in the Southeast Asian region where FFG and AFG are present, alongside Malaysia, Singapore, Indonesia and Thailand.