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JB Securities invests in Vietnamese fintech Infina

Published: 07 Mar. 2024, 16:51

SHIN HA-NEE
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JB Securities Vietnam CEO Kim Doo-yoon, left, and Infina CEO James Vuong pose for a photo during an investment agreement signing ceremony. [JB FINANCIAL GROUP]

JB Financial Group will acquire an equity stake in Infina, a Vietnamese financial service provider, in a strategic investment, the company said Thursday.

The Korean financial group's Vietnamese subsidiary JB Securities Vietnam signed an investment agreement to acquire a 3.9 percent stake in Infina.

The ownership stake may climb to 5 percent depending on future business operations with the Vietnamese company, according to JB Financial Group. With the signing of the deal, the two firms entered a partnership to collaborate on fintech in the Southeast Asian country.

JB Securities Vietnam, based in Hanoi, entered the stock trading brokerage and margin loan businesses in the country with the launch of MTS Finavi in September. The company aims to further expand its foothold in Vietnam through local partnerships with fintech firms.

Founded in 2018, Infina is an asset management service provider with some 1.3 million clients and 500,000 monthly active users.

“In the Vietnamese stock market, where the growth potential is immense, establishing ties with local partners such as fintech firms will help us expand the customer base,” said JB Securities Vietnam CEO Kim Doo-yoon.

“We will set up an example of establishing a win-win ecosystem with a fintech firm through close collaboration with Infina,” added Kim.

JB Financial Group, headquartered in Jeonju, North Jeolla, is the holding company of Jeonbuk Bank and Kwangju Bank.

The latest agreement follows JB’s recent equity investments in Finda, a Korean fintech firm, and Hanpass, an international remittance service provider.

BY SHIN HA-NEE [[email protected]]