United Arab Emirates (UAE)-based Astra Tech is venturing into the Philippine lending business, acquiring a majority stake in local financing firm Y Finance.
Astra Tech has signed the agreement for the purchase of 90 percent of Y Finance, which it said is a significant milestone in its expansion into international financial services market.
Astra Tech will be partnering with Y Finance’s founder, Roger Yang and angel investor Y Ù‹Investments Philippines Inc. which will be a minor shareholder in Y Finance, the company said in a statement.
Licensed by the Philippines Securities and Exchange Commission, Y Finance operates LoanChamp, an online lending platform which provides accessible financial solutions to customers in the Philippines.
“With acquiring a majority stake in Y Finance, Astra Tech aims to leverage its technology, resources, and funding to propel its financial services to new heights. Filipinos have a significant presence in the UAE accounting for approximately 6.1 percent of the UAE’s total population and are one of the largest expat communities in the country. Astra Tech intends to introduce more innovative financial services that cater to the needs of the Filipino community, both in the Philippines and the UAE,” the company said.
Abdallah Abu Sheikh, Astra Tech founder, said 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.”
