Astra Tech acquires 90% stake in Philippines-based Y Finance
By Gloria Mathias
Astra Tech, a consumer technology holding group based in the UAE, has signed a share purchase agreement (SPA) to acquire a 90% stake in Y Finance, a licensed financing company operating in the Philippines.
In this venture, Astra Tech will partner with Y Finance’s founder, Roger Yang, and angel investor Y Investments Philippines Inc, who will be a minor shareholder in Y Finance.
Y Finance is an expert in the Philippine online lending sector. The company operates Loan Champ, an online lending platform (OLP), and provides efficient and accessible financial solutions to customers in the Philippines.
Abdallah Abu Sheikh, Founder of Astra Tech & 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.”
Roger Yang, Founder of Y Finance said, “This partnership with Astra Tech opens a world of possibilities for Y Finance. We are excited to join forces with Astra Tech, a renowned leader in the consumer technology space. This signing ceremony marks the beginning of an incredible journey, and we look forward to making a lasting impact.”
Frankie Meng, Founder of Y Investment Philippines 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.”
The UAE-based firm aims to leverage its technology, resources, and funding to propel its financial services to new heights by acquiring a majority stake in Y Finance. Through this venture with Y Finance’s founder, Roger Yang, and angel investor Y Investments Philippines Inc, Astra Tech plans to introduce more innovative financial services that cater to the needs of the Filipino community, both in the Philippines and the UAE.
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