FAAS News & Events

DigiAsia has announced a strategic collaboration with Digit9, the cross-border payments orchestration platform developed by LuLu Money Singapore, a wholly owned subsidiary of Abu Dhabi-based LuLu Financial Holdings. The partnership with Digit9 will enhance DigiAsia's offering and competitiveness in servicing the cross-border payments needs for Indonesian consumers and SMEs in Indonesia and the GCC. Further, DigiAsia will be able to leverage Digit9's wide network of partners and the ability to facilitate cross-border payments in more than 150 markets globally. DigiAsia estimates that the partnership with Digit9 will generate an estimated US$250mn volume annually in cross-border payments. DigiAsia and Digit9 will continue strategic partnership discussions and look to launch innovative products and services in the cross-border payments space in the near future.

PayMate India has entered into a binding term sheet for the potential acquisition of DigiAsia Bios, a Fintech-as-a-Service company in Indonesia and a fully owned subsidiary of DigiAsia Corporation. Under the terms of the Proposed Transaction, an enterprise valuation of $400 Million for DigiAsia's business has been determined. Additionally, post the Proposed Transaction, PayMate intends to invest up to $25 Million in cash, the aggregate financing structure and terms will be finalized in mutual agreement. PayMate and DigiAsia will continue joint due diligence on both entities, identification of the right transaction structure, entering into definitive agreements and the necessary corporate and regulatory approvals of PayMate and DigiAsia which is expected to take up to 60 days. Subsequent to the closing of the Proposed Transaction, PayMate intends to initiate proceedings to list the combined entity in India.