JB Financial Group signs strategic investment deal with Vietnamese motorbike transaction platform OKXE

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JB Financial Group signs strategic investment deal with Vietnamese motorbike transaction platform OKXE

Published: 01 Apr. 2024, 16:28

JIN MIN-JI
[email protected]

JB Financial Group CEO Kim Ki-hong, left, and Vietnamese motorbike transaction platform OKXE CEO Kim Woo-seok at a signing ceremony for the two companies’ strategic partnership on Friday [JB FINANCIAL GROUP]

JB Financial Group signed a strategic investment deal with a Vietnamese motorbike transaction platform in a bid to create a synergy effect with a local financial platform.

JB Financial Group will acquire eight percent of OKXE, the company’s second investment in a Vietnamese fintech firm after it made the strategic investment deal with local financial platform Infina in March.

The latest decision is to “strengthen securities business in Vietnam through strategic partnership with a mobility platform,” the company said on Monday.

Since the service was launched in 2020, OKXE had gained around 8 million users — out of Vietnam's total population of 100 million — as of the end of last year. OKXE partners with around 2,000 dealers and offers financial services like bike and cash loans, as well as insurance products.

“JB Securities Vietnam (JBSV), the Vietnamese financial affiliate of JB Financial Group, plans to expand our customer base with OKXE through cooperation like joint promotions as well as online and offline channel marketing,” said JB Financial Group. It also pledged to cooperate with OKXE as it expands its business abroad, like in Cambodia.

JB Financial Group CEO Kim Ki-hong said the company will actively seek a business expansion in other Southeast Asian countries while expanding customers of JBSV.

BY JIN MIN-JI [[email protected]]