JB Financial signs strategic investment deal with Vietnamese fintech firm

JB Securities Vietnam CEO Kim Doo-yoon, left, poses with Vietnamese financial platform operator Infina CEO James Vuong during a signing ceremony on strategic investment in Hanoi, Vietnam, in this photo released by JB Financial Group, Thursday. Courtesy of JB Financial Group

JB Financial Group has partnered up with Infina, a Vietnamese financial platform operator, to expand its presence on the global stage, the group announced on Thursday.

It said its affiliate in Vietnam, JB Securities Vietnam (JBSV), signed an agreement on strategic investment with Infina.

Under the deal, JBSV will take over a 3.9 percent stake in Infina. It plans to pull up the stake to around 5 percent in line with the joint collaboration’s performance in the near future.

Located in Hanoi, JBSV has been engaged in stock trading, brokerage, corporate bond issuance and investment. It launched a mobile trading platform, Finavi, in September, advancing into stock trading and brokerage as well as margin loan business. On top of its differentiated branding strategy, JBSV plans to expand its customer base through strategic collaboration with the Vietnamese fintech industry.

“We expect cooperation with a prospective Vietnamese fintech company will further help us to head in the right business direction,” JBSV CEO Kim Doo-yoon said after signing the deal with Infina CEO James Vuong in Hanoi.

Kim expressed hope the cooperation with Infina can “set an example for joint prosperity in Vietnam that has a high growth potential.

Vuong said his company is pleased to work with “a financial services company that is highly trusted by customers.”

He noted JB Financial Group’s expertise in finance and relevant digital technology was a reason behind the reaching of the partnership.

“We anticipate JB Financial Group will not only expand business in Vietnam but also take us with them as it continues to set a foothold in other countries,” Vuong added.

Established in 2018, Infina is a leading financial platform centered in asset management, boasting around 1.3 million customers and 500,000 monthly active users. It has attracted investment from major start-up investors such as Sequoia and Y Combinator.

Headquartered in Jeonju, North Jeolla Province, JB Financial Group has several overseas affiliates, including PPCBank, a Cambodian bank, and JBCM, a Myanmar capital company. The group plans to set up new growth model by continuing strategic investment for mutual growth with fintech firms, both domestic and overseas.