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Manila Bulletin devider Trade & Energy devider UAE tech firm acquires PH financing firm

UAE tech firm acquires PH financing firm

Published Jul 18, 2023 05:11 am
Astra Tech (Astra), MENA’s leading consumer technology holding group based in the United Arab Emirates (UAE), signed Tuesday, July 18, a share purchase agreement (SPA) to acquire a 90 percent stake in Y Finance, a licensed financing company operating in the Philippines, as it commits to develop cross border finance tailor-fit for overseas Filipinos in the Middle East. In a statement, Astra said the signing ceremony signifies a significant milestone in Astra Tech's expansion into international markets within the financial services sector, setting the stage for a revolutionary collaboration that aims to reshape the future of finance.

CROSS BORDER FINANCING TARGETS OVERSEAS FILIPINO WORKERS -- Astra Tech,  MENA's leading consumer technology holding group based in the United Arab Emirates (UAE), officially acquires 90% of Y Finance, a SEC-registered financial company in the Philippines at a signing event in Shangri-la Hotel, The Fort. Representing each entity in the agreement are (from left) Roger Yang, founder of Y Finance, Abdallah Abu Sheikh founder of Astra Tech and CEO of Botim, and Frankie Meng, founder of Y Investment Philippines.


In this venture, Astra Tech will be partnering not only with Y Finance's founder, Roger Yang but also with angel investor Y ًInvestments Philippines Inc, who will be a minor shareholder in Y Finance. By acquiring a majority stake in Y Finance, Astra Tech aims to leverage its technology, resources, and funding and introduce more innovative financial services that cater to the needs of the Filipino community, both in the Philippines and the UAE. There are approximately 700,000 Filipinos living and working  in the UAE. Licensed by the Philippines Securities and Exchange Commission (SEC), Y Finance has emerged as a trusted player in the Philippine online lending sector. The company operates LoanChamp, a successful online lending platform (OLP), and has garnered a reputation for providing efficient and accessible financial solutions to customers in the Philippines. With acquiring a majority stake in Y Finance, Astra Tech aims to leverage its technology, resources, and funding to propel its financial services to new heights. Filipinos have a significant presence in the UAE accounting for approximately 6.1 percent of the UAE’s total population and are one of the largest expat communities in the country . Through this venture with Y Finance's founder, Roger Yang, and angel investor Y Investments Philippines Inc, Astra Tech intends to introduce more innovative financial services that cater to the needs of the Filipino community, both in the Philippines and the UAE. Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim said, “We are excited to embark on this significant milestone in Astra Tech's growth journey. 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. 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.” Frankie Meng, founder of Y Investment Philippines, shared that 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. Through this partnership, we aim to support the growth of Y Finance and bring transformative financial solutions to the market," Meng said. He added that by acquiring a substantial stake in Y Finance, Astra Tech is solidifying its position as a visionary player in the global financial landscape. Moreover, the company is committed to developing cross-border finance products tailored to enhance the financial well-being of Filipinos residing in the UAE. Astra Tech remains committed to empowering individuals and businesses through inclusive and transformative financial services, and this acquisition sets the foundation for a promising future of growth, collaboration, and financial prosperity. Yang also added that the partnership with Astra Tech opens up a world of possibilities for Y Finance. “Together, we will revolutionize 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,” he said.

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