The UAE-based technology company Astra Tech signed an agreement to acquire a 90% stake in Philippine’s Y Finance to provide more financial services to Filipinos in the UAE or other international markets.
The tech company has signed a share purchase agreement (SPA) to acquire a majority stake in Y Finance which operates the loanChamp platform.
The process will be run in collaboration with the Founder of Y Finance, Roger Yang, and the angel investor Y Investments Philippines, a minor shareholder in Y Finance.
The tech company plans to develop its innovation and top up its capital to meet the demand for required financial services by Filipinos in the UAE or their hometown. It is noted that the Philippine community in the UAE represents nearly 6.10 percent of the GCC’s total population.
Founder of Astra Tech and CEO of Botim, Abdallah Abu Sheikh, said: “The acquisition of Y Finance aligns with our vision to bring innovative financial services to a broader audience and cater to Filipino expats in the UAE and the Philippines.”
“We believe that by combining our expertise with the extensive market knowledge of Y Finance, we can create even greater value for our customers and simplify their everyday lives,” Abu Sheikh added.
Meanwhile, the Founder of Y Finance, Roger Yang, said: “Together, we will revolutionize financial services and empower individuals in the Philippines and beyond. This signing ceremony marks the beginning of an incredible journey, and we look forward to making a lasting impact.”
The founder of Y Investment Philippines, Frankie Meng, also stated: “As an angel investor and strategic partner, Y Investment is proud to be a part of this groundbreaking collaboration. We firmly believe in the potential of Astra Tech and Y Finance to drive innovation and reshape the financial landscape.”
Astra Tech announced last April a new partnership with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to provide the first Arabic ChatGPT in the Middle East and Africa (MEA).
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