JB Financial Group has signed strategic investment agreements with two fintech companies, OKXE and Webcash Group. JB Financial explained that these moves are all part of a strategy to strengthen its overseas business capabilities.
JB Financial Group announced on the 1st that it has signed a strategic investment agreement for a partnership with the Vietnamese used motorcycle trading platform ‘OKXE’. JB Financial Group and JB Investment will jointly acquire shares of OKXE, with JB Financial Group securing approximately an 8% stake.
This investment is the second in Vietnamese fintech companies following the strategic investment agreement with the Vietnamese financial platform ‘Infinah’ on March 6. It was decided to strengthen the Vietnamese securities business through a strategic partnership with a mobility platform. OKXE launched the first online used motorcycle trading platform in Vietnam in 2020. As of the end of last year, it had about 8 million users, establishing itself as a major lifestyle platform in Vietnam.
JB Securities Vietnam (JBSV), JB Financial Group’s securities affiliate in Vietnam, plans to expand its customer base through collaboration with OKXE, including joint promotions and marketing partnerships across online and offline channels.
Kim Ki-hong, Chairman of JB Financial Group (left in the photo), and Kim Woo-seok, CEO of OKC, attended the strategic partnership signing ceremony. [Photo by JB Financial Group]
On the same day, JB Financial Group also announced that it signed a strategic investment agreement with the domestic B2B fintech solution provider ‘Webcash Group’ to strengthen regional corporate finance and enhance digital competitiveness in overseas business. The target is ‘Bizplay,’ a subsidiary of Webcash Group that is pursuing new business ventures. JB Financial Group, Jeonbuk Bank, and Gwangju Bank will secure approximately a 10% stake. Business partnerships for collaboration between the two groups will be pursued with Webcash Group’s domestic and overseas affiliates.
‘Webcash Group’ is a group specialized in B2B solution services, owning Webcash, which provides corporate fund management fintech solutions (such as Gyeongrinara), and Kukon, the largest business data platform company in Korea.
Through collaboration, JB Financial Group plans to strengthen corporate finance marketing by providing management know-how and convenience to affiliated banks’ corporate customers using these solutions. Additionally, JB Financial Group’s overseas affiliate PPCBank plans to secure future growth engines in Cambodia through cooperation with KOSIGN, Webcash Group’s IT affiliate in Cambodia.
Kim Ki-hong, Chairman of JB Financial Group, said, “This signifies creating a model of co-growth by investing in domestic startup fintech companies,” adding, “We plan to actively promote overseas business, including expanding corporate finance and the Vietnamese customer base, as well as jointly entering other Southeast Asian markets.”
(From left) Park Jongchun, Executive Director of JB Financial Group; Kim Kihong, Chairman of JB Financial Group; Seok Changgyu, Chairman of Webcash Group; and Kim Honggi, CEO of Bizplay attended the strategic partnership signing ceremony. [Photo by JB Financial Group]
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