JB Financial Group Accelerates Vietnam Expansion...Invests in Local Financial Platform

by Oh Kuemin

Published 07 Mar.2024 10:04(KST)

Strategic Investment Agreement Signed for Partnership with Inpina

JB Financial Group announced on the 7th that it has signed a strategic investment agreement for a partnership with the Vietnamese financial platform ‘InfinA’.

This investment was made to strengthen the strategic collaboration of JB Financial Group’s Vietnamese securities affiliate JBSV (JB Securities Vietnam). JB Financial will acquire approximately 3.9% of InfinA’s shares. Depending on the collaboration results between JBSV and InfinA, the stake will be expanded to about 5% in the future.

JBSV is an overseas affiliate of JB Financial Group located in Hanoi, Vietnam, engaged in stock brokerage, corporate bond issuance underwriting, and investment. It plans to expand its customer base through strategic collaboration with Vietnamese fintech companies like InfinA.

InfinA, established in 2018, is a leading asset management-focused financial platform in Vietnam with about 1.3 million customers and approximately 500,000 monthly active users (MAU). It has attracted investment from the world’s largest venture capital firms (Y Combinator, Sequoia), recognizing its growth potential. Through this collaboration, InfinA plans to expand its business scope from a deposit-centered model to the securities market and to enter neighboring countries such as Cambodia.

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Kim Dooyoon, CEO of JBSV, stated, “In the Vietnamese stock market with great growth potential, collaboration with various local partners such as fintech companies can be a desirable direction to expand the customer base.” He added, “We plan to create a case of building an ecosystem that coexists with fintech companies through close cooperation with InfinA.” James Vuong, CEO of InfinA, said, “This partnership will be a great opportunity not only to expand business in Vietnam but also to enter overseas markets.”