– The broader FinTech enterprise, TechCreate Group, brings together two high-growth technology companies with unique and highly complementary solutions to provide integrated and innovative payment solutions to banking and financial institutions in Asia
– The merger of the two fintechs will be undertaken via an equity swap transaction that will value TechCreate Group at $30 million based on a recent valuation by one of the Big Four accounting firms
– Its banking, financial and telecom clients in Asia include Singapore Banking Association, Datastream Digital, Local Singapore Banks, Singapore State Holding Company, Government Linked Companies (GLCs), among others
Singapore, April 19, 2022 – (ACN Newswire) – TechCreate Solutions Private Limited (“TechCreate”), a Singapore-based technology services group specializing in innovative digital payment and digitization solutions, and Diginius Pte. (“Diginius”), a provider of IT security and infrastructure solutions, is pleased to announce a merger between the two companies via a share exchange transaction that will add value to the expanded fintech company, TechCreate Group, at $30 million, based on a valuation that was recently completed by one of the Big 4 accounting firms.
|From left to right: Mr. Lim Heng Hai, (CEO of TechCreate Group) and Mr. Ronald Vong, (Managing Partner of TechCreate Group)|
As a trusted leader in digital solutions, TechCreate has been at the forefront of technological innovation and since its inception has developed its own Real-Time Payment Engine (RTE) that can further enhance the payment capabilities of financial and banking institutions. Leveraging its technology expertise, legal experience, and extensive operational experience, TechCreate has successfully implemented end-to-end digital solutions (such as payment gateways, API gateways, and blockchain solutions, among others) for several banking and financial institutions in Asia.
Leveraging Diginius’ strengths in intelligence and security for actionable cyber resilience, Diginius has earned a growing reputation with a focus on providing technology solutions related to cybersecurity, hyperconverged IT infrastructure and secure application services. Diginius also works with some of the industry’s indisputable experts in cybersecurity and secure infrastructure services, coupled with cutting-edge technologies to provide a springboard for the next phase of digital transformation.
Current CEO of TechCreate, Mr. Lim Heng Hai, will be appointed CEO of TechCreate Group, while current CEO of Diginius, Mr. Ronald Vong, will be appointed Managing Partner of TechCreate Group.
Strategic Rationale – Powering the Future of Payments in Asia
According to a Mckinsey report released in November 2020, Asia has outpaced all other regions in payments revenue growth over the past few years. The region is also the largest contributor to global payments revenue, generating more than US$900 billion in 2019, nearly half of the global total. The payments industry in Asia is expected to return to mid to high single digit growth rates and by 2022 or 2023 generate over $1 trillion in annual revenue.
Notably, the COVID-19 pandemic accelerated payment megatrends in Asia and chief among them was the growing number of digitally connected and active consumers, with the rise of e-commerce markets reinforcing the need for solutions. digital. The competitive landscape was simultaneously heating up, with the entry of formidable new players – including telcos, fintechs, “big techs” and other conglomerates – prompting incumbents to step up their own innovation efforts.
Meanwhile, regulators have sought to standardize infrastructure while encouraging competition, pushing the introduction of real-time payments, digital know-your-customer (KYC) and various local payment systems.
With a focus on powering the future of payments in Asia, TechCreate Group aims to provide cutting-edge innovation and technology capability to enhance value creation for its customers as follows:
– Expanded Business Scale with Integrated Solutions: Having the capabilities to provide more comprehensive and integrated technology solutions related to payment and digitization platforms to serve new and existing customers across Asia.
– Strong potential to create new customer value propositions: ability to expand reach and serve diverse customer segments with differentiated requirements and objectives, creating the opportunity and potential to develop proprietary insights and aligned innovative solutions on new trends in payments and digitization in Asia.
Commenting on the merger, Mr. Lim Heng Hai, CEO of TechCreate Group, said, “This is a transformational transaction for both companies, creating an expanded company with end-to-end digital payment offerings in markets high growth verticals as economies in Asia. accelerate their digitization roadmap.
Through our combined capabilities, this amplifies our mission to be a leading provider of innovative, customer-centric and environmentally friendly technology solutions in Asia.”
Mr. Ronald Vong, Managing Partner of TechCreate Group, added, “We are confident that the strengths of the combined company will enable significant growth for stakeholders, delivering new value and insights to better serve our markets and customers.
At the same time, it can accelerate our growth and capitalize more effectively on our pipeline and broader market opportunities within the banking and financial sectors in Asia. »
For more information on the TechCreate Group, please visit: http://www.techcreate.com.sg/
Published on behalf of TechCreate Group by 8PR Asia Pte Ltd.
Mr. Alex TAN
Mobile: +65 9451 5252
Email: [email protected]
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