AsiaFIN Holdings Corp. (ASFH) Acquires StarFIN Holdings Limited to Strengthen Its Business in Asia

Rhea-AI Summary

AsiaFIN Holdings Corp. (OTC PINK:ASFH) announced the acquisition of StarFIN Holdings Limited and its subsidiaries including StarFIN Asia Sdn Bhd, Insite MY Systems Sdn Bhd, Insite MY Innovations Sdn Bhd, OrangeFIN Asia Sdn Bhd, and OrangeFIN Academy Sdn Bhd. The acquisition involves issuing 8,232,038 new restricted common shares at USD 1.10 per share. StarFIN's extensive customer base in Asia includes over 60 key customers and more than 100 customers for OrangeFIN. This move aims to strengthen AsiaFIN's presence in the Payment Processing and Robotic Process Automation markets.

Positive

• Acquisition expected to enhance AsiaFIN's business presence in Asia.
• StarFIN has over 60 key customers across several Asian countries, contributing to revenue growth.
• OrangeFIN provides AI-powered RPA solutions, increasing the technological capabilities of AsiaFIN.

Negative

• The acquisition is subject to an audit of StarFIN's financial statements, introducing potential delays.
• Issuance of new shares may lead to shareholder dilution.

KUALA LUMPUR, MALAYSIA / ACCESSWIRE / December 23, 2022 / AsiaFIN Holdings Corp. (OTC PINK:ASFH), is pleased to announce the acquisition of StarFIN Holdings Limited (StarFIN) and its wholly owned subsidiaries namely StarFIN Asia Sdn Bhd (SFA), Insite MY Systems Sdn Bhd (IMS), Insite MY Innovations Sdn Bhd (IMI), OrangeFIN Asia Sdn Bhd (OrangeFIN) and OrangeFIN Academy Sdn Bhd ("OrangeFIN Academy"). StarFIN has existing customers in Malaysia, Singapore, the Philippines, Indonesia, Thailand, Myanmar, Pakistan and Bangladesh.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001828748/000149315222036222/form8-k.htm

IMS and IMI have over 60 key customers in Asia that include 26 banks in Malaysia, 16 banks in Myanmar, 9 banks in Philippines, 2 banks in Indonesia, 4 banks in Bangladesh, 3 banks in Pakistan, one bank in Thailand and Singapore. OrangeFIN, a Robotic Process Automation (RPA) company, has more than 100 customers in Malaysia and Pakistan. OrangeFIN is a provider of AI-powered RPA solution for banks, large corporations and small medium enterprises.

ASFH will acquire 100% of StarFIN by issuance of 8,232,038 new restricted common shares of ASFH at a price of USD1.10 per share to StarFIN shareholders. The completion of this acquisition is subject to audit of the financial statement of StarFIN.

AsiaFIN Executive Director, Dr Sean Seah said, "This acquisition is in line with AsiaFIN's business as a financial ecosystem enabler of solutions and services in the Payment Processing, Regulatory Technology and Robotics Process Automation market. AsiaFIN will build a much stronger business presence in Asia via this strategic acquisition."

StarFIN CEO, Robin Hoo, said, "We are thrilled to join AsiaFIN. By working very closely with the AsiaFIN team, we plan to grow our business into more countries in Asia and the rest of the world."

Enquiries:

AsiaFIN Holdings Corp.

WONG, Kai Cheong, Chief Executive Officer
Email: kcwong@asiafingroup.com

Dr. SEAH, Kok Wah, Executive Director
Email: seanseah@asiafingroup.com

About AsiaFIN Holdings Corp.

AsiaFIN Holdings Corp., a Nevada Corporation, operates through its wholly owned Malaysia and Hong Kong subsidiaries, is currently providing market research studies and consultancy services pertaining to system solutions and integration of unattended payment kiosks and payment processes to its clients. At present, AsiaFIN provides services solely to companies located in Malaysia. It is AsiaFIN's intention to expand its service area to companies located in Vietnam, Indonesia, Hong Kong, and other areas of the South East Asia region. The company aspires to enhance the efficiency of its client's financial services system through information technology and by promoting a Web-Based solution to its customers in addition to providing consulting services. The company's mission is to become the "financial ecosystem enabler" through its solutions in Payment Processing, Regulatory Technology (REGTECH), Robotic Process Automation (RPA) and Unattended Payment Kiosks that help to facilitate the business operations, and assist with system integration, for merchants and entrepreneurs in Asia. For further information regarding the company, please visit https://asiafingroup.com

About StarFIN Holdings Ltd.

StarFIN Holdings Ltd, a company registered in British Virgin Islands, is the holding company of five companies that are registered in Malaysia, namely StarFIN Asia Sdn Bhd (SFA), Insite MY Systems Sdn Bhd (IMS), Insite MY Innovations Sdn Bhd (IMI), OrangeFIN Asia Sdn Bhd (OrangeFIN) and OrangeFIN Academy Sdn Bhd (OrangeFIN Academy). IMS provides solutions to financial institutions in Asia for cheque clearing and online payments processing. IMI provides regulatory technology (REGTECH) for reporting entities and financial institutions. OrangeFIN is a provider of AI-powered Robotic Process Automations (RPA) solutions for financial institutions, large corporations and small medium enterprises. OrangeFIN Academy provides acreditted training courses for OrangeFIN customers. For further information regarding the company, please visit https://www.insitemy.com and https://www.orangefinasia.com

Forward Looking Statement

This press release contains forward-looking statements that involve risk and uncertainties involving the use of words such as "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements". Investors should be aware that all forward-looking statements contained within this press release are good faith estimates of management as of the date that this press release is prepared based on current expectations that involve known and unknown risks. Our actual results could differ materially from those anticipated in these forward-looking statements for numerous reasons as described in the company website.

SOURCE: ASIAFIN HOLDINGS CORP

View source version on accesswire.com:
https://www.accesswire.com/733147/AsiaFIN-Holdings-Corp-ASFH-Acquires-StarFIN-Holdings-Limited-to-Strengthen-Its-Business-in-Asia

FAQ

What is the acquisition value of StarFIN by AsiaFIN Holdings Corp.?

AsiaFIN Holdings Corp. is acquiring StarFIN for the issuance of 8,232,038 new restricted common shares at a price of USD 1.10 per share.

When was the acquisition of StarFIN announced by AsiaFIN?

The acquisition of StarFIN by AsiaFIN was announced on December 23, 2022.

How many customers does StarFIN have?

StarFIN holds over 60 key customers in Asia, including multiple banks across several countries.

What is the expected impact of the acquisition on ASFH?

The acquisition aims to strengthen AsiaFIN's presence in Asia's Payment Processing and Robotic Process Automation markets.

What subsidiaries are included in the acquisition of StarFIN?

The acquisition includes subsidiaries such as StarFIN Asia Sdn Bhd, Insite MY Systems Sdn Bhd, Insite MY Innovations Sdn Bhd, OrangeFIN Asia Sdn Bhd, and OrangeFIN Academy Sdn Bhd.