Thu Huong Le · · 1 min readSumitomo Mitsui to invest $9.2m in Vietnam’s SmartNet
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has entered into an agreement with fintech company SmartNet to purchase 1.3 billion yen (US$9.2 million) worth of shares in the Vietnamese firm.
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SMBC is part of Sumitomo Mitsui Financial Group, Japan’s second-largest bank by assets. In an announcement, SMBC said the deal helps expand its “Asia franchise” and strengthen its digital banking capabilities in the region.
Marek Forysiak, chair of SmartNet, confirmed with Tech in Asia that the SMBC investment is part of SmartNet’s US$30 million series A round. However, the deal is still subject to regulatory approval.
Established in 2015, SmartNet provides payment solutions in Vietnam and is focused on micro SMEs. It operates SmartPay, an e-wallet licensed by the State Bank of Vietnam.
Additionally, SmartNet provides brokerage services for loan products and other services such as personal loans and buy now, pay later products.
See also: SEA tech ecosystem report
In 2021, Sumitomo Mitsui Financial Group also acquired a 49% stake in FE Credit, one of Vietnam’s leading consumer finance companies.
Currency converted from Japanese yen to US dollar: US$1 = 140.4 yen
Editing by Miguel Cordon and Jaclyn Tiu
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