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HONG KONG, Dec 5, 2014 - (ACN Newswire) - econtext Asia Limited ("econtext ASIA") (HKEx: 1390) has announced a subscription agreement with SBI Holdings, Inc. and BEENOS Inc. to co-invest in "Sendo", which is owned by FPT Corporation ("FPT"), a leading technology company in Vietnam. Sendo is primarily engaged in online marketplace business and online payment business in Vietnam. Vietnam becomes the fourth country in econtext ASIA's outreach strategy to develop its business in Asia after China, Indonesia and India.
econtext ASIA is a leading provider of online payment services and e-commerce solutions in Japan. The Group actively promotes its developments in Asia and has commenced operations in many parts of Asia, through VeriTrans Inc. and ECONTEXT, INC., subsidiaries in Japan. VeriTrans Inc. is one of the market leaders in the online payment solutions industry in Japan and ECONTEXT, INC. is a pioneer in providing convenience store payment solutions in Japan. Prior to listing on the Main Board of the Hong Kong Stock Exchange in December 2013, econtext ASIA had already established "VeriTrans Shanghai Co., Ltd.", a joint venture in China; "PT. Midtrans", a joint venture in Indonesia; as well as forged a business alliance with "Citrus Payment Solutions", the major online payment service provider in India. After listing, the Group has also established "econtext ASIA EC Fund Investment LPS" for the purpose of strategic investment in Asian e-commerce-related companies. This investment in Vietnam plays an important role in expanding in the Asian market.
The Vietnamese e-commerce market is expected to reach US$4 billion in 2015*. econtext ASIA has seen the opportunity and after assessing the growth potential of Sendo, decided to co-invest with FPT, a leading technology company in Vietnam which started its business in 1998. In the future, econtext ASIA plans to develop Sendo to be the largest online marketplace in Vietnam and contribute to the growth of e-commerce market there by enhancing online payment and related infrastructure and services through "SenPay", the payment service of Sendo.
econtext ASIA will continue to actively develop its services across Asia by leveraging the growth of each Asian country, as well as building e-commerce platforms and assisting companies in Asia, Europe and United States to develop their businesses in the region through e-commerce.
(*Source: Vietnam E-commerce Report 2014, Vietnam E-Commerce and Information Technology Agency)
Contact:
Strategic Financial Relations Limited
Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk
Gladys Kong +852 2864 4806 gladys.kong@sprg.com.hk
Sunny Liu +852 2114 4955 sunny.liu@sprg.com.hk
Fax: +852 2527 1196
Website: www.sprg.com.hk
Topic: Press release summary
Source: econtext Asia Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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