VCI Global announced that its financial technology arm, Accuventures Sdn Bhd will be acquiring EVOLET. The acquisition will provide VCI Global direct access to the local remittance market. EVOLET is a home-grown digital platform that provides secured financial access and services for the unbanked, amongst others. As with the other countries, Malaysia has been aggressively driving to become a cashless society, increasing the cashless payment options as the latter is rapidly gaining popularity. To date, EVOLET is already serving over 13,000 users, from 13 countries, who are working in Malaysia. “Post acquisition, we will be able to integrate Credilab which is our AI powered micro financing platform, with EVOLET. This will boost the business considerably by offering financing, primarily targeting the foreign workers in the country,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on VCIG:
- VCI Global Gains Access To US$750 Million Remittance Market With Acquisition Of EVOLET
- VCI Global, Evolve Capital forge collaboration to enhance market access
- VCIG Signs Letter Of Intent To Acquire AI Enhanced-Augmented Reality Gamification Marketing Platform From Playstack Limited
- VCI Global signs letter of intent to ac quire AI platforms from Playstack
- VCI Global files to sell ordinary shares, warrants, no amount given