SoftPay Mobile International, a Singapore based mobile Point of Sale (mPOS) company, has signed a definitive agreement to acquire Vietnam MPOS Technology JSC, a leading mPOS company operating in Vietnam. Under the terms of this Agreement, SoftPay Mobile will become a majority shareholder of this Vietnamese company. In addition, it will allow SoftPay Mobile to realise its vision to be the leading mPOS Payment Facilitator company in Southeast Asia.
Vietnam MPOS Technology JSC customers include Mai Linh Taxi Group, one of the largest taxi groups in Vietnam, as well as insurance companies. Lazada Vietnam, the largest e-commerce group in the country, is also a customer.
SoftPay Mobile is a venture-backed mPOS company with a presence in Vietnam, Malaysia, Singapore and Indonesia. Since its incorporation in late 2014, SoftPay Mobile has been growing aggressively in Southeast Asia.
Investors include Singapore-based fintech fund, Life.SREDA.
Vietnam is one of the fastest growing economies in the region with foreign investment skyrocketing year on year.
mPos, as a technology, has proven incredibly popular in Southeast Asia where a vast majority of people living in rural areas have no access to traditional banking infrastructure. With the advance of mobile technology, thanks to cheap smartphones and lower data costs, mPos devices such as SoftPay’s mobile terminal are able to take advantage of these devices to provide merchants anywhere with a full suite of options for receiving payments.
“We have studied this company for several months. We find that it is a great fit with SoftPay Mobile. This company comprises of an excellent team with numerous customers using mPOS. With this investment, SoftPay Mobile will be able to work closely with our new Vietnam MPOS company to further consolidate our market position as the leading MPOS company in Southeast Asia,” said Christopher Low, CEO of SoftPay Mobile.