JB Financial Group announced plans to acquire a minority stake in Vietnamese retail investing application Infina, marking a strategic move to bolster the customer base of its securities affiliate in the fast-growing Southeast Asian market.
Under the terms of the strategic partnership, JB Financial will initially purchase a 3.9 percent share in Infina, with the option to increase its stake to approximately 5 percent, contingent on the success of collaborative efforts between JB Securities Vietnam and Infina.
JB Securities Vietnam, headquartered in Hanoi, provides a range of financial services, including stock brokerage, corporate bond issuance management, and investment services.
The brokerage made strides in the Vietnamese market by launching Finavi, a securities trading platform, in September 2023. This move signified the firm’s entry into mobile stock trading and margin loan markets, areas with significant growth prospects.
Kim Doo-yoon, CEO of JB Securities Vietnam, emphasized the strategic importance of local collaborations in the Vietnamese stock market, known for its considerable growth potential.
“Collaboration with various local partners such as fintech companies can be a desirable way to expand the customer base,” Kim stated. He further highlighted the goal of establishing a symbiotic ecosystem with fintech companies through this partnership.
Infina, which boasts over 500,000 monthly active users, aims to broaden its service offerings beyond its current deposit-centric business model to include securities operations, alongside plans to expand into neighboring countries, including Cambodia.
James Vuong, CEO of Infina, expressed optimism about the partnership’s potential to facilitate business expansion in Vietnam and beyond. “This partnership will not only offer a good opportunity for us to expand business in Vietnam but also to go global,” Vuong remarked.
This initiative is part of JB Financial Group’s broader strategy to foster growth through collaborations with fintech firms.
The group has previously engaged in strategic investment partnerships with other fintech entities, including Korean mobile overseas remittance service Hanpass and loan brokering and management startup Finda, signaling its commitment to integrating innovative financial solutions into its service offerings.