S. Korea’s Kookmin Card to buy Thailand’s Fintech firm for SE. Asia expansion
SEOUL, NNA – South Korean credit card company KB Kookmin Card Co. will take over a Thai fintech company as part of its expansion strategy in Southeast Asia.
The company sealed a contract to buy a 50.99 percent voting share in J Fintech Co. for 650 million baht ($20 million), marking the first foray by a South Korean bank or finance provider into Thailand since the Asian financial crisis in the late 1990s, it said in a statement on Monday.
The move follows its takeovers of Cambodian and Indonesian financial service firms, and the South Korean consumer finance company is set to further gear up its business expansion overseas, the statement said.
The acquired firm is a group arm of Jaymart Public Co., a Bangkok-listed mobile phone vender. It provides personal loans, such as a credit card service and auto loans, with 18 sales offices and 130 employees.
Kookmin Card also intends to utilize 192 outlets of Jaymart nationwide as service bases in the Southeast Asian country, according to the statement.