SG venture firm acquires Philippine payments provider

Singapore’s ASEAN Fintech Group (AFG), a venture firm focused on fintech adoption, has acquired JazzyPay, a Philippines-based digital payments provider valued at US$1.8 million.

Photo credit: AFG

JazzyPay is a registered operator of payments systems, regulated by the Central Bank of the Philippines. The startup’s platform allows businesses to collect online payments through multiple channels, including credit and debit cards, online banking, digital wallets, and over-the-counter cash deposits for unbanked customers.

The acquisition of JazzyPay falls in line with AFG’s vision of creating a regional omnichannel platform in the fintech space, the latter said in a statement.

AFG said it will leverage the fintech firm’s existing partnerships with national banks and e-wallets in the country. JazzyPay’s team of founders and key personnel are also set to continue spearheading the business’ growth.

AFG said it looks to expand into Vietnam and Cambodia this year.

The venture firm was founded in 2017 by Larry Gan, Lau Kin Wai, and Douglas Gan. It aims to build a network of integrated fintech services across payments, lending, insurtech, digital wealth management, and buy now, pay later. It said it has so far invested more than US$10 million in this endeavor.