JB Financial Group announced on March 7 that it has signed a strategic investment agreement to partner with Infina, a Vietnamese financial platform, joining South Korean financial comparison platform Finda and overseas remittance platform Hanpass.
The investment was made to strengthen the strategic collaboration of JB Securities Vietnam (JBSV), JB Financial Group's Vietnamese securities affiliate, which will acquire a 3.9% stake in Infina. In addition, JBSV plans to increase its stake to approximately 5% depending on the performance of the collaboration between JBSV and Infina in the future.
JBSV is an overseas affiliate of JB Financial Group based in Hanoi, Vietnam, engaged in stock trading, brokerage, corporate bond issuance, and investment. In particular, it entered the stock trading brokerage and margin loan business with the launch of MTS Finavi in September last year in response to the potential growth of the Vietnamese stock market.
Founded in 2018, Infina is a leading wealth management-focused financial platform in Vietnam with approximately 1.3 million customers and 500,000 MAUs, and has been recognized for its growth potential by attracting investment from the world's largest venture capital firms such as Y Combinator and Sequoia.
Through this strategic collaboration with JBSV, Infina will expand its business from its current deposit-centered business model to the securities market, and plans to expand into neighboring countries such as Cambodia.
JBSV CEO Kim Doo-yoon and Infina CEO James Vuong attended the signing ceremony and promised active cooperation for mutual synergy.
"In the Vietnamese stock market, which has great potential for growth, collaborating with various local partners such as fintech companies can be a desirable way to expand our customer base," said JBSV CEO Kim. "We plan to build a win-win ecosystem with fintech companies through close cooperation with Infina."
"Infina is a fintech platform whose mission is to collaborate with financial companies that can be trusted by their customers, and we chose to partner with JB Financial Group not only because of its high financial and technological level, but also because of its strengths in fast decision-making," said Infina CEO James Vuong. "This partnership will be a great opportunity for JB Financial Group to expand its business not only in Vietnam, but also overseas."
JB Financial Group's overseas affiliates include JBSV, a Vietnamese securities company, PPCBank, a Cambodian bank, and JBCM, a Myanmar capital company, and the company continues to make strategic investments to grow together with fintech companies at home and abroad.
