back Back

OneConnect enters MoU to purchase majority stake in VZOOM

By Leandra Monteiro

August 25, 2021

Share

OneConnect, VZOOM OneConnect Financial Technology, one of the leading technology-as-a-service platforms for financial institutions in China, announced that it has entered a Memorandum of Understanding to acquire a majority equity stake in SHENZHEN VZOOM CREDIT TECHNOLOGY, a credit technology company that provides integrated credit solutions to help financial institutions in China automate, transform and scale up credit products and services for medium and smalls enterprises.

Following the MoU, OneConnect intends to acquire no less than 50% equity stake in VZOOM Credit Technology in exchange for a combination of cash and shares. The exact valuation, the percentage of equity stake to be sold, and the form of consideration for the acquisition, including the number of OneConnect consideration shares to be issued and any adjustment mechanism etc., will be provided for in a definitive agreement.

The closing of the transaction is subject to the execution of the definitive agreement, OneConnect’s satisfactory due diligence and internal approval as well as any other conditions to be identified in the definitive agreement. The MoU provides an exclusivity of three months from its date.

The potential acquisition, if and when consummated, would create strategical value for OneConnect, including allowing OneConnect to continue to enhance and optimize its SME banking related product performances, offerings and competitiveness, complement its market position, and expand its market share.

Previous Article

August 25, 2021

Digital River and Avalara team up to simplify global ecommerce

Read More
Next Article

August 25, 2021

NCR Corporation is selected by TruMark for digital banking services

Read More






IBSi Daily News Analysis

June 21, 2024

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Discai and Harmoney join forces to fight financial crime

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023