UAE – UAE-based technology company Astra Tech has inked a share purchase agreement (SPA) to acquire a 90% stake in Philippine’s Y Finance, which operates LoanChamp platform, in a bid to expand into international markets within the financial services sector.
Under the SPA, the UAE firm will collaborate with Roger Yang, the Founder of Y Finance, besides angel investor Y Investments Philippines which will be a minor shareholder in Y Finance, according to a press release.
After obtaining the majority interest in Y Finance, Astra Tech intends to develop its technology and increase financing to meet the demands of the Filipinos, whether in the UAE or their hometown.
The Philippine expat community in the UAE represents nearly 6.10% of the GCC state’s total population.
Founder of Astra Tech and CEO of Botim, Abdallah Abu Sheikh, commented: “The acquisition of Y Finance aligns perfectly with our vision to bring innovative financial services to a broader audience and cater to Filipino expats in the UAE and the Philippines.”
Abu Sheikh added: “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.”
Meanwhile, Founder of Y Finance, Roger Yang, said: “Together, we will revolutionise 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.”
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.”
Meng concluded: “Through this partnership, we aim to support the growth of Y Finance and bring transformative financial solutions to the market.”
It is worth noting that Astra Tech announced last April its partnership with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to introduce the first Arabic ChatGPT in the Middle East and Africa (MEA).
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