Credit China FinTech controls Vietnam-based Amigo Technologies

2016-12-05
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Credit China FinTech Holdings Limited, a leading FinTech service provider in China, announced its plan to acquire, at the price of approximately USD 12.725 million, roughly 51% of the shares of Amigo Technologies Joint Stock Company (“Amigo Technologies”) upon expanded acquisition. The acquisition price indicates that the estimated value of Amigo Technologies is about USD 25 million.

  Founded in January 2005, Amigo Technologies specializes in provision of IT service and personal financial service solutions in Vietnam. It is currently a strategic partner of numerous leading IT solution and equipment suppliers (including IBM, HP, Dell, Oracle and Microsoft) in the world, and enjoys top 5 market share when it comes to providing large Vietnam-based financial companies with IT service.

  Vina Investment Development and Technology Transfer Joint Stock Company (“Vinatti”), a subsidiary of Amigo Technologies within the territory of Vietnam, developed Paypost, the payment service system of for Vietnam Post, and provides system solutions and maintenance service. As the largest payment system in Vietnam, Paypost has been accessed by over 3,600 outlets in the Vietnamese postal network covering over 6,000 counter terminals. Meanwhile, the system has been docked with over 8,000 merchants of over 700 partners, rendering cash receipt, payment and pay on delivery services. In November 2016 alone, 12 million deals were made, an increase by nearly 100% compared with November 2015, and the rapid growth is continuing along with the user base expanding.

  ?According to Peng Yaojie, Vice Chairman and CEO of Credit China FinTech Holdings Limited, this acquisition marked an important milestone of Credit China FinTech Holdings Limited with respect to its international strategy and represented its first step towards expansion beyond the Chinese market. The team of Amigo Technologies boasts powerful technical development capability and has profound understanding of the Vietnamese market, which, in combination with the expertise and skills of Credit China FinTech Holdings Limited in the FinTech sector, will allow the group to seize the Vietnamese market with a population of 90 million, providing complete FinTech solutions thereto.


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