Roehl Niño Bautista · · 1 min readSouth Korean financial services major takes 10% stake in Vietnam’s Tiki
South Korea-based Shinhan Financial Group has bought 10% of Vietnamese ecommerce player Tiki for an undisclosed amount, reported Ked Global.
The group has become the firm’s third-largest shareholder through the deal. Shinhan Bank and Shinhan Card split the purchased stake at 7% and 3%, respectively.
Shinhan is reportedly expanding outside the financial services space and is looking to leverage the reach of Tiki to grow bigger in Vietnam.
Founded by Tran Ngoc Thai Son as a bookstore in 2010, Tiki has become an ecommerce giant with around 20 million users. It recently launched a rewards program on the blockchain and received US$258 million in its series E fundraise.
The firm plans to go public by 2025.
See also: Can Tiki light up the overseas IPO torch for Vietnam?
Editing by Miguel Cordon and Jaclyn
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