The size of the deal was not disclosed. VNPT EPay’s charter capital is VND 80 billion (USD 3.6 million), but sources said the South Korean investor had spent USD 33.8 million to acquire the payment firm, dealstreetasia.com reports.
VNPT EPay, founded in 2008 by VMG Media and Vietnam’s third largest state-owned mobile network operator Vietnam Post and Telecommunications Group (VNPT), which holds a 35% stake, along with other shareholders, boasts itself as the country’s third biggest e-payment business, according to the source.
UTC Investment specialises in buyouts and investments in start-ups, with a focus in the Korea market while also making cross-border investments primarily in China and Japan, VNPT EPay said in a statement. VMG Media had a debut on UPCoM in August 2016, the IPO that saw its VC backer Cyberagent Ventures exit.
Another Japanese major, NTT DoCoMo, acquired 25% of this company in 2011 as its first investment in the Southeast Asian country. VNPT is also a major minority stakeholder in VMG Media. TT DoCoMo’s affiliate, NTT Data, made a buyout of payment gateway Payoo operator, VietUnion Online Services Corporation.
The fintech area in Vietnam has also witnessed a spate of other major deals in 2016 to date, including the USD 28 million private equity investment in mobile wallet MoMo. Most recently, loan comparison site BankGo and top-up service OnOnPay have also secured venture capital funding.
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